Acceleware Corp.
TSX VENTURE : AXE

Acceleware Corp.

March 03, 2010 16:22 ET

Acceleware Announces Debt Settlement

CALGARY, ALBERTA--(Marketwire - March 3, 2010) - Acceleware Corp. (TSX VENTURE:AXE) (the "Company") a leading developer of high performance computing applications, is pleased to announce that on March 3, 2010 it settled outstanding indebtedness of $114,825.66 through the issuance of common shares of the Company ("Common Shares") at deemed prices of $0.05 per Common Share (the "Debt Settlement"), subject to TSX Venture Exchange final approval. The outstanding debt is comprised of employee wages and consulting fees. As part of the restructuring that occurred in 2008, certain employees voluntarily agreed to defer a portion of their salary and have now agreed to convert such debt into common shares. A total of 2,296,513 Common Shares were issued under the Debt Settlement. The Common Shares are subject to a four month hold period that expires on July 4, 2010.

About Acceleware

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, benefitting 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.

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.

Contact Information