Latest news with #Acceleware
Business Upturn
27-06-2025
- Business
- Business Upturn
Acceleware Announces Agreement for Asset Transfer and New Farmout Opportunity with O'Neill Industries International-Canada Inc.
CALGARY, Alberta, June 26, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. ('Acceleware' or the 'Company') (TSX-V: AXE), is pleased to announce it has entered into an agreement (the 'Marwayne Agreement') with O'Neill Industries International-Canada Inc. ('O'Neill Canada') that will result in the transfer of certain wells and other assets located in Marwayne, Alberta, related liabilities, licenses and leases from Acceleware to O'Neill Canada, and the termination of the existing farmout and option agreement dated May 19, 2020 between the Company and O'Neill Canada. O'Neill Canada is the Canadian entity of O'Neill Industries, a US based company active in upstream production and oil field services globally. In exchange for the above noted transfers, Acceleware will receive cash payments and a gross overriding royalty ('GORR') on future production from the wells as described below. The Marwayne Agreement sets the stage for renewed collaboration between the Company and O'Neill Canada that includes a commitment to establish a new farmout agreement at Marwayne where Acceleware can drill new RF XL 2.0 compliant test wells in the next five years. 'The Marwayne Agreement is another strategic step intended to rapidly move us from a research and development focus to becoming a cash flow generating enterprise and is one of several strategic steps we are taking to accelerate RF XL 2.0's path to market,' said Geoff Clark, CEO of Acceleware. 'We are pleased to realize near-term cash flow and added value from O'Neill Canada's operations at Marwayne, but also having the optionality to explore future multi-well deployments of RF XL 2.0 at Marwayne provides great opportunity to the Company.' Specific features of the Marwayne Agreement include: Acceleware will transfer its interests in the existing wells, production equipment, leases, and licenses to O'Neill Canada for a combination of cash, assumption by O'Neill Canada of any abandonment and reclamation liabilities associated with the wells and surface lease, and a 5% GORR on future production from the wells for a period of 12 months following commencement of production from the transferred wells. Excluding future royalties, the net balance sheet benefit to Acceleware is estimated to be $460,000. Acceleware retains ownership of all RF XL heating and related equipment at Marwayne, including the Clean Tech Inverter (CTI). The existing farmout agreement between O'Neill Canada and Acceleware is terminated. Acceleware and O'Neill Canada agree to enter into a new farmout agreement within 90 days of entering into the Marwayne Agreement, which will allow Acceleware to redeploy new wells that are suited for RF XL 2.0 at any time over the course of the next 5 years at O'Neill Canada's Marwayne asset. 'We're pleased to have come to this agreement with Acceleware on Marwayne – the asset holds very good value potential and both companies stand to benefit from the arrangement. For over a year, O'Neill Canada has been producing heavy oil at Marwayne, and we plan to grow production volumes through both cold flow and thermal recovery techniques,' said Alexander O'Neill, President of O'Neill Canada. About Acceleware: Acceleware is an advanced electromagnetic (EM) heating company with cutting-edge radio frequency (RF) power-to-heat solutions for large industrial applications. The Company's technologies provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs. The Company is working to use its patented and field proven Clean Tech Inverter (CTI) to materially improve the efficiency of amine regeneration, and has partnered with a consortium of world-class potash partners seeking to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing other process heat applications and partnerships for RF heating. Acceleware's RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil that is materially different from any enhanced recovery technique used today. Acceleware is a public company listed on the TSX Venture Exchange ('TSXV') under the trading symbol 'AXE'. About O'Neill Industries International-Canada Inc.: O'Neill Industries is comprised of an integrated family of companies focused on the energy and environmental sectors, offering a series of products, equipment, and services which bring new and enhanced solutions for projects and partners. Responding to environmental challenges, developing natural resources, and looking for opportunities to turn waste and obsolescence into energy and value. Since 2023, O'Neill Industries Canadian arm, O'Neill Industries International-Canada Inc., has been operating in Alberta with a large focus on heavy oil production, thermal recovery techniques, and Green Cement. Cautionary Statements This news release contains forward-looking statements and/or forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. When used in this release, such words as 'will', 'anticipates', 'believes', 'intends', 'expects' and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware's current expectations regarding future events, including, but not limited to: the future benefits arising from the Marwayne Agreement; the Company's ability to successfully complete commercialization of RF XL 2.0; the entering into of a new farmout and option agreement between the Company and O'Neill Canada; deployment of RF XL 2.0 ; the initiatives to be implemented by the Company's management to shift the Company's focus from research and development to cash flow generation; the timing to complete certain milestones in the Marwayne Agreement; and the impact of the Marwayne Agreement on Acceleware's business and shareholder value. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the availability of potential heavy oil production rights in western Canada, the availability of investment capital and other funding, the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities and/or shareholders, as applicable; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company's December 31, 2024, year-end Management Discussion and Analysis ('MD&A') available on SEDAR+ at . Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. For more information: Geoff ClarkTel: +1 (403) 249-9099 [email protected]
Hamilton Spectator
26-06-2025
- Business
- Hamilton Spectator
Acceleware Announces RF XL 2.0
CALGARY, Alberta, June 25, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. ('Acceleware' or the 'Company') (TSX-V: AXE), a leading innovator of cutting-edge radio frequency ('RF') power-to-heat technologies targeting process heat for critical minerals, amine regeneration (for carbon capture and other applications), and enhanced oil production, is pleased to announce details of the next generation of RF XL, ('RF XL 2.0') and a new demonstration plan (the 'Demonstration'). 'RF XL', Acceleware's enhanced oil recovery ('EOR') technology that uses RF heating to energize oil formations, is a major innovation that could potentially decarbonize heavy oil and oil sands production effectively and efficiently by materially lowering costs compared to other EOR techniques, increasing the recovery factor, and potentially stimulating investment. The RF XL Marwayne deployment was supported by three major operators and progressed from Technology Readiness Level ('TRL') 4 to TRL 8, with its core technology, the Clean Tech Inverter ('CTI') progressing to TRL 9. This deployment successfully demonstrated RF XL's potential by heating the reservoir and increasing temperatures in the production well while achieving the highest power level and longest continuous run time for any RF based EOR technology. Buoyed by the initial results at Marwayne, and the promise of increased oil production with higher power, Acceleware was encouraged by funders and industry partners to upgrade and improve to next generation RF XL 2.0. Key components of the RF XL 2.0 development process included: Acceleware is currently seeking funding for the RF XL 2.0 Demonstration: a commercial-scale project that builds on work performed to date and could showcase RF XL's ability to enhance recovery in heavy oil reservoirs - particularly in the Lloydminster area - and increase production while decarbonizing. A previously announced non-dilutive grant in the amount of $1.31 million from the Clean Resource Innovation Network has been withdrawn due to timing constraints - eligible costs had to have been incurred between January 1, 2024, and September 30, 2025. However, multiple non-dilutive funding calls from both provincial and federal agencies are currently available and are being pursued. Said Acceleware's CEO Geoff Clark, 'Combining the potential to economically produce more oil faster while decarbonizing is a compelling scenario for industry and governments alike. Once proven at commercial scale, RF XL 2.0 could serve to support Canada's ambition to lead as a G7 energy innovator and superpower. We have a bold strategy in place to progress the technology as quickly as possible - we are keen to show the world what RF XL 2.0 can do.' About Acceleware: Acceleware is an advanced electromagnetic heating company with cutting-edge RF power-to-heat solutions for large industrial applications. The Company's technologies provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs. The Company is working to use its patented and field proven CTI to materially improve the efficiency of amine regeneration, and has partnered with a consortium of world-class potash partners seeking to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing other process heat applications and partnerships for RF heating. Acceleware's RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil that is materially different from any enhanced recovery technique used today. Acceleware is a public company listed on the TSX Venture Exchange ('TSXV') under the trading symbol 'AXE'. Cautionary Statements This news release contains forward-looking statements and/or forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. When used in this release, such words as 'will', 'anticipates', 'believes', 'intends', 'expects', 'could' and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware's current expectations regarding future events, including, but not limited to: the potential benefits and commercialization of RF XL and CTI, the development and execution of a the Demonstration; the Company's ability to successfully execute the Demonstration; the expected benefits of the Demonstration; the ability of the Company to raise sufficient capital to execute the Demonstration; potential restructuring efforts of the Company's business lines; the potential acquisition by the Company of certain assets, deployment of RF XL 2.0; and related potential for multi-well expansion; the initiatives to be implemented by management to shift the Company's focus from research and development to cash flow generation; the receipt of applicable approvals (including board, shareholder, and approvals of the TSXV) to implement key components of the Demonstration; the timing to complete certain increments of the Demonstration; and the impact of the Demonstration on Acceleware's business and shareholder value. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the availability of potential heavy oil production rights in western Canada, the availability of investment capital and other funding, the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities and/or shareholders, as applicable; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company's December 31, 2024, year-end Management Discussion and Analysis available on SEDAR+ at . Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. For more information: Geoff Clark Tel: +1 (403) 249-9099
Yahoo
25-06-2025
- Business
- Yahoo
Acceleware Announces RF XL 2.0
CALGARY, Alberta, June 25, 2025 (GLOBE NEWSWIRE) -- Acceleware® Ltd. ('Acceleware' or the 'Company') (TSX-V: AXE), a leading innovator of cutting-edge radio frequency ('RF') power-to-heat technologies targeting process heat for critical minerals, amine regeneration (for carbon capture and other applications), and enhanced oil production, is pleased to announce details of the next generation of RF XL, ('RF XL 2.0') and a new demonstration plan (the 'Demonstration'). 'RF XL', Acceleware's enhanced oil recovery ('EOR') technology that uses RF heating to energize oil formations, is a major innovation that could potentially decarbonize heavy oil and oil sands production effectively and efficiently by materially lowering costs compared to other EOR techniques, increasing the recovery factor, and potentially stimulating investment. The RF XL Marwayne deployment was supported by three major operators and progressed from Technology Readiness Level ('TRL') 4 to TRL 8, with its core technology, the Clean Tech Inverter ('CTI') progressing to TRL 9. This deployment successfully demonstrated RF XL's potential by heating the reservoir and increasing temperatures in the production well while achieving the highest power level and longest continuous run time for any RF based EOR technology. Buoyed by the initial results at Marwayne, and the promise of increased oil production with higher power, Acceleware was encouraged by funders and industry partners to upgrade and improve to next generation RF XL 2.0. Key components of the RF XL 2.0 development process included: Confirmed industry support for a sub-surface energy delivery system incorporating multiple technical advances over the previous RF XL design. Completed a 'ground-up' redesign program of the subsurface RF transmission lines, culminating in a hermetically sealed energy delivery system that eliminates the possibility of water ingress. Resulting benefits are a robust leak-proof design, reduced manufacturing costs, reduced well design and well completion costs, quicker well completion time, simpler and less costly wellhead design, and safer wellhead operating environment. Acceleware is currently seeking funding for the RF XL 2.0 Demonstration: a commercial-scale project that builds on work performed to date and could showcase RF XL's ability to enhance recovery in heavy oil reservoirs - particularly in the Lloydminster area - and increase production while decarbonizing. A previously announced non-dilutive grant in the amount of $1.31 million from the Clean Resource Innovation Network has been withdrawn due to timing constraints - eligible costs had to have been incurred between January 1, 2024, and September 30, 2025. However, multiple non-dilutive funding calls from both provincial and federal agencies are currently available and are being pursued. Said Acceleware's CEO Geoff Clark, 'Combining the potential to economically produce more oil faster while decarbonizing is a compelling scenario for industry and governments alike. Once proven at commercial scale, RF XL 2.0 could serve to support Canada's ambition to lead as a G7 energy innovator and superpower. We have a bold strategy in place to progress the technology as quickly as possible - we are keen to show the world what RF XL 2.0 can do.' About Acceleware: Acceleware is an advanced electromagnetic heating company with cutting-edge RF power-to-heat solutions for large industrial applications. The Company's technologies provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs. The Company is working to use its patented and field proven CTI to materially improve the efficiency of amine regeneration, and has partnered with a consortium of world-class potash partners seeking to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing other process heat applications and partnerships for RF heating. Acceleware's RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil that is materially different from any enhanced recovery technique used today. Acceleware is a public company listed on the TSX Venture Exchange ('TSXV') under the trading symbol 'AXE'. Cautionary Statements This news release contains forward-looking statements and/or forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. When used in this release, such words as 'will', 'anticipates', 'believes', 'intends', 'expects', 'could' and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware's current expectations regarding future events, including, but not limited to: the potential benefits and commercialization of RF XL and CTI, the development and execution of a the Demonstration; the Company's ability to successfully execute the Demonstration; the expected benefits of the Demonstration; the ability of the Company to raise sufficient capital to execute the Demonstration; potential restructuring efforts of the Company's business lines; the potential acquisition by the Company of certain assets, deployment of RF XL 2.0; and related potential for multi-well expansion; the initiatives to be implemented by management to shift the Company's focus from research and development to cash flow generation; the receipt of applicable approvals (including board, shareholder, and approvals of the TSXV) to implement key components of the Demonstration; the timing to complete certain increments of the Demonstration; and the impact of the Demonstration on Acceleware's business and shareholder value. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the availability of potential heavy oil production rights in western Canada, the availability of investment capital and other funding, the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities and/or shareholders, as applicable; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company's December 31, 2024, year-end Management Discussion and Analysis available on SEDAR+ at Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. For more information: Geoff Clark Tel: +1 (403) 249-9099 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-06-2025
- Business
- Yahoo
Acceleware Announces Strategic Collaboration and Distribution Agreement with Scovan
CALGARY, Alberta, June 23, 2025 (GLOBE NEWSWIRE) -- Acceleware® Ltd. ('Acceleware' or the 'Company') (TSX-V: AXE), a leading innovator of cutting-edge radio frequency (RF) power-to-heat technologies targeting process heat for critical minerals, amine regeneration (for carbon capture and other applications), and enhanced oil production, is pleased to announce a strategic collaboration and distribution agreement ('The Agreement'), with Scovan. Scovan is an industry leader specializing in innovation and expertise for energy sector projects by providing engineering, procurement, complete fabrication, construction and construction management services (EPFC). This Agreement supports Acceleware's broader strategy to rapidly evolve the Company from research and development to a cash flow generating business. It is also structured such that it could potentially expedite successful commercialization immediately upon demonstrated success with the Company's next RF XL 2.0 project. Among other terms, the Agreement establishes a collaboration that: Appoints Scovan as the exclusive distributor of RF XL in western Canada, once RF XL is commercialized; Provides Scovan as the preferred surface facility engineering and construction partner for RF XL 2.0. Is expected to expedite partnerships and sales both before and after successful commercialization of RF XL 2.0. Uses Scovan's EPFC expertise to potentially reduce lead time from regulatory approval to cash flow by a year or more. Scovan has strong relationships with a large number of heavy oil and oil sands producers and has made bringing innovation to market as commercial solutions a strategic priority, allowing for a quick ramp up from demonstration to multi-well pilot, and then to commercialization and sales. Scovan is a recognized leader in oil sands and heavy oil EPFC. The Acceleware team continues to actively look to acquire additional production rights to heavy oil assets in western Canada where they will deploy an RF XL 2.0 demonstration as an enhanced oil recovery method. This initiative provides an opportunity to deploy RF XL in a well-suited reservoir and earn oil production revenues, while offering the potential for multi-well expansion. 'This partnership is the first of several strategic steps to accelerate RF XL 2.0's path to market,' said Geoff Clark, CEO of Acceleware. 'With the federal government's 'One Canadian Economy' Act placing a clear priority on decarbonized oil, the time to act is now. By engaging Scovan to fast-track commercialization, we aim to demonstrate both the economic viability and emissions-reduction potential of RF XL 2.0 - bringing this breakthrough technology to large-scale deployment within two years, not decades. We strongly believe that this Agreement adds significant value to Acceleware and to our shareholders by increasing our project delivery credibility, and providing strong backing that RF XL 2.0 can deliver for the industry.' Added Donovan Nielsen, President of Scovan, 'This partnership supports Scovan's vision of the 'Facility of the Future' - one that is more sustainable, more efficient, smaller in footprint, faster to deliver, and more cost-effective. Innovation and calculated risk-taking are essential to unlocking new approaches to oil development and Scovan's collaboration with Acceleware reflects this mindset. While the technology is still proving its effectiveness in the field, we are excited by its potential and committed to supporting solutions that could reshape how in-situ oil sands extraction is done in the future.' About Acceleware: Acceleware is an advanced electromagnetic (EM) heating company with cutting-edge radio frequency (RF) power-to-heat solutions for large industrial applications. The Company's technologies provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs. The Company is working to use its patented and field proven Clean Tech Inverter (CTI) to materially improve the efficiency of amine regeneration, and has partnered with a consortium of world-class potash partners seeking to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing other process heat applications and partnerships for RF heating. Acceleware's RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil that is materially different from any enhanced recovery technique used today. Acceleware is a public company listed on the TSXV under the trading symbol 'AXE'. About Scovan: Scovan is a cutting-edge EPFC firm that provides innovative, sustainable services for energy sector projects. Our proven track record, unique approach and turnkey offerings allow us to provide end-to-end solutions, from piloting to full-scale commercial development. Combining past experience, present opportunities, and future vision, we create long-term value for clients. Scovan is your trusted partner, providing you with the confidence and certainty needed for successful developments - A New Energy. Cautionary Statements This news release contains forward-looking statements and/or forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. When used in this release, such words as 'will', 'anticipates', 'believes', 'intends', 'expects' and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware's current expectations regarding future events, including, but not limited to: the future benefits arising from the Agreement; the Company's ability to successfully complete commercialization of RF XL 2.0; the potential acquisition by the Company of certain assets, deployment of RF XL 2.0; the initiatives to be implemented by Management to shift the Company's focus from research and development to cash flow generation; the timing to complete certain milestones in the Agreement; and the impact of the Agreement on Acceleware's business and shareholder value. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the availability of potential heavy oil production rights in western Canada, the availability of investment capital and other funding, the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities and/or shareholders, as applicable; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company's December 31, 2024, year-end Management Discussion and Analysis ('MD&A') available on SEDAR+ at Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. This press 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 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. For more information:Geoff ClarkTel: +1 (403) in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
Acceleware Announces Board Appointments
CALGARY, Alberta, June 03, 2025 (GLOBE NEWSWIRE) -- Acceleware® Ltd. ('Acceleware' or the 'Company') (TSX-V: AXE), a leading innovator of transformative technologies using radio frequency (RF) technology targeting industrial process heat in the critical minerals and enhanced oil production industries, announces the strategic appointment of two seasoned energy executives to the Board of Directors (the 'Board'), and that two original members of the Board are stepping down. The new Board appointees, with their significant industry experience and knowledge, will be instrumental in assisting management in implementing a new strategic plan. Board Announcement: The Company announces the appointment of Peter (Pete) Sametz P. Eng. ICD.D as Executive Chairman of the Board of Directors and the appointment to the Board of Merle Johnson P. Eng. MBA, ICD.D, both effective June 3, 2025. Mr. Bohdan (Don) Romaniuk, Chairman of the Board, and Dr. Peter Neweduk, Director, have stepped down from the Board after over 19 years of service. Mr. Sametz and Mr. Johnson, whose appointments will fill the vacancies left by Mr. Romaniuk and Dr. Neweduk, will both also serve on the audit committee, with Mr. Johnson appointed as Chair of the Audit Committee. Said Mr. Romaniuk, 'I am thrilled that Mr. Sametz has agreed to serve as Executive Chair of Acceleware's board. Acceleware's technology offers outstanding potential. I wish him, and the Company all the best.' Added Geoff Clark, Acceleware CEO, 'On behalf of Acceleware, our shareholders, and our employees, I would like to extend our thanks to Don and Peter for their dedication and service over many years. Their efforts have been greatly appreciated – we've certainly had many successes along the way - and they've also helped see us through many challenges. We wish them all the best.' Both Mr. Romaniuk and Dr. Neweduk will remain available to provide support and knowledge transfer for as long as is required to ensure an efficient Board transition. 'I am extremely pleased to welcome Pete and Merle to the Acceleware board,' said Mr. Clark. 'Acceleware is implementing a new and transformative strategic plan intended to advance the business and create significant value for shareholders. Having Pete join us as Executive Chair and Merle as Director and Audit Committee Chair to drive development and execution of this strategy is invaluable.' Mr. Sametz' past several years have focused on change management and corporate restructuring. He has extensive experience in the energy sector at both the senior executive and board levels, managing growth from startup to intermediate status. He is recognized as a leader in innovation and an advocate for environmental responsibility in the energy industry. He has been a director of four public companies, as well as a volunteer in the community and with industry organizations. Mr. Johnson was the CEO of Connacher Oil and Gas from late 2015 up until his 2024 retirement and was the longest serving executive in the company's history. Prior to Connacher, Mr. Johnson worked for EnCana (now Cenovus) on its Christina Lake and Senlac Projects and for IMC Global (now The Mosaic Company) at Belle Plaine. Belle Plaine's potash solution mining technique was the inspiration for SAGD technology. Mr. Johnson is a member of the Metis Nation of Alberta. The appointments of Mr. Sametz and Mr. Johnson remain conditional on TSX Venture Exchange review pursuant to Policy 3.1. About Acceleware: Acceleware is an advanced electromagnetic (EM) heating company with highly scalable EM solutions for large industrial applications. The Company's solutions provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs. Acceleware's RF XL is a patented low-cost, low-carbon EM thermal production technology for heavy oil that is materially different from any enhanced recovery technique used today. The Company is also working with a consortium of world-class potash partners on a pilot project using its patented and field proven Clean Tech Inverter (CTI) to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing partnerships for EM heating for other industrial process heat applications. Acceleware is a public company listed on Canada's TSX Venture Exchange under the trading symbol 'AXE'. Cautionary Statements This news release contains forward-looking statements and/or forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. When used in this release, such words as 'will', 'anticipates', believes', 'intends', 'expects' and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware's current expectations regarding future events, including, but not limited to the appointment of Mr. Sametz and Mr. Johnson to the Board, the development and execution of a new strategic plan, the Company's ability to successfully execute that plan, and the impact of that plan on Acceleware's business and shareholder value. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company's December 31, 2024, year-end Management Discussion and Analysis ('MD&A') available on SEDAR+ at Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information:Geoff ClarkTel: +1 (403) Acceleware Ltd.435 10th Avenue SECalgary, AB, T2G in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
