Acceleware Announces $2,925,000 Investment by NVIDIA Corporation
CALGARY, ALBERTA -- (MARKET WIRE) -- January 22, 2007 -- Acceleware Corp. (the "Corporation" or "Acceleware") (TSX-V: AXE) is pleased to announce that it has signed an agreement to complete a non-brokered private placement of 4,500,000 units (each a "Unit") to NVIDIA Corporation (NASDAQ: NVDA) at a price of $0.65 per Unit for aggregate gross proceeds of $2,925,000 (the "Offering"). The price per Unit represents a 20% discount from Market Price on January 11, 2007, which was reserved with the TSX Venture Exchange on January 12, 2007. Each Unit consists of one common share (a "Common Share") and one-half of one common share-purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one Common Share at a price of $1.29 per Common Share for a period of 24 months from the issuance of the Warrants. The completion of the private placement is subject to TSX Venture Exchange approval.
The net proceeds from the Offering will be used for the marketing, sales, and ongoing development of acceleration products for electromagnetic simulation and seismic data processing markets, as well as capital equipment, facilities, and working capital.
"We're delighted to make this strategic investment in Acceleware. The investment reflects our ongoing commitment and enthusiasm toward the ecosystem of high performance computing based on GPU technologies," said Jeff Herbst, Vice President of Business Development at NVIDIA. "We have the highest regard for Acceleware and its management team, and believe they will quickly emerge as leaders in the GPU Computing revolution."
"We've been collaborating with NVIDIA for over two years on the deployment of GPUs to accelerate non-graphics software 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," said Sean Krakiwsky, CEO of Acceleware. "NVIDIA's investment in Acceleware is an endorsement of these efforts and provides us with significant additional funding to execute our business plan and to capitalize on the rapidly growing demand for GPU-based computing products."
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
About Acceleware Corp.
Acceleware (TSX-V: AXE) develops and markets performance-optimized acceleration products that significantly reduce the run-times of high-performance computing (HPC) applications such as cell-phone design and seismic data processing. By leveraging the base processing power of GPUs (graphics processing units) with proprietary acceleration software, compute-intensive applications can achieve unparalleled performance and speed. Acceleware delivers processing superpower.
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.
About NVIDIA Corporation
NVIDIA Corporation is the worldwide leader in programmable graphics processor technologies. The company creates innovative, industry-changing products for computing, consumer electronics and mobile devices. NVIDIA has annual revenues of over $2.5B, is headquartered in Santa Clara, CA, and has offices throughout Asia, Europe and the Americas. For more information, visit www.nvidia.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.
Contacts: Media and analysts contact: inmedia Public Relations Danny Sullivan (613) 686-5657 Email: firstname.lastname@example.org
Investor relations contact: Acceleware Corp. Mark Carruthers, Investor Relations (403) 444-7778 Email: email@example.com Website: www.acceleware.com