New Chief Operating Officer and Grant of Stock Options
Calgary, Alberta – September 27, 2006 – Acceleware Corp. (the "Corporation" or "Acceleware") (trading symbol "AXE" TSXV) is pleased to announce the appointment of Terry Sydoryk as the Chief Operating Officer of the Corporation.
Terry Sydoryk was most recently the Vice-President of Marketing & Product Management for CSI Wireless Telematics Division. He joined CSI in October 2004 following 18 years of experience with other high-tech companies, including Nortel Networks. Mr. Sydoryk is the former COO of Plazmic Inc., a Toronto-based start-up that developed Java technology solutions for the wireless handheld market that was later acquired by Research in Motion in December of 2001. Before Plazmic, Mr. Sydoryk was co-founder and Vice President of Marketing and Business Development for AudeSi Technologies, a Calgary-based start-up involved in embedded technology for Web appliances and Web phones that was also later acquired by Wind River Systems of Alameda California in 2001. He was a significant participant in the sourcing of venture capital and sale of Plazmic and AudeSi, which generated significant returns for the investors. Prior to AudeSi, Mr. Sydoryk held several senior positions at Nortel, in the areas of product management, business development and finance. He has a BSc in Mechanical Engineering and an MBA from the University of Alberta in Edmonton.
Sean Krakiwsky, President and CEO states: "The fact that we've attracted such a seasoned candidate is a testament to Acceleware's early success, and we're certainly very happy to have him on board. Given the exciting business prospects and challenges we face, it's a great fit from Terry's perspective as well. Terry's skills and experience will greatly enhance our ability to execute our strategic plan. As we scale our business into a phase of accelerated growth, Terry's job is to ensure that we keep firing on all cylinders".
The Corporation has agreed, subject to regulatory approval, to grant Mr. Sydoryk an aggregate of 200,000 options to acquire common shares of Acceleware, having an exercise price of $0.42 per share and expiring on September 27, 2011.
Acceleware (TSXV: AXE) develops and markets performance-optimized acceleration products that significantly reduce the run-times of high-performance computing (HPC) applications such as cell-phone design and seismic data processing. By leveraging the base processing power of GPUs (graphics processing units) with proprietary acceleration software, compute-intensive applications can achieve unparalleled performance and speed. Acceleware delivers processing superpower.
Acceleware is developing and selling products for the electromagnetic, energy, biomedical, pharmaceuticals, industrial and military markets. These markets share a common need; as companies continue to push the boundaries of innovation and demand faster product-development cycles for more complex products, the need for accurate and timely computer modeling and testing is steadily increasing. For more information, visit www.acceleware.com.