Acceleware Ltd. Announces the Election of Jim Boucher to the Board of Directors

Calgary, Alberta, CANADA


CALGARY, Alberta, June 07, 2021 (GLOBE NEWSWIRE) -- Acceleware® Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a leading developer of technologies targeting low-cost and clean extraction of heavy oil and bitumen, is very pleased to announce that Jim Boucher was elected to the Company’s board of directors (“the Board”) at the annual general meeting held on May 26, 2021.

A highly respected Indigenous leader, executive and philanthropist, Jim Boucher continues to be a champion for environmental and sustainable development, social prosperity and economic inclusion for Indigenous Peoples.

Jim Boucher is a Cree and Dene from the Fort McKay First Nation, and the former long standing elected Chief of the Fort McKay First Nation, one of the most successful First Nations in Canada. During his leadership, the socio-economic-well-being of the community significantly improved. Mr. Boucher has received more than a dozen notable awards and honours throughout his career. Most recently, Mr. Boucher was inducted into the 2020 Alberta Order of Excellence and received the Commendation from the Governor General for Outstanding Service in 2016.

In 2020, Mr. Boucher co-founded the Saa Dene Group of Companies, where as President he is working with a variety of partners to pursue opportunities in multiple sectors with one clear vision: to increase diversity, inclusion, and opportunity through meaningful economic and social participation in the global economy. Acceleware and Saa Dene Group formed the Acceleware | Kisâstwêw partnership to actively pursue innovation and positive change in respect to the environmental and sustainable performance of the resource sector and support ideals important to Indigenous Peoples.

We are extremely pleased to have a business leader of Jim’s caliber on the board of directors and look forward to working with him,” said Bohdan Romaniuk, Chair of the Board. “Our shareholders voted overwhelmingly to add Jim to the board, and we believe his collaborative approach and drive for responsible resource development will serve them well.”

“I am pleased to join the Acceleware board of directors at such a critical time,” said Jim Boucher. “More than ever, the energy sector is focused on clean technologies and with the commercial-scale testing of RF XL imminent at Marwayne, Alberta underway, we are well positioned to offer a new solution to address some of industries biggest challenges.”

Acceleware has granted Mr. Boucher stock options to acquire up to 100,000 common shares of the Corporation. The options have an exercise price of $0.30 per common share and will expire on May 31, 2026. Of the 100,000 options granted, 50,000 shall vest on the first anniversary of the grant date, and 50,000 shall vest on the second anniversary of the grant date.

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 and patent-pending 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”.

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