Acceleware Ltd. Announces that Jim Boucher has been Nominated to Stand for Election to the Board of Directors

CALGARY, Alberta, April 29, 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 will stand for election to the Company’s board of directors (“the Board”) at the annual general meeting ("AGM") to be held on May 26, 2021. Acceleware and the entire Board extend their sincere thanks to outgoing director Jens Horstmann, a valued contributor for the past 12 years. Jens has advised that he will not stand for Board re-election.

A highly respected Indigenous leader, executive and philanthropist, Jim Boucher is a champion for sustainable and environmentally responsible development, social prosperity, and economic inclusion for Indigenous peoples. In 2020, he co-founded the Saa Dene Group of Companies. In his role as President, Jim is working with a variety of partners to pursue opportunities in multiple sectors with one clear vision: to increase diversity and inclusive opportunity through meaningful economic and social participation in the global economy. To that end, the Acceleware | Kisâstwêw partnership was formed between the Saa Dene Group and Acceleware. Acceleware | Kisâstwêw is actively pursuing innovation and positive change with respect to the performance of the resource sector, while supporting ideals important to Indigenous peoples.

“Acceleware can meaningfully address a lot of the environmental issues and concerns that come along with responsible resource development, while recognizing innovation and technological advancements that can improve performance with respect to how resource development occurs,” said Jim Boucher. “I look forward to the opportunity to support the Acceleware team in commercializing this game changing technology.”

“The Board was unanimous in its nomination of Jim Boucher, and very much looks forward to him being elected as a Director by shareholders at our AGM next month," said Bohdan Romaniuk, Chair of the Board, in making the announcement. “Jim’s visionary leadership in business and the energy sector is unparalleled. We are delighted by the prospect of having Jim join the Acceleware Board and to seeing the potential benefits Jim can deliver to the Company and its shareholders through the hard-earned business and commercial experience, skill sets, and relationships he has carefully nurtured and developed over several decades.”

Mr. Jim Boucher BioJim Boucher is Cree and Dene, and is the former long standing elected Chief of the Fort McKay First Nation, one of the most successful First Nations in Canada. Under his leadership, the First Nation’s Community Wellness-Being Index became one of the highest in Canada and above the average for a non-Indigenous community - with next to zero unemployment, a higher level of education, and a per capita average income exceeding the Canadian Federal and Provincial average. The Fort McKay First Nation owned and controlled companies generated $2.36 billion in revenue (2013-2018). Jim was a driving force in the Fort McKay First Nation historic, and largest ever Indigenous energy partnership – the $1 billion East Tank Farm deal. Jim’s leadership was built upon a foundation of trust and collaboration, with the transaction serving as a model for how Indigenous groups and energy development companies can work together to achieve mutual long-term benefit – hallmarks of Jim’s business style. 

Jim Boucher has received more than a dozen notable awards and accolades throughout his career. Most recently, Mr. Boucher was inducted into the 2020 Alberta Order of Excellence, was named one of “The Power 50” – The 50 Most Influential Canadian Business Leaders by The Globe and Mail in 2017, and received the Commendation from the Governor General for Outstanding Service in 2016. Jim also received the Aboriginal Business Award for Lifetime Achievement from the Canadian Council for Aboriginal Business (2009), the Regional Aboriginal Recognition Award (R.A.R.A) Lifetime Achievement Award (2008), and Indspire (formerly National Aboriginal Achievement) Award - Business and Commerce (2008).

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”.

NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES

This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position.

The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about the anticipated benefits of the RF XL technology. Acceleware assumes research and development effort currently under way including the commercial-scale test plans will result in commercial-ready products. Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.

Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.

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 ClarkTel: +1 (403) 249-9099[email protected]

Acceleware Ltd.435 10th Avenue SECalgary, AB, T2G 0W3CanadaTel: +1 (403) 249-9099www.acceleware.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/3dd567be-0737-4de7-b244-885d26b89f6b

https://www.globenewswire.com/NewsRoom/AttachmentNg/15c32223-c659-47b5-8a73-2a722df7d7de

Chief Jim Boucher

Chief Jim Boucher, Chairman, President, and Co-Founder of Saa Dene Group of Companies

Saa Dene Group of Companies

Saa Dene is a collective group of companies with one clear vision: to increase Diversity and Inclusion through economic and social participation in the global economy.

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