Acceleware Announces Receipt of ABCP Settlement Funds CALGARY, ALBERTA -- (Marketwired) -- 04/12/13 -- Acceleware(R) Ltd. ("Acceleware" or the "Company") (TSX VENTURE:AXE), a leading developer of high performance computing applications, today announced it has received a disbursement of $54,480 from third-party Asset-Backed Commercial Paper ("ABCP") settlement funds (all figures are in Canadian dollars). This payment is pursuant to the ABCP settlement distribution plan announced by the Ontario Securities Commission and Investment Industry Regulatory Organization of Canada in 2012. The Company held an investment in third party ABCP with a face amount of approximately $1.4 million, which it acquired in 2007. The investment was made on a short term basis. However, due to liquidity issues experienced in and the collapse of the Canadian ABCP market in 2007, the Company continued to hold the investment into 2009. As liquidity developed throughout 2009, the Company was able to liquidate the investment for gross proceeds of $752,466 on December 9, 2009. The ABCP settlement funds were collected in enforcement settlements agreed to by certain investment dealers who sold ABCP products prior to the collapse of the market in 2007. About Acceleware: 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 such as Boston Scientific, Samsung, LG, General Mills, Nokia, RIM, Medtronic, Hitachi, FDA, Mitsubishi, Sony Ericsson, Fugro, MicroSeismic 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. Contacts: Acceleware Ltd. Geoff Clark +1 (403) 249-9099 firstname.lastname@example.org Acceleware Ltd. 435 10th Avenue SE Calgary, AB, T2G 0W3 Canada +1 (403) 249-9099 www.acceleware.com
Acceleware Announces Receipt of ABCP Settlement Funds
Press spacebar to pause and continue. Press esc to stop.