US Seismic Systems, an Acorn Energy Company, Ships All Optical Array for Marine Based Oil & Gas Operations
Chatsworth, CA (June 29, 2012) ‐ US Seismic Systems, Inc., an Acorn Energy, Inc. (NASDAQ: ACFN) company, today announced that it has built and shipped an Ultra High Sensitivity fiber‐optic based marine seismic array for oil & gas exploration.
The system was purchased by an international service provider and is intended for use as a marine array to aid in the collection and interpretation of data in the hostile environment of deep sea oil and gas operations.
"Taking this cutting edge technology from R & D to order fulfillment is an exciting series of events for any company and Acorn Energy has given us all the tools necessary to make this happen," said Jim Andersen, President of USSI. "The oil & gas industry continues to adopt new technology to meet the world's increasing demand for energy and by deploying our cutting edge technology they now
have one more arrow in their quiver."
The contract, valued at over $800K, is the first completion of a cycle that starts with testing, evaluating and finally sales and shipment. USSI is moving forward upon this identical cycle with a number of its customers.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company focused on making energy better by providing digital solutions for energy infrastructure asset management. The four businesses in which we have controlling interests, improve the world's energy infrastructure by making it: more secure - providing security solutions for underwater energy infrastructure (DSIT); more reliable - providing condition-based monitoring to critical assets on the electric grid (GridSense, OmniMetrix) and more productive and efficient - increasing oil and gas production while lowering costs through use of permanent ultra-high sensitive seismic tools that allow for a more precise picture of reservoirs (US Seismic). For more information visit: http://www.acornenergy.com .
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in the Company's most recent Annual Report on Form 10-K and its 2012 First Quarter 10-Q as filed by the Company with the Securities and Exchange Commission.
Source Link: http://www.acornenergy.com/rsc/articles/news-368.pdf