Calgary, Alberta –  December 12, 2007 – Acceleware Corp. (the "Corporation" or "Acceleware") (trading symbol "AXE" TSXV) today announced that it has re-priced and closed the previously announced $3,000,000 bought deal private placement (the “Offering”). In closing the Offering, the Corporation issued an aggregate of 3,614,458 common shares at a price of $0.83 per share for aggregate gross proceeds of $3,000,000. The Corporation agreed to re-price the Offering to $0.83 per share (as opposed to $0.85 per share as previously announced). The securities issued pursuant to the Offering are subject to a statutory resale restriction period of four months and a day, which expires on April 13, 2008.

Northern Securities Inc. (“Northern”) acted as underwriter for the Offering. The Corporation paid Northern a cash commission of 7.5% of the gross proceeds. In addition, the Corporation issued Northern 180,723 broker warrants (being an amount equal to 5% of the number of Common Shares sold under the Offering). Each broker warrant will entitle the holder thereof to acquire one Common Share at a price of $1.30 per share for a period of 24 months from the date of issuance of the broker warrants.

The net proceeds from the Offering will be used for marketing; sales; the expansion into, and the development of acceleration products for, the oil and gas, biomedical imaging and computational finance markets; the ongoing development of acceleration products for electromagnetic simulation and seismic data processing markets; capital equipment; facilities; and working capital.

The completion of the Offering is subject to Exchange approval and other regulatory approval.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

About Acceleware

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.