Acceleware to provide human capital and
consulting services to support the development of a new center of
machine learning software excellence in Calgary
CALGARY, Oct. 22, 2018 /CNW/ - Acceleware Ltd.
(TSX-V: AXE) ("Acceleware" or the "Company") is pleased to announce
it has signed an agreement (the "Agreement") with a Canadian
affiliate of Advanced Micro Devices, Inc. (NASDAQ: AMD) ("AMD").
Over the next four months, Acceleware will receive cash
compensation of US$2.51 million from
AMD in exchange for custom software engineering resources and
consulting services. Acceleware has amassed extensive
parallel computing software development expertise and GPU
accelerated HPC applications knowledge as a result of its numerous
software products and the provision of custom software development
services to the oil and gas industry. As part of the
Agreement, the Company's custom software development team will
transition to a new AMD site in Calgary, expanding AMD's existing footprint in
Canada. Acceleware will also
provide consulting services to AMD.
Acceleware will use the US$2.51
million largely to finance its previously announced RF XL
commercial-scale test, scheduled to break ground in the first
quarter of 2019.
"With this non-dilutive capital injection, Acceleware will be
able to sharpen our focus on our RF XL heating technology going
forward and continue to advance our RF XL commercial-scale test,"
said Geoff Clark, CEO of
Acceleware.
"The agreement with Acceleware further strengthens our machine
learning software expertise and we are excited to establish an
additional center of software excellence in Calgary," said Ajit
Mathews, Corporate Vice President, Compute and Machine
Learning Software at AMD.
Acceleware remains committed to providing best-in-class support
for its existing software products and will retain both of its core
seismic and electromagnetic teams to ensure continuity and
uninterrupted service for its customers. This Agreement
represents another important milestone for Acceleware as its
business is further centered around the commercialization of its
radio frequency heating technology and the marketing and support of
high-performance computing software products.
About Acceleware
Acceleware (www.acceleware.com) is an innovator of clean-tech
oil and gas technologies comprised of two business units: Radio
Frequency (RF) Enhanced Oil Recovery and Seismic Imaging
Software.
Acceleware is developing RF XL and Modular RF, its patented and
patent-pending low-cost, low-carbon production technologies for
heavy oil and oil sands that are materially different from any
heavy oil recovery technique used today. They will use no water,
require no solvent, have a small physical footprint, can be
redeployed from site to site, and can be adapted to a multitude of
reservoir types, while expected to greatly reduce and eventually
eliminate production greenhouse gas emissions (GHGs). In shallow
oil sands implementations, no tailings ponds will be required.
Our seismic imaging software solutions are state of the art for
high fidelity imaging, providing the most accurate and advanced
imaging available for oil exploration in complex geologies.
Acceleware is a public company on Canada's TSX Venture Exchange under the
trading symbol "AXE".
This news release contains "forward-looking
information" within the meaning of Canadian securities legislation.
Forward-looking information generally means information about an
issuer's business, capital, or operations that are prospective in
nature, and includes disclosure about the issuer's prospective
financial performance or financial position.
The forward-looking information in this press release can be
identified by terms such as "anticipates", "believes" "potential",
"would" and "will", and includes information about the financing of
the commercial-scale test of RF XL. Acceleware assumes that future
capital raising efforts will be successful.
Actual results may vary from the forward-looking information
in this press release due to certain material risk
factors. These risk factors are described in detail in Acceleware's
continuous disclosure documents, which are filed on SEDAR at
www.sedar.com.
Acceleware assumes no obligation to update or revise the
forward-looking information in this press release,
unless it is required to do so under Canadian securities
legislation.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Acceleware Ltd.