CALGARY, ALBERTA--(Marketwired - Jan. 30, 2014) - Acceleware® Ltd. ("Acceleware" or the "Corporation") (TSX VENTURE:AXE), today announced that Cameron MacCarthy, of law firm Shea Nerland Calnan LLP, has been appointed as Corporate Secretary.
Cameron MacCarthy practices business law at Shea Nerland Calnan LLP with a particular emphasis on mergers and acquisitions, corporate reorganizations and corporate finance. He is called to the Bar of the Province of Alberta and obtained his law degree from the University of Calgary. Cameron also acts as corporate secretary for several private investment companies, energy and energy services companies. "On behalf of the Board of Directors of Acceleware, I would like to welcome Cameron, and look forward to working with him," said Bohdan Romaniuk, Chairman of Acceleware. The appointment of Mr. MacCarthy is subject to regulatory approval.
Acceleware also announced that it has granted stock options to acquire up to 1,436,984 common shares of the Corporation to certain of its employees, officers and directors. The options have an exercise price of $0.05 per common share and expire on January 29th, 2019.
Of the 1,436,984 options granted, 428,335 shall vest on the first anniversary of the grant date, 428,335 shall vest on the second anniversary of the grant date, 428,330 shall vest on the third anniversary of the grant date, 75,992 shall vest when the share price of the common shares of the Corporation closes at or above $0.0625 for ten consecutive trading days, and 75,992 shall vest when the share price of the common shares of the Corporation closes at or above $0.075 for ten consecutive trading days. The stock option grant is subject to regulatory approval.
Acceleware (www.acceleware.com) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware's professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware's products and services are used by some of the world's largest energy and engineering companies.
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.