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.
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.
+1 (403) 249-9099
435 10th Avenue SE
Calgary, AB, T2G 0W3
+1 (403) 249-9099
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