Acceleware Reports Fourth Quarter and Year-End Results for Fiscal 2007 For Immediate Release
CALGARY, Alberta – April 28, 2008 – Acceleware Corp. (“Acceleware” or the “Company”) (TSXV: AXE), a world leader in multi-core parallel processing middleware, today reported results for the three months and fiscal year ended December 31, 2007 (all figures are in Canadian dollars unless otherwise noted).
Revenue for the fourth quarter of fiscal 2007 was $1,024,954, up 394% from $260,113 in the same quarter of last year. Revenue for the fiscal year ended December 31, 2007 was $2,631,878, up 250% from $1,052,300 for the seventeen month period ended December 31, 2006. Revenue growth was driven by increased sales traction within the electronics market through the addition of channel partner distributors and penetration of end-user markets, an increase in the average selling price per transaction due to the growing popularity of Acceleware’s higher end solutions; and increased corporate sales and marketing resources.
"2007 was a year of significant change and revenue momentum for Acceleware. We continued to invest in the future of the business with funding from NVIDIA and other investors to assemble a team of top industry talent that will add to our intellectual property leadership, expand our distribution channels and markets, and market penetration”, said Sean Krakiwsky, CEO at Acceleware. "Looking forward, the prospects for Acceleware enabling the parallel computing industry remain exciting as we continue to work closely with our thriving ecosystem of partners to build on our momentum during the year ahead."
Net loss for the quarter was $2,121,423, or $0.06 per share (diluted), compared with net loss of $1,795,667, or $0.05 per share (diluted), in the prior quarter and net loss of $564,840, or $0.03 per share (diluted), in the same quarter last year. For the fiscal year 2007, net loss was $6,737,746, or $0.20 per share (diluted) compared to the net loss of $2,592,371 for the seventeen months ended December 31, 2006.
The total of cash, cash equivalents and short-term investments was $7,746,911 as at December 31, 2007, compared to $4,442,010 at the end of the previous quarter, an increase of $3,304,901 over the prior quarter. Acceleware’s working capital position was $8,698,740 at December 31, 2007. In addition, the Company holds an investment in Structured Investment Trust III Series A - Asset Backed Commercial Paper with a principal amount of $1,444,733 that had an impairment charge applied of $433,420 for a resulting fair market carrying value of $1,011,313 that is not included in cash, cash equivalents and short-term investments above.
Additional information, the annual audited financial statements and management discussion and analysis are available on SEDAR at www.sedar.com.
Acceleware develops and markets solutions that enable software vendors to leverage heterogeneous, multi-core hardware environments without having to rewrite their applications for parallel processing. This acceleration abstraction technology results in end-users achieving significant computing speed-ups and migrating vendor applications from single-core processing to multiple-core CPUs, GPUs or other acceleration products.
Acceleware solutions are deployed by companies worldwide to accelerate computer simulation and data processing applications in areas such as electromagnetics, oil & gas, medical and security imaging, industrial and consumer product design and academic research.
Acceleware's third-generation multi-board GPU solutions can accelerate simulation and processing algorithms by over 35 times, reducing data processing from multiple hours to minutes. Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
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For Further Information:
Charlee Forbrigger, Marketing Manager,
Acceleware Corp., +1.403.249.9099 ext. 287