Acorn Energy Interim Operations Update and Second Quarter Earnings Release Details
WILMINGTON, Del., July 30, 2015 /PRNewswire/ -- Acorn Energy, Inc. (OTCQB: ACFN), announced today that it expects to release its second quarter earnings on Thursday, August 13th and conduct an investor call held on Friday, August 14th. Further details on the call with be released next week. As part of the investor call each operating CEO will provide an update on his company's operations and product applications.
John Moore, CEO of Acorn Energy, stated, "The following is a brief interim update on each of our three companies.
"GridSense has expanded its solutions offerings from monitoring the distribution systems for electric utilities to include solutions targeted to meet the demands created by the increasing usage of electric vehicles and renewables. We hired a new team of sales people and application engineers who among other things are working on important projects in California and Canada to enable the reliable integration of electric vehicles to the grid.
"OmniMetrix is a leader in remotely monitoring and controlling corrosion protection systems on gas pipelines. The systems run electric currents through a pipeline to prevent rusting. Pipeline operators are required to regularly conduct field readings of corrosion protection systems and provide reports to regulators. Therefore, there is a compelling business case for remote monitoring to reduce risks and operating costs. It is estimated the U.S. total addressable market is over $500 million as federal and state regulators increase enforcement to prevent pipeline failures.
"OmniMetrix joined a strategic partnership in its power generation monitoring market to support a proprietary back up communications project with the US military. The partnership and Omni's role in it has been reviewed by senior US military officials, and if the project proceeds this area could be a source of predictable growth business over the next five years.
"DSIT's backlog of $26.6 million is the highest in the Company's history as it builds brand awareness in naval sonar technology, especially with its anti-submarine warfare systems.
"We believe that each of our businesses is positioned to benefit from addressing current compelling needs," Mr. Moore concluded. "DSIT benefits from the growing defense needs of our allies in the South China Sea and other vulnerable marine and coastal environments. GridSense and OmniMetrix are positioned to address the challenges from the rapidly growing role of renewable energy as well as natural gas in North America."
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose three portfolio companies help their customers achieve greater productivity, reliability, security, and efficiency—factors which can lead to greater profitability. DSIT provides security solutions from underwater threats to naval and marine-based energy assets. GridSense® provides monitoring for all critical points along the electricity delivery system. OmniMetrix® remotely monitors and controls critical equipment, primarily in the form of emergency back- up power generation systems and gas pipeline corrosion protection systems to increase their reliability and enable regulatory compliance. 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 be able to grow their respective businesses, or that any of them will be able to benefit from the opportunities 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 Form 10-K filed with the Securities and Exchange Commission.
Investor & Press Contact:
Rodney O'Connor
Cameron Associates
(212) 554-5470
[email protected]
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SOURCE Acorn Energy, Inc.
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