AXE Acceleware Ltd

It is with great sadness that the Board of Directors of Acceleware Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), announce that Dennis Nerland, a director, has passed away.

“On behalf of the Board of Directors and management at Acceleware, I wish to extend my deepest condolences to Dennis’ family and friends at this difficult time,” said Geoff Clark, CEO.

Dennis had been an Acceleware director since the Company’s inception. Dennis’ engaging personality, industry experience and wise counsel was instrumental in the Company’s growth and success. He was an insightful and visionary leader who cared deeply about making a difference.

Mr. Nerland passed away in Calgary, Alberta, on October 30, 2021, at home with his family.

“Dennis served the Company diligently, and with the utmost professionalism, energy and devotion for over 15 years," said Bohdan Romaniuk, Chair of the Board. “His business acumen, creativity and strategic thinking skills were deeply respected by his fellow Board members. Dennis was also a gentlemen and consummate team player, a very close friend and trusted confidante. He will be sorely missed and long remembered by us all."

ABOUT ACCELEWARE:

Acceleware (www.acceleware.com) is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software. 

Acceleware is developing RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. Further, Acceleware’s RF XL technology could be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether for fossil fuels, or for future clean bitumen by-products such as petrochemicals, carbon fibre, and blue or green hydrogen production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. In shallow oil sands implementations, no tailings ponds will be required. 

Acceleware has partnered with Saa Dene Group (co-founded by Jim Boucher) to create Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.  

The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol“AXE”.  

DISCLAIMER

Neither the 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.

For more information:Geoff ClarkTel: +1 (403) 249-9099geoff.clark@acceleware.com

Acceleware Ltd.435 10th Avenue SECalgary, AB, T2G 0W3CanadaTel: +1 (403) 249-9099www.acceleware.com