Acceleware Announces Agreement for Asset Transfer and New Farmout Opportunity with O’Neill Industries International-Canada Inc.

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Acceleware’s RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil that is materially different from any enhanced recovery technique used today.

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Acceleware is a public company listed on the TSX Venture Exchange (“TSXV”) under the trading symbol “AXE”. 

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About O’Neill Industries International-Canada Inc.:

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O’Neill Industries is comprised of an integrated family of companies focused on the energy and environmental sectors, offering a series of products, equipment, and services which bring new and enhanced solutions for projects and partners. Responding to environmental challenges, developing natural resources, and looking for opportunities to turn waste and obsolescence into energy and value.

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Since 2023, O’Neill Industries Canadian arm, O’Neill Industries International-Canada Inc., has been operating in Alberta with a large focus on heavy oil production, thermal recovery techniques, and Green Cement.

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Cautionary Statements

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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 future benefits arising from the
Marwayne
Agreement; the Company’s ability to successfully complete commercialization of RF XL 2.0; the entering into of a new farmout and option agreement between the Company and O’Neill Canada; deployment of RF XL
2.0; the initiatives to be implemented by the Company’s management to shift the Company’s focus from research and development to cash flow generation; the timing to complete certain milestones in the Marwayne Agreement; and the impact of the Marwayne Agreement on Acceleware’s business and shareholder value.

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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 availability of potential heavy oil production rights in western Canada, the availability of investment capital and other funding, 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 and/or shareholders, as applicable; 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 www.sedarplus.ca.

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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.

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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.

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This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.

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For more information:

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Geoff Clark
Tel: +1 (403) 249-9099
[email protected]

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