Acceleware Announces $2,000,000 Private Placement
Calgary, Alberta – October 3, 2007 – Acceleware Corp. (TSXV: AXE) is pleased to announce that it intends to complete a non-brokered private placement of 2,409,699 common shares to Investors Group Mergers & Acquisitions Fund (an investment fund sub-managed by Camlin Asset Management Ltd.), at a price of $0.83 per common share for gross proceeds of $2,000,050 (the “Offering”). In connection with the Offering, Acceleware has agreed to pay a finder’s fee in the amount of $150,000 and issue an aggregate of 100,000 finder’s compensation warrants. Each finder’s compensation warrant will entitle the holder thereof to acquire one common share at a price of $1.30 per share until December 14, 2008.
Proceeds of the private placement will be used for general corporate purposes and to increase the Corporation’s working capital.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Acceleware specializes in the development and marketing of special purpose software/hardware acceleration products used to reduce design simulation and data processing run-times of high-performance computing (HPC) applications such as cell-phone design, seismic data processing, printed circuit board design, drug discovery, photonic/communications devices design, oil reservoir simulation, lithography mask design, bio-medical imaging and others.
Acceleware products are distributed by computer-aided design (CAD) and computer-aided engineering (CAE) software companies to end-users at the world's largest organizations in a wide range of industries. In each vertical market, Acceleware's third-generation board-level and engineering workstation products accelerate simulation and processing algorithms by a factor of 10 times or more, on average, reducing runtimes from multiple hours to minutes. Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.