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Acceleware Ltd. Reports First Quarter 2019 Financial and Operating Results
Acceleware Ltd. Reports First Quarter 2019 Financial and Operating Results Canada ...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAcceleware Ltd. Reports First Quarter 2019 Financial and Operating Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 29, 2019\n\n\n\nCALGARY, May 29, 2019 /CNW/ - Acceleware® Ltd. (\"Acceleware\" or the \"Company\") (TSX-V: AXE), a leading developer of radio frequency (RF) heating technology to facilitate cost-effective and environmentally-friendly extraction of heavy oil and bitumen, as well as high-performance seismic imaging applications, today announced its financial and operating results for the three months ended March 31, 2019 (all figures are in Canadian dollars unless otherwise noted). This news release should be read in conjunction with the Company's unaudited interim condensed financial statements, the accompanying notes for the three months ended March 31, 2019, and management's discussion and analysis (\"MD&A\") thereto, together with the audited financial statements for the year ended December 31, 2018, notes and MD&A thereto, all of which are available on Acceleware's website at www.acceleware.com or on SEDAR at www.sedar.com.\nQ1 2019 FINANCIAL SUMMARY AND OPERATING HIGHLIGHTS\nIn the three months ended March 31, 2019 (\"Q1 2019\"), Acceleware recorded its second highest quarterly revenue in the past six years, reflecting performance that was significantly better than the comparable period in 2018 (\"Q1 2018\"), and second only to the most recent quarter ended December 31, 2018 (\"Q4 2018\"). The increase is due to new sales of software licenses for seismic imaging, a result of the deployment of innovative new licensing models. The Company has discontinued its reseller model for seismic software and is now selling software direct to oil and gas customers. As a result of the increase in revenue, the Company recorded its second consecutive quarter of both positive total comprehensive income and positive cash flow from operating activities. \nDuring Q1 2019, Acceleware recognized revenue of $888,733 - 422% higher than the $170,259 recognized during Q1 2018. The increase is primarily the result of a s...