CALGARY, Alberta, June 12, 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 its proposed new and transformative strategic plan (the "Plan").
The Plan has been developed by management of Acceleware ("Management") with approval from the Company's board of directors, (the "Board"). Management and the Board expect the Plan to rapidly establish the Company as a revenue-generating, cash flowing enterprise - with the potential to drive profitability, shareholder value, and long-term stability. Key components of the Plan include:
- 2025 Financing Strategy: Acceleware intends to secure funding for high potential applications that are expected to support near term revenue and long-term growth, while potentially strengthening the Company's balance sheet and enabling continued development. At this time, the terms of any financing have not yet been finally determined and are expected to be negotiated with applicable parties in the context of the market.
- Focused Investment Strategy: To drive shareholder value, the Company is currently considering certain strategic restructuring options in order to maximize its ability to attract capital investment for surface applications where initial focus will include amine regeneration and critical minerals heating/drying. Investment capital that is raised is expected to be used to speed development and commercialization to achieve revenue generation from those surface applications as quickly as possible.
- RF XL Commercialization: The Company is actively looking to acquire additional production rights to heavy oil assets in western Canada and deploy RF XL 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. The deployment will use a new, fully sealed, continuous tubing based sub-surface design ("RF XL V2.0") developed by Acceleware. RF XL V2.0 eliminates the possibility of water ingress, dramatically simplifies deployment, and reduces per well capital costs by an estimated 30% compared to RF XL V1.0.
- Growth and Culture: The Plan includes aggressive initiatives to be implemented by Management, which are expected to rapidly shift the Company's focus from research and development to cash flow generation, tactically aligning teams with business growth objectives across all lines of business.
Said Acceleware Chief Executive Officer, Geoff Clark, "Acceleware's revised strategy aims to strengthen revenue-generation, improving economic performance and sustainable value for both shareholders and customers. This sharpened focus is specifically designed to deliver new market and client commitments and is an exciting new phase of Company development."
"Acceleware has a lot of work ahead, but the team is engaged and committed," said new Board Chair Mr. Pete Sametz. "The renewed Board is working closely with Management and looks forward to the success of Acceleware's near-term strategic plan. We anticipate great strides in the coming months."
Added new Board member, Merle Johnson, "I'm especially pleased to see that the new strategy capitalizes on surface heating applications to significantly improve amine regeneration and critical minerals processing efficiency - we believe that both markets hold great value potential."
Additional details regarding the Plan and execution thereof will be released in coming weeks. In particular, details of any financing, restructuring, or material acquisition or disposition of assets, will be disclosed in future press releases of the Company, when determined, in accordance with applicable securities laws and will be subject to applicable approvals (including approval of the TSX Venture Exchange (the "TSXV"), shareholder, and other regulatory approvals, where applicable).
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".
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 development and execution of a the Plan; the Company's ability to successfully execute the Plan; the expected benefits of the Plan; the ability of the Company to raise sufficient capital to execute the Plan; potential restructuring efforts of the Company's business lines; the potential acquisition by the Company of certain assets, deployment of RF XL V2.0, 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 Plan; the timing to complete certain increments of the Plan; and the impact of the 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 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 www.sedarplus.ca.
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 Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
