diff --git a/README.md b/README.md
index b460eb24bf..54d3111e80 100644
--- a/README.md
+++ b/README.md
@@ -4,7 +4,7 @@ AWX
 Formerly known as ansible-commander and AnsibleWorks, AWX provides a web-based
 user interface, REST API and task engine built on top of Ansible.
 
-The current version under development is 1.4.5, and uses the master branch.
+The current version under development is 1.4.8, and uses the master branch.
 
 1.2.2 was the initial version released on July 31, 2013.
 
@@ -14,6 +14,8 @@ The current version under development is 1.4.5, and uses the master branch.
 
 1.4.0 was released on November 25, 2013.
 
+1.4.5 was released on February 10, 2014.
+
 Hotfixes should go on the appropriate release branch and be cherry-picked to
 master.
 
diff --git a/awx/__init__.py b/awx/__init__.py
index d2157b6b53..70128a73e5 100644
--- a/awx/__init__.py
+++ b/awx/__init__.py
@@ -1,7 +1,7 @@
 # Copyright (c) 2014 AnsibleWorks, Inc.
 # All Rights Reserved.
 
-__version__ = '1.4.5-0'
+__version__ = '1.4.8-0'
 
 import os
 import sys