Acceleware Announces Follow-On Consulting Contract with Major Oil Company
CALGARY, Alberta – November 16, 2010 –Acceleware® Corp. (TSX-V: AXE), is pleased to announce that it has entered into a consulting engagement (the “Consulting Agreement”) with a major oil company as a follow-on to a contract signed in mid-2009. The Consulting Agreement will enable one of the customer’s important in-house seismic imaging algorithms to run faster on multi-core CPU clusters. The Consulting Agreement is valued at between US$175,000 and US$250,000.
The customer of these Acceleware services is one of the world’s largest oil companies and the Consulting Agreement is expected to be completed before the end of the first quarter of 2011.
“The oil and gas industry continues to be a leading consumer of high performance computing hardware, software and services,” said Ryan Schneider, CTO of Acceleware. “This contract is another endorsement of Acceleware’s expertise in applying highly parallel processing techniques to accelerate seismic data processing.”
Acceleware develops and markets solutions that enable software vendors to leverage heterogeneous, multi-core processing hardware without rewriting their applications for parallel computing. This acceleration middleware allows customers to speed-up simulation and data processing algorithms, benefiting from high performance computing technologies available in the market such as multiple-core CPUs, GPUs or other acceleration hardware.
Acceleware solutions are deployed by companies worldwide such as Philips, Boston Scientific, Samsung, Eli Lilly, General Mills, Nokia, LG, RIM, Medtronic, Hitachi, Fujifilm, FDA, Mitsubishi, Sony Ericsson, AGC, NTT DOCOMO, and Renault to speed up product design, analyze data and make better business decisions in areas such as electronic manufacturing, oil & gas, medical and security imaging, industrial and consumer products, financial, and academic research. For more information about Acceleware, please visit www.acceleware.com.
Acceleware is a public company on Canada’s TSX Venture Exchange under the trading symbol AXE.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.