Acceleware Corp.
TSX VENTURE : AXE

Acceleware Corp.

November 29, 2007 16:47 ET

Acceleware Corp. Announces Third Quarter Results

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2007) - Acceleware Corp. (the "Corporation" or "Acceleware") (TSX VENTURE:AXE) reported today the financial results for the three-month period ended September 30, 2007.



Third Quarter 2007 Financial Highlights

3 months 3 months 9 months 14 months
ended ended ended ended
September 30, September 30, September 30, September 30,
2007 2006 2007 2006

Revenue $ 644,023 $ 136,151 $ 1,606,924 $ 792,187
Net loss $ 1,795,667 $ 564,840 $ 4,616,323 $ 1,566,422
Loss per share,
basic and fully
diluted $ 0.05 $ 0.03 $ 0.14 $ 0.10

Cash and cash
equivalents,
end of period $ 4,442,009 $ 1,654,920 $ 4,442,009 $ 1,654,920


Acceleware is pleased to report that revenue for the three-month period ended September 30, 2007 increased by $507,872 over the three-month period ended September 30, 2006, an increase of 470%, its highest revenue quarter to date and continuing its fourth quarter-over-quarter revenue growth. Revenue for the nine months ended September 30, 2007 increased by $814,737 over the fourteen months ended September 30, 2006, an increase of over 200%.

The net loss for the three-month period ended September 30, 2007 was $1,795,667, which includes a write-down of fifteen percent, or $216,710, on asset-backed commercial paper ("ABCP"), compared to a net loss of $564,840 for the three month period ended September 30, 2006. The Corporation's net loss was $4,616,323 for the nine-month period ended September 30, 2007 compared to $1,566,422 for the fourteen month period ended September 30, 2006. Net losses have increased as the Corporation continues to add resources for development, marketing, sales, and support of new products in existing and new vertical markets. The Corporation has expanded from twenty people at September 30, 2006 to sixty people at September 30, 2007.

Acceleware's working capital position was $5,706,409 at September 30, 2007. In the quarter, the Corporation reclassified ABCP of $1,444,733 from cash equivalent to investment, in recognition of the uncertainty in estimating the amount and timing of cash flows for this paper.

About Acceleware

Acceleware (TSX VENTURE:AXE) develops and markets performance-optimized acceleration products that significantly reduce the run-times of high-performance computing (HPC) applications such as cell-phone and circuit design, seismic data processing, 3D biomedical image reconstruction, and computational finance. By leveraging the base processing power of GPUs (graphics processing units) and multi-core CPUs with proprietary acceleration software, compute-intensive applications can achieve unparalleled performance and speed. Acceleware delivers Realworld Supercomputing™.

Acceleware is developing and selling products for the electromagnetic, energy, biomedical, pharmaceuticals, industrial and military markets. These markets share a common need; as companies continue to push the boundaries of innovation and demand faster product-development cycles for more complex products, the need for accurate and timely computer modeling and testing is steadily increasing. For more information, visit www.acceleware.com.

Forward-Looking Statement

This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.

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

Contact Information

  • Acceleware Corp.
    Norman Tsui
    Chief Financial Officer
    (403) 444-7778
    Website: www.acceleware.com