US Seismic Systems® Inc, an Acorn Energy Company, Receives an Order for its Oilfield Fiber-Optic Sensor System
CHATSWORTH, Calif., Nov. 6, 2014 /PRNewswire/ -- US Seismic Systems, Inc., an Acorn Energy, Inc. (NASDAQ: ACFN) company announced today that it has secured an order of strategic importance for its Optiphone HD™ Ultra-High Sensitivity fiber-optic based sensor system. Working with one of its partners, a major oilfield services company, USSI will supply two arrays under this order.
The order, from one of the world's largest national oil companies, is for permanent installation in shallow boreholes. It is part of a pilot project for enhancing the recovery factor in one of the world's largest conventional oil fields. USSI's sensor system was chosen to participate in the comprehensive project after extensive evaluation of legacy systems in a previous trial led the oil company to conclude that fiber optic systems would have inherent advantages. If successful, this pilot project could lead to large sales of USSI's systems to fully monitor the entire field.
"This new order shows that USSI's breakthrough fiber optic sensor technology is steadily building momentum. We are making measured progress in our effort to deploy the USSI sensor in multiple applications in the multi-billion dollar seismic device and services market," stated Mark Bashforth, CEO of US Seismic Systems.
About US Seismic Systems®, Inc.
US Seismic Systems, Inc. ("USSI"), designs, integrates, manufactures and sells fiber optic sensing systems and solutions for the Oil & Gas markets. USSI utilizes all-optical fiber sensing technology for its state-of-the-art sensors. USSI's proprietary optical fiber and electronics combine to form the sensor system. It is designed to replace the legacy electronic-based sensor systems with improved performance and reliability. For more information visit the USSI website http://www.us-si.com
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company whose four portfolio companies help their customers achieve greater productivity, reliability, security, and efficiency—factors which can lead to greater profitability. GridSense® provides monitoring for all critical points along the electricity delivery system. OmniMetrix™ remotely monitors emergency back-up power generation systems to increase their reliability. US Seismic Systems® supplies fiber optic sensing solutions to increase oil/gas production and lower costs. DSIT provides security solutions from underwater threats to naval and marine based energy assets. 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. There is no assurance that the deployment described above will be successful and/or result in additional orders. 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 as filed by the Company with the Securities and Exchange Commission.
Investor & Press Contact:
F. Kent Leacock
Acorn Energy, Inc.
(925) 698-1431
[email protected]
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SOURCE US Seismic Systems, Inc.
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