NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
CALGARY, June 13, 2016 /CNW/ - Acceleware Ltd. ("Acceleware") (TSX-V:AXE), a leading developer of high performance seismic imaging applications and RF heating technology is pleased to announce that it has received a $200,000 secured loan ("Secured Loan") secured through a general security agreement over the assets of Acceleware.
The Secured Loan is for a 150 day term and interest on the Secured Loan shall accrue to the principal at a rate of 6% per annum for the first 120 days of the term and 10% per annum thereafter. The Secured Loan shall also accrue special interest ("Special Interest") prior to the maturity date of the Secured Loan at a rate of 4.87% per annum, provided that upon any repayment of the Principal Amount prior to or upon the maturity date of the secured loan, the aggregate amount owing by the Debtor to the Creditor in respect of such Special Interest shall be equal to $4,000. No Special Interest shall be payable subsequent to the Maturity Date.
Acceleware expects to use the loan for general corporate and working capital purposes primarily related to its seismic software business. Entering into the loan allows Acceleware to continue to develop and test its highly efficient low-carbon RF heating technology for oil sands and heavy oil production. Notwithstanding the foregoing, there may be circumstances where, for sound business reasons, Acceleware may be required to reallocate the use of the funds.
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.
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information is any information about Acceleware that is prospective in nature, and often includes words such as "anticipates," "expects," "estimates," "intends," and words and terms of similar substance, in connection with discussions about Acceleware's future operations or financial performance.
Forward-looking information in this news release includes information regarding the proposed use of the funds and the development and testing of Acceleware's RF Heating Technology. Acceleware made certain material assumptions to develop this forward looking information including that the capital requirements of Acceleware shall remain consistent with Acceleware's current and anticipated needs.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include changes in prevailing economic conditions and changes in the development of Acceleware's RF Heating Technology.
Acceleware assumes no obligation to update or revise the forward-looking information in this presentation, unless it is required to do so under applicable securities legislation.
SOURCE Acceleware Ltd.
For further information: Geoff Clark, Tel: +1 (403) 249-9099, [email protected], Acceleware Ltd., 435 10th Avenue SE, Calgary, AB, T2G 0W3, Canada, Tel: +1 (403) 249-9099, www.acceleware.com