Class Action Filed Against Accelr8 Technology Corporation, Thomas V. Geimer, and Harry J. Fleury Alleging Violations of Federal Securities Law, Announces Rabin & Peckel LLP.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--May 12, 2000

The following is an announcement from the law firm of Rabin & Peckel LLP:

A class action has been commenced in the United States District Court for the District of Colorado, on behalf of all persons or entities who purchased or otherwise acquired Accelr8 Technology Corporation ("Accelr8" or the "Company") common stock during the period from September 15, 1997 through November 16, 1999, inclusive (the "Class Period").

The Complaint alleges that Accelr8, Thomas V. Geimer, and Harry J. Fleury violated section 10(b) of the Securities Exchange Act of 1934. In particular, it is alleged that defendants, among other things, materially overstated the Company's revenue, improperly recognized revenue relating to licensing and maintenance fees, failed to amortize capitalized software development costs, and failed to disclose that Accelr8's Navig8 2000 software, created to fix the millennium bug, was not available as a general Year 2000 remediation tool to the total universe of the programs that need Year 2000 solutions as represented during the Class Period. The Complaint alleges that, as a result of these material misstatements and omissions, Accelr8's stock price was artificially inflated throughout the Class Period.

Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.

If you are a member of the class described above, you may, no later than sixty days from today, move the Court to serve as lead plaintiff of the class, if you so choose. To serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this announcement or your rights or interests, please contact Joseph V. McBride, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at [phone] or [phone], by facsimile at [phone], by e-mail at [e-mail].