Acceleware Ltd. Appoints Caralyn Bennett to Board of Directors

CALGARY, Alberta, June 23, 2020 (GLOBE NEWSWIRE) -- Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), an innovator and leading developer of transformational clean-tech energy technologies, is pleased to announce the appointment of Ms. Caralyn Bennett of GLJ Petroleum Consultants (“GLJ”), a leading energy resource consulting firm, to the Company’s Board of Directors effective June 22, 2020.

Ms. Bennett is Executive Vice President and Chief Strategy Officer of GLJ, where she specializes in reserves and resource governance, emerging technology, energy diversification, business collaboration and strategy. Ms. Bennett serves as a committee member of the Petroleum Advisory Committee to the Alberta Securities Commission, the Industrial Curricular Advisory Board, Department of Civil and Environmental Engineering for the University of Waterloo and the Membership and Recognition Committee of the Society of Petroleum Engineers, Calgary Chapter. She is the President of the Canadian Heavy Oil Association, sits on the Board of the Canadian Society of Unconventional Resources and has a Professional Engineer designation with an Honours B.A.Sc. in Geological Engineering from the University of Waterloo.

Ms. Bennett has been a driving force behind the ongoing advancement of Environmental, Social and Governance (“ESG”) initiatives and reporting within the energy industry, which optimally aligns with Acceleware’s focus on cost-effective and environmentally-friendly extraction of heavy oil and bitumen through its proprietary RF XL heating technology.  “I’m excited to join Acceleware’s talented Board of Directors at this pivotal time in the Company’s development,” said Ms. Bennett. “Acceleware’s transformative RF XL technology and commercial-scale test are poised to demonstrate how ESG leadership can be balanced with strong project economics within the heavy oil and oilsands segment in Western Canada and around the world.”

“We're delighted to welcome Caralyn Bennett to our Board.  Her recognized expertise in heavy oil and ESG, based on 30 years of experience in reserves and resource evaluation and the classification of leading edge technologies, will be a significant asset for Acceleware,” said Company Chair, Bohdan Romaniuk, in making the announcement. “Ms. Bennett’s current and previous leadership roles within energy organizations will greatly complement Acceleware’s leadership and advisory team as we further advance the commercialization of our RF XL technology.”

Acceleware has granted Ms. Bennett stock options to acquire up to 100,000 common shares of the Corporation. The options have an exercise price of $0.135 per common share and will expire on June 22, 2025. Of the 100,000 options granted, 50,000 shall vest on the first anniversary of the grant date, and 50,000 shall vest on the second anniversary of the grant date. The stock option grant is subject to regulatory approval.

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 and Modular RF, its patented and patent-pending low-cost, low-carbon production technologies for heavy oil and oil sands that are materially different from any heavy oil recovery technique used today. They will use no water, require no solvent, have a small physical footprint, can be redeployed from site to site, and can be adapted to a multitude of reservoir types, while expected to greatly reduce and eventually eliminate production of greenhouse gas emissions (GHG). In shallow oil sands implementations, no tailings ponds will be required.

Our 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 on Canada’s TSX Venture Exchange under the trading symbol “AXE”.

DISCLAIMER

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