Acceleware Announces Management Appointments and Option Grant
CALGARY, Alberta – June 3, 2011 – Acceleware® Ltd. ("Acceleware" or the "Corporation") (TSX VENTURE:AXE) a leading developer of high performance computing applications, announced today that Heather Stubbs has been appointed Chief Financial Officer of Acceleware. In addition, Adam Rock, of the law firm Shea Nerland Calnan LLP, has been appointed as Corporate Secretary.
Prior to joining Acceleware, Heather Stubbs was the Manager of Financial Reporting for Peak Energy Services Ltd., a publicly held energy services company. As a leader of the finance group, her major responsibilities included managing the internal and external financial reporting function of the organization. Heather has most recently completed an extensive International Financial Reporting Standards (IFRS) conversion project with Peak. Prior to working with Peak, Heather was a Senior Associate with PricewaterhouseCoopers LLP within the Assurance and Business Advisory Services practice in Calgary. Heather is a Chartered Accountant, with a Bachelor of Commerce degree from the University of Calgary. "We are excited to have Heather join our team," said Geoff Clark, President and CEO of Acceleware. "Her considerable and relevant experience will be invaluable as we continue to grow and develop Acceleware."
Adam Rock practices corporate and securities law at Shea Nerland Calnan LLP. His clients include private and public companies in the energy, energy services and technology sectors. Adam is called to the Bar of the Province of Alberta and obtained his law degree from the University of Toronto. "On behalf of the Board of Directors of Acceleware, I would like to welcome Adam, and look forward to working with him," said Bohdan Romaniuk, Chairman of Acceleware.
The Company has granted stock options totalling 150,000 common shares to Ms. Stubbs and Mr. Rock. The options have an exercise price of $0.10 per common share and expire on June 2, 2016. One-third of the options vest one year from the grant date, one-third of the options vest two years from the grant date, and the final one-third of the options vest three years from the grant date. The stock option grant is subject to regulatory approval.
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.
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