CALGARY, Alberta, June 03, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading innovator of transformative technologies using radio frequency (RF) technology targeting industrial process heat in the critical minerals and enhanced oil production industries, announces the strategic appointment of two seasoned energy executives to the Board of Directors (the “Board”), and that two original members of the Board are stepping down. The new Board appointees, with their significant industry experience and knowledge, will be instrumental in assisting management in implementing a new strategic plan.
Board Announcement:
The Company announces the appointment of Peter (Pete) Sametz P. Eng. ICD.D as Executive Chairman of the Board of Directors and the appointment to the Board of Merle Johnson P. Eng. MBA, ICD.D, both effective June 3, 2025. Mr. Bohdan (Don) Romaniuk, Chairman of the Board, and Dr. Peter Neweduk, Director, have stepped down from the Board after over 19 years of service. Mr. Sametz and Mr. Johnson, whose appointments will fill the vacancies left by Mr. Romaniuk and Dr. Neweduk, will both also serve on the audit committee, with Mr. Johnson appointed as Chair of the Audit Committee.
Said Mr. Romaniuk, “I am thrilled that Mr. Sametz has agreed to serve as Executive Chair of Acceleware’s board. Acceleware’s technology offers outstanding potential. I wish him, and the Company all the best.”
Added Geoff Clark, Acceleware CEO, “On behalf of Acceleware, our shareholders, and our employees, I would like to extend our thanks to Don and Peter for their dedication and service over many years. Their efforts have been greatly appreciated – we’ve certainly had many successes along the way – and they’ve also helped see us through many challenges. We wish them all the best.”
Both Mr. Romaniuk and Dr. Neweduk will remain available to provide support and knowledge transfer for as long as is required to ensure an efficient Board transition.
“I am extremely pleased to welcome Pete and Merle to the Acceleware board,” said Mr. Clark. “Acceleware is implementing a new and transformative strategic plan intended to advance the business and create significant value for shareholders. Having Pete join us as Executive Chair and Merle as Director and Audit Committee Chair to drive development and execution of this strategy is invaluable.”
Mr. Sametz’ past several years have focused on change management and corporate restructuring. He has extensive experience in the energy sector at both the senior executive and board levels, managing growth from startup to intermediate status. He is recognized as a leader in innovation and an advocate for environmental responsibility in the energy industry. He has been a director of four public companies, as well as a volunteer in the community and with industry organizations.
Mr. Johnson was the CEO of Connacher Oil and Gas from late 2015 up until his 2024 retirement and was the longest serving executive in the company’s history. Prior to Connacher, Mr. Johnson worked for EnCana (now Cenovus) on its Christina Lake and Senlac Projects and for IMC Global (now The Mosaic Company) at Belle Plaine. Belle Plaine’s potash solution mining technique was the inspiration for SAGD technology. Mr. Johnson is a member of the Metis Nation of Alberta.
The appointments of Mr. Sametz and Mr. Johnson remain conditional on TSX Venture Exchange review pursuant to Policy 3.1.
About Acceleware:
Acceleware is an advanced electromagnetic (EM) heating company with highly scalable EM solutions for large industrial applications. The Company’s solutions provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs.
Acceleware’s RF XL is a patented low-cost, low-carbon EM thermal production technology for heavy oil that is materially different from any enhanced recovery technique used today. The Company is also working with a consortium of world-class potash partners on a pilot project using its patented and field proven Clean Tech Inverter (CTI) to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing partnerships for EM heating for other industrial process heat applications.
Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
Cautionary Statements
This news release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “will”, “anticipates”, believes”, “intends”, “expects” and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware’s current expectations regarding future events, including, but not limited to the appointment of Mr. Sametz and Mr. Johnson to the Board, the development and execution of a new strategic plan, the Company’s ability to successfully execute that plan, and the impact of that plan on Acceleware’s business and shareholder value.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company’s December 31, 2024, year-end Management Discussion and Analysis (“MD&A”) available on SEDAR+ at http://www.sedarplus.ca.
Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company’s current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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
Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3
Canada
http://www.acceleware.com
