AXE

Acceleware Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a Canadian clean-tech innovator of radio frequency (RF) heating technologies, today announced operational updates on its commercial-scale RF XL pilot project at Marwayne, Alberta (the “Pilot”), and that Chief Technology Officer (“CTO”), Laura McIntyre, has advised the Company of her decision to resign to pursue another career opportunity.

RF XL Commercial Pilot Update

Acceleware continues with its previously stated work on validation of heavy oil electrification technology at its RF XL Commercial scale pilot in Marwayne, Alberta. The Company is very pleased to announce that progress on the demonstration of RF XL’s potential to produce heavy oil and bitumen through RF-based electrification is in-line with expected outcomes to date. Since having energized the RF XL system initially in early March 2022, the Company has successfully injected power into the transmission lines for thirty consecutive days, a significant milestone. During this time, the Company has monitored the performance of the Clean Tech Inverter (CTI) and related components, including control systems, cooling system, temperature monitoring in the heating lines and in the CTI, and power and efficiency measurements. As anticipated, this phase has included trouble shooting and operational changes that have led to multiple learnings which will further refine CTI design, performance, and economics and optimize RF XL technology and operations. The adaptations are also expected to result in additional intellectual property development. The Company is also very pleased to announce that the Pilot commenced producing oil on April 6, 2022, at rates consistent with the gradual ramp up of heating.

Dr. Michal Okoniewski, Acceleware’s Chief Scientific Officer, commented, “We continue to be very excited by operational achievements and progress on both the CTI and RF XL systems. We look forward to making further updates as significant milestones are achieved.”

While the initial RF XL heating phase is planned for approximately six months, this period may be extended to allow Acceleware to capture additional information on the efficiency and operation of the technology. During this phase the Company expects to continue to ramp up power and monitor the effect on efficiency and oil production. If proven successful, the Pilot will mark a world first for electrification of low-to-zero GHG heavy oil and oil sands production. RF XL is a next generation, patented, low-cost, non-aqueous recovery solution which could yield low-to-zero scope 1 and scope 2 greenhouse gas emissions (GHGs) by decarbonizing heavy oil and oil sands production. With a successful Pilot and subsequent commercialization, numerous potential environmental benefits could be realized by oil sands producers deploying RF XL, and the Company anticipates highly skilled job creation as well as skilled jobs transition opportunities, including jobs for Indigenous peoples. 

Acceleware’s Marwayne Pilot is supported by Sustainable Development Technology Canada, Emissions Reduction Alberta (ERA), Alberta Innovates, Broadview Energy, and three major oil sands partners, including Cenovus Energy.

For further information about the Pilot, to review prior news releases and learn more about Acceleware’s innovative RF XL technology, please visit the Company’s website at acceleware.com.   

Management Team Update

Laura McIntyre has resigned from the position of CTO of Acceleware effective April 29, 2022. Ms. McIntyre is working closely with the company to help ensure a smooth transition of responsibilities.

“It’s been a pleasure to work with such a talented group of individuals at Acceleware,” said McIntyre. “I am incredibly proud of what we’ve accomplished together, and I am very excited to see what the future holds for the company and its potential impact on the clean energy transition.”

“I’d like to thank Laura for the tireless work and dedication that she has put into the success of our commercial RF XL pilot over the past three and a half years,” said Geoff Clark, CEO. “Laura joined us to manage pilot design and execution, including drilling and completions, surface facility design, construction, and operational start-up - with that accomplished we wish her all the best as she embarks on the next chapter of her career.”

Since Acceleware is now focused on operations at the RF XL pilot project at Marwayne, Alberta, the Company has determined that it will not be seeking a replacement for Ms. McIntyre’s role at this time.

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”.   

ABOUT ALBERTA INNOVATES: Alberta Innovates is the province’s largest research and innovation agency. From funding to commercialization, we are Alberta’s innovation engine. 

We are working to solve today’s challenges, create new opportunities and forge a healthy, sustainable and prosperous future for Albertans today and for generations to come. 

We are where innovation happens, and we touch every corner of the province for the benefit of all Albertans. 

ABOUT SUSTAINABLE DEVELOPMENT TECHNOLOGY CANADA (SDTC): At SDTC, we support companies attempting to do extraordinary things. 

From initial funding to educational support and peer learning to market integration, we are invested in helping our small and medium-sized businesses grow into successful companies that employ Canadians from coast to coast to coast. We are relentlessly focused on supporting our companies to grow and scale in an increasingly competitive marketplace. 

The innovations we fund help solve some of the world’s most pressing environmental challenges: climate change, regeneration through the circular economy, and the well-being of humans in the communities they live in and the natural environment they interact with.

ABOUT EMISSIONS REDUCTION ALBERTA:         For more than 12 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have committed $796 million toward 220 projects worth $6.5 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative reductions of 42.3 million tonnes of CO₂e by 2030. 

NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position. The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about the timing of the execution of the Pilot, and the anticipated benefits of the RF XL technology. Acceleware assumes that current timelines will not be delayed by either internal or external causes, and that research and development effort including the commercial-scale test plans will result in commercial-ready products.   

Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.  Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.  

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.  

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 Clark Tel: +1 (403) 249-9099 geoff.clark@acceleware.com 

Acceleware Ltd. 435 10th Avenue SE Calgary, AB, T2G 0W3 Canada Tel: +1 (403) 249-9099 www.acceleware.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa3e7320-6fd3-4330-9820-5ae166bcd5af