Acceleware Corp.
TSX VENTURE : AXE

Acceleware Corp.

August 25, 2006 13:27 ET

Acceleware Corp. Announces June 30, 2006 Quarterly Financial Results

CALGARY, ALBERTA--(CCNMatthews - Aug. 25, 2006) - Acceleware Corp. (TSX VENTURE:AXE) reported today financial results for the quarter ended June 30, 2006. The Company's financial highlights for the quarter ended June 30, 2006 and the achievements since August 1, 2005 include:

- Start of commercial operations with revenues of $656,037 for the eleven-months ended June 30, 2006, with 47% or $311,424 of revenue recognized ($373,000 shipped and invoiced) during the three-months ended June 30, 2006;

- Working capital of $891,978 and no debt as at June 30, 2006;

- Total assets of $1,217,478 as at June 30, 2006;

- Closing of three private placements/offerings;

- Securing research and development government assistance funding from National Research Council (NRC-IRAP) for $350,000;

- Entry into its first product market - Electromagnetics, with plans being developed to enter its second product market - Oil and Gas;

- Five announced sales channel partnerships;

- Scale-up of research and development, sales and marketing and administration teams from 6 personnel at July 31, 2005 to 19 personnel at June 30, 2006;

- Advancement of the Accelerator™ product from version 1.0 to 2.0 - increasing performance speed by 2 times (v2.0 also has twice the memory and features compared to v1.0); and

- Solid integration and working relationship with the Executive Team and Board of Directors.

With many of the above noted milestones achieved and additional cash resources from the $1.5 million unit offering recently completed on August 18, 2006, management will continue to refine the business plan and accelerate the execution of its strategies.

The financial statements and the related management's discussion and analysis of financial position and results of operations ("MD&A") for the eleven-month period and three-month period ended June 30, 2006 are available for viewing on SEDAR at www.sedar.com.

About Acceleware

Acceleware specializes in the development and marketing of special purpose software/hardware acceleration products used to reduce design simulation and data processing run-times of High Performance Computing (HPC) applications such as cell-phone design, seismic data processing, printed circuit board design, drug discovery, nanophotonic communications device design, reservoir simulation, lithography mask design, and others. Acceleware's intellectual property is in (a) proprietary software that drives the single board and multi-board products, and (b) in high-end engineering workstation assembly.

Acceleware products are distributed by Computer Aided Design (CAD) and Computer Aided Engineering (CAE) software companies to end-users at the world's largest organizations in a wide range of industries. A simulation that would have otherwise taken eight hours, may only take 5-10 minutes with Acceleware's v2.0 generation of products. Acceleware has identified the following markets for its technology: electromagnetics; energy; biomedical; fluid dynamics; pharmaceuticals; industrial; and military. For more information, please visit www.acceleware.com

Forward Looking Information & Safe Harbour Statement

Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements based on current expectations involving a number of risks and uncertainties related to all aspects of the high performance computing industry. These risks and uncertainties include, but are not restricted to, continued increased demand for the Corporation's products, the Corporation's ability to maintain its technological leadership in the field of hardware acceleration of electromagnetic simulations, the Corporation's ability to attract and retain key employees, defend itself against any future patent infringement claims, and the availability of key components.

These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Acceleware Corp.
    Sean Krakiwsky
    President & CEO
    (403) 210-9650 ext. 204
    Website: www.acceleware.com