Acceleware Announces New Software Sales Contract
CALGARY, Alberta – January 28, 2009 – Acceleware Corp. (TSXV: AXE), is pleased to announce that is has entered into a multi-part agreement (the “Sale Agreement”) to sell certain application-specific software assets, provide a non-exclusive license for additional software components and provide services for the software assets. The Sale Agreement (which is denominated in US dollars) is valued at approximately $1,108,000 Cdn. The Sale Agreement is comprised of an up-front cash payment of approximately $847,000 Cdn. upon signing, plus a further payment of approximately $182,000 Cdn. upon final delivery by Acceleware of the completed software. The Sale Agreement also outlines an ongoing services relationship with the purchaser that has a minimum value of approximately $79,000 Cdn. in 2009.
The purchaser of these Acceleware assets and services is a leading vendor in the engineering software market. The software assets being sold relate to a single application within the much broader suite of software-based solutions provided by Acceleware’s main software division. Upon completion of this Sale Agreement, there will be no further product revenues to Acceleware for this particular application from the purchaser.
“This contract is a strong third-party endorsement of Acceleware’s software-based acceleration solutions for leading-edge applications in the high performance computing market.” said Michal Okoniewski, Interim President and CEO. “It also strengthens our relationship with this purchaser/vendor for future product lines and applications of software-based solutions that Acceleware is developing.”
Acceleware develops and markets a platform to enable software vendors to leverage heterogeneous, multi-core processing hardware without rewriting their applications for parallel computing. This software acceleration platform benefits users performing computationally intensive tasks such as data processing and computer simulations, by harnessing the capabilities of high performance computing technologies such as multiple-core CPUs, GPUs or other acceleration hardware.
Acceleware solutions are deployed by companies worldwide such as Philips, Boston Scientific, Samsung, Kodak, General Mills, LG, Medtronic, Hitachi, Fujifilm, FDA, Mitsubishi, Sony Ericsson, AGC, NTT DoCoMo, P-Wave Seismic and Renault to speed up product design, analyze data and make better business decisions in areas such as consumer electronics, industrial design, seismic data processing, imaging for the medical, industrial testing and security, defense, financial, and academic research.
Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.
Forward Looking Information & Safe Harbour Statement
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements based on current expectations involving a number of risks and uncertainties related to all aspects of the high performance computing industry. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, unless required to do so by securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.