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)
249-9099geoff.clark@acceleware.com
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
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