Oil Industry Veteran Gary Morris Joins the USSI Board of Directors
CHATSWORTH, Calif., Dec. 10, 2013
CHATSWORTH, Calif., Dec. 10, 2013 /PRNewswire/ -- US Seismic Systems, Inc.
(USSI), a subsidiary of Acorn Energy, Inc. (NASDAQ:ACFN), is pleased to
announce the addition of Mr. Gary V. Morris as the company's newest board
Mr. Morris previously served as Executive Vice President at Halliburton
Company and also served as Halliburton's Chief Financial Officer. Halliburton
Company is a leading provider of oilfield services worldwide. Appointed
Executive Vice President and Chief Financial Officer in June 1997, Morris was
responsible for all of Halliburton Company's financial activities and
interests, including responsibilities for all of the Shared Services support
functions of the company. Mr. Morris also led the company's strategic
planning, mergers, acquisitions and re-engineering efforts.
With over 30 years of oil related business experience, Mr. Morris is an
executive with a diversified background including Oil and Gas, Oilfield
Services, Engineering and Construction, Software and Insurance. He has served
in a variety of operational, financial and administration management positions
in both domestic and international roles.
Subsequent to his time at Halliburton Mr. Morris served as Executive Vice
President and CFO of Paradigm, a leading geophysical software provider.
Jim Andersen, President of USSI, stated, "We are thrilled to have this
well-known oil industry veteran join the USSI team as a Board member, and
believe his practical experience will be very valuableas USSI continues to
expand its presence in the oilfield. In addition, having Gary join our board
will enable us to better understand and anticipate our customers' needs."
John A. Moore, CEO of Acorn Energy said, "We are very excited to add Gary to
our team. He is a natural entrepreneur and he shares our passion for the
power of USSI's technology to bring a new level of productivity to completions
for unconventional oil producers. He has a terrific network of decision
makers and can both offer valuable business advice to us as well as improve
industry awareness of our technology."
Gary V. Morris commented, "I am very excited by the promise of USSI's
microseismic monitoring technology and the contribution I can make to helping
them commercialize the products."
About US Seismic Systems, Inc.
US Seismic Systems, Inc. designs, integrates, manufactures and sells
fiber-optic sensing systems and solutions for the oil and 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, which 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 at: 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 under "Risk Factors" in the Company's Form 10-Q for
the third quarter of 2013 filed with the Securities and Exchange Commission.
F. Kent Leacock, VP Corporate Affairs
US Seismic Systems, Inc.
SOURCE Acorn Energy, Inc.
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