Acceleware Announces $2,000,000 Private Placement

Acceleware today announced that it intends to complete a non-brokered private placement of 2,409,699 common shares to Investors Group Mergers & Acquisitions Fund (an investment fund sub-managed by Camlin Asset Management Ltd.), at a price of $0.83 per common share for gross proceeds of $2,000,050 (the “Offering”). In connection with the Offering, Acceleware has agreed to pay a finder’s fee in the amount of $150,000 and issue an aggregate of 100,000 finder’s compensation warrants. Each finder’s compensation warrant will entitle the holder thereof to acquire one common share at a price of $1.30 per share until December 14, 2008. Proceeds of the private placement will be used for general corporate purposes and to increase the Corporation’s working capital.