Business
Acceleware Reports Results for the Three and Nine Months ended September 30, 2017
Acceleware Reports Results for the Three and Nine Months ended September 30, 2017 ...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAcceleware Reports Results for the Three and Nine Months ended September 30, 2017\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, Nov. 23, 2017\n\n\n\nCALGARY, Nov. 23, 2017 /CNW/ - Acceleware® Ltd. (\"Acceleware\" or the \"Company\") (TSX-V: AXE), a leading developer of high performance seismic imaging applications and RF heating technology, today announced results for the three and nine months ended September 30, 2017 (all figures are in Canadian dollars unless otherwise noted).\n\nDuring the three months ended September 30, 2017 (Q3 2017), Acceleware continued to invest in RF heating research and development. After a successful 1/20 scale field test, activities were focused on preparation for a commercial-scale test of the RF XL technology. Development activities included filing one new patent application, preparation of five additional potential patent applications, and working with service companies on proprietary well and well pad designs. On November 3, 2017, the Company announced that it had been awarded $10 million in financing for the commercial-scale test from Sustainable Development Technology Canada and Emissions Reduction Alberta. The funding is conditional on securing a suitable oil sands partner and test site. In addition to the funding announcement and technology development activities, the Company also made progress in the identification of an oil sands partner and the selection of a commercial-scale test site. Acceleware has been in discussions with three potential oil sands operating partners, and several simulations were conducted of potential oil sands test sites using the Company's AxHeat software. Acceleware generated revenue in its RF heating segment through the sale of AxHeat in the three months ended September 30, 2017 (Q3 2017). The Company's software and services business experienced a challenging oil and gas market in Q3 2017, with decreased software product revenue compared to the three months ended September 30, 2016 (Q3 2016), however a slight rebound was recorded compared to the thr...