CALGARY, ALBERTA -- (Marketwired) -- 08/28/13 -- Acceleware® Ltd. (TSX VENTURE: AXE) (the "Corporation") a leading developer of high performance computing applications for the oil and gas industry, today announced that it has applied to the TSX Venture Exchange to amend stock options to acquire up to 847,964 common shares of the Corporation granted to certain of its employees and officers. The options were initially granted on May 27, 2013 and had an exercise price of $0.10 per common share. The amended stock options will have an exercise price of $0.05. At the time of the initial grant, the Market Price, defined as the last closing price of the shares of the Corporation preceding May 27, 2013, was $0.04. All other terms of the stock options, including an expiry date of May 27, 2018, will remain the same. Stock options granted to independent directors of the Corporation will not be amended.
The initial exercise price was set in accordance with minimum pricing rules for incentive stock options set by the TSX Venture Exchange in effect on the original grant date. The proposed amendment is in accordance with a bulletin issued by the TSX Venture Exchange on August 14, 2013 which dealt with, among other things, amending the minimum pricing rules for convertible securities including incentive stock options. The stock option amendment is subject to TSX Venture Exchange approval.
Acceleware develops and markets high performance computing (HPC) software solutions for the engineering and energy industries. These solutions allow customers to speed-up simulation and data processing algorithms, benefitting from HPC technologies such as multi-core CPUs and massively parallel many-core GPUs. Acceleware software, specialized HPC training and consulting services are deployed by companies worldwide including Boston Scientific, Samsung, LG, General Mills, RIM, Medtronic, Hitachi, FDA, Mitsubishi, Sony Ericsson, Fugro, DownUnder GeoSolutions and Rock Solid Images to speed up product design, analyze data and make better business decisions.
Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.
Neither 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.
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