US Seismic Systems, an Acorn Energy Company, Advances in Test with Supermajor
CHATSWORTH, Calif., Oct. 1, 2013
CHATSWORTH, Calif., Oct. 1, 2013 /PRNewswire/ -- US Seismic Systems, Inc., an
Acorn Energy, Inc. (NASDAQ: ACFN) company, today announced that it continues
to advance in the evaluation of its products by a supermajor oil company and
that it has received orders for the next phase of the evaluation. These orders
are related to the customer's continuing assessment of USSI's products as a
result of USSI's participation in a five-company, competitive down-hole
seismic sensor technology field trial hosted by the supermajor earlier this
summer. The terms of the new orders for cabling, deployment systems and field
service expenses are confidential.
"As we mentioned in our annual shareholder update, we were selected to advance
in this important seismic shootout. As part of its continuing evaluation, we
understand that the customer focused on validating the key features that set
us apart from the competition, namely, performance at substantially higher
frequencies and long term operation in a high temperature downhole
environment. We further understand that our high frequency performance was
verified via downhole testing by the supermajor last month and we have been
told that our system performed even better than our published specifications.
We are now moving on to what we believe will be a final qualification or "cook
test" that will verify our claims, based on laboratory data, that our products
have the inherent high temperature and pressure performance needed for long
term deployment in a deep high temperature oil well" stated Jim Andersen,
President and CEO of USSI.
"We feel very fortunate to have such a large and influential company devoting
their people and resources to working with us to advance our technology. In
the short time since the shootout, we are experiencing an increasing level of
serious interest in our revolutionary fiber optic sensor technology by the
mainstream of the oil industry. We anticipate that success at this next stage
with the supermajor could lead to one or more orders for longer term
evaluation in active fields," added Andersen.
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 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. OmniMetrix
remotely monitors emergency back-up power generation systems to increase their
reliability. GridSense provides monitoring for all critical points along the
electricity delivery system. 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: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 evaluation described in this
release will be completed to the customer's satisfaction or result in
additional evaluation or commercial orders from this customer or other
customers. 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 Contact:
F. Kent Leacock
Acorn Energy, Inc.
VP Sales & Marketing
US Seismic Systems Inc.
SOURCE Acorn Energy, Inc.
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