US Seismic Systems, an Acorn Energy Company, Receives Order From One of the
World's Largest Oil Services Company
CHATSWORTH, Calif., Aug. 14, 2013
CHATSWORTH, Calif., Aug. 14, 2013 /PRNewswire/ -- US Seismic Systems, Inc., an
Acorn Energy, Inc. (NASDAQ: ACFN) company, announced today that it has signed
a Master Purchase Agreement with one of the world's largest oil service
companies and has simultaneously received an order from them to supply a
monitoring system for a multi-well, high temperature, downhole microseismic
monitoring project. The system is specifically designed to provide superior,
high resolution mapping of the subsurface and monitoring of the hydrofracking
"Over a year ago we conducted a successful trial with this customer and that
effort, along with subsequent inspections and audits of our factory has
resulted in our signing a Master Purchase Agreement," said John Moore, CEO of
Acorn Energy. "As a result of this order, US Seismic now has a record of nine
field trials and eight corresponding orders. When oil industry veteran Rob
McKee joined our Board he cautioned me that Acorn Energy and its shareholders
would have to be prepared to exercise patience because of the long sales
cycles and extensive effort would be needed to introduce our new technology to
the oil industry. I am gratified that Jim Andersen and his team have been
persistent and executed effectively over the past year to land this
opportunity with such an important customer."
"This order demonstrates the increasing pace of adoption of our advanced fiber
optic seismic sensor technology and is the first of many systems we expect to
be supplying for this very large, high temperature unconventional field,"
stated Jim Andersen, USSI's CEO. "It also represents a large opportunity for
us as more than 10,000 of the wells drilled each year in the US involve high
temperatures where today's conventional electronics-based seismic sensor
systems simply cannot survive."
USSI is exhibiting at the Unconventional Resource Technology Convention in
Denver at Booth 441 from August 12-14. In addition John Moore will be
presenting in Denver at The Oil and Gas Conference on Wednesday August 14 at
12:55 EDT and 10:55 MDT. For further information
About US Seismic Systems, Inc.
US Seismic Systems, Inc. ("USSI"), designs, integrates, manufactures, and
sells fiber optic sensing systems and solutions for the Energy and Defense
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 at a lower cost and with improved performance
and reliability. For more information visit the USSI website 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 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. 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
Investor & Press
Paul G. Henning
212 554 5462
VP Sales and Marketing
US Seismic Systems, Inc.
818 446 2513
SOURCE Acorn Energy, Inc.
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