Oil Industry Veteran Gary Morris Named Chairman USSI® Board of Directors
CHATSWORTH, Calif., June 3, 2014
CHATSWORTH, Calif., June 3, 2014 /PRNewswire/ --US Seismic Systems^®, Inc.
(USSI), a subsidiary of Acorn Energy, Inc. (NASDAQ: ACFN), is pleased to
announce Mr. Gary V. Morris has been elected as the company's new Chairman.
US Seismic Systems, Inc. Logo
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 geophysical software provider. He joined the
USSI Board of Directors in December 2013.
John A. Moore, CEO of Acorn Energy said, "We are very excited to have Gary
take a more active role on our team. 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 will lead our efforts to find an industry partner."
Joe Musanti, COO of Acorn Energy, stated, "We are thrilled to have this
well-known oil industry veteran as Chairman, and believe his practical
experience will be very valuable as USSI continues to expand its presence in
the oilfield. Gary has very concrete ideas on how we can build shareholder
value at USSI." Mr. Musanti has been elected Vice Chairman of USSI and remains
Gary V. Morris commented, "There is a technology race going on within the
largest producers and within the largest oilfield service companies to see who
can help improve production and reduce costs in both conventional and
unconventional wells. I am captivated by US Seismic and feel its technology
should play a pivotal role in helping to "win the future" in the rapidly
growing seismic and microseismic monitoring business."
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 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. 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 Form
10-K filed by the Company with the Securities and Exchange Commission.
F. Kent Leacock, VP Corporate Affairs
US Seismic Systems, Inc.
SOURCE US Seismic Systems, Inc.
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