CALGARY, Alberta, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading developer of technologies targeting low-cost and clean extraction of heavy oil and bitumen, including enabling the development of low-carbon bitumen beyond combustion initiatives, today announced that the Company has established Acceleware | Kisâstwêw, a limited partnership (the “Partnership”) with Saa Dene Group. Acceleware | Kisâstwêw merges two great cultures to drive the commercialization and adoption of Acceleware technologies, including RF XL. Acceleware’s culture of innovation is a match with Saa Dene Group’s deep experience, contacts within the Canadian energy industry, and desire for responsible growth.
It is expected that among other things Acceleware | Kisâstwêw will work to raise the profile of RF XL, and its potential to improve the environmental and economic performance of the heavy oil and oil sands sector by ensuring that the technology supports ideals that are important to Indigenous peoples, including respect for land, water, and clean air. The Partnership will also work to secure funding for ongoing development and commercialization of Acceleware’s clean tech innovations, and will seek out export opportunities for Acceleware technologies and services.
"Innovators need to step up and lead energy transformation with the right thinking around the environment and diversity by bringing big solutions,” said Geoff Clark, Chief Executive Officer of Acceleware. “Our vision is that electrification is key to a prosperous energy transformation for Alberta and Canada, and will allow for great strides in inclusiveness, environmentally responsible prosperity, and highly skilled job creation for Indigenous peoples. Acceleware | Kisâstwêw will help ensure that we can move forward with that vision.”
"Saa Dene is pleased to partner with a company that is leading energy transformation initiatives via next generation technology development. The potential to enable near zero-GHG emissions oil sands and heavy oil production without need for solvents and that can also save billions of litres of fresh water is of great interest to us," said Jim Boucher, President and Chairman of Saa Dene Group.
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.
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”.
ABOUT SAA DENE GROUP:
Jim Boucher has been and continues to be one of the most influential and successful Indigenous global leaders. First elected as Chief of Fort McKay First Nation in 1986, Jim Boucher served his community as the Chief for over 30 years. During his term, Fort McKay First Nation and its companies have grown to be one of the most successful First Nations success stories in Canada. Jim’s visionary leadership and gift for building collaborative relationships have been celebrated through a variety of awards. He received the Alberta Order of Excellence (2020), Canadian Energy Person of the Year (2018) and an Indspire (formerly National Aboriginal Achievement) Award (2008).
The Saa Dene Group was established in 2020 and comprises seven organizations including Acceleware | Kisâstwêw.
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 activities of the Partnership. Acceleware assumes that remaining regulatory approvals for RF XL will be granted, construction will proceed as expected, that future capital raising efforts will be successful, and that the Partnership will be successful.
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 Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
Jim Boucher
Jimboucher@saadene.com
www.saadene.com
Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3
Canada
Tel: +1 (403) 249-9099
www.acceleware.com