Acorn extends its reach in intelligent energy infrastructure
MONTCHANIN, Del. and KITCHENER, Ontario, Aug. 14 /CNW/ -- Acorn Energy,
Inc. (Nasdaq: ACFN) today announced the completion of its acquisition of
Coreworx Inc. (formerly Software Innovation Inc.) of Kitchener, Ontario,
provider of the Coreworx(TM) suite, the world's leading software tool for
capital project information management and collaboration. Coreworx is
currently utilized to help manage the construction of hundreds of major
capital projects, including offshore oil production, refineries, mining
operations and power plants around the world. The acquisition is a strategic
move by Acorn Energy to participate in relieving a major pinch point in the
ongoing global energy infrastructure boom.
John Moore, CEO of Acorn Energy, stated, "Skyrocketing energy demand has
created a global energy infrastructure crisis. As energy producers drill
deeper for oil, build larger mines and new, next generation power plants,
bringing these facilities on-line on time and on budget is more critical than
ever. They are finding their existing business process tools and their
dwindling experienced workforce are inadequate to manage the increased project
size and complexity and capitalize on the opportunity. Coreworx is the leading
productivity tool for effectively managing the new level of construction scale
and complexity associated with these new energy and other infrastructure
Moore continued, "We were impressed that Coreworx has been adopted as the
corporate standard at leading energy construction companies and energy
infrastructure owners like Chevron. We are excited to have CEO Ray Simonson
and the Coreworx team join the Acorn family of companies. Coreworx vision and
our customers' needs combined with Acorn's resources will transform Coreworx
into a holistic tool for planning, building and managing the intelligent plant
of the future."
Ray Simonson, CEO of Coreworx Inc. said, "We are very pleased to have the
opportunity to work with people who share our vision and passion for
transforming the world's energy infrastructure. With Acorn's support, we are
building on our success in the construction collaboration arena and are set to
launch into the next phase of our strategy -- building the intelligent plant
management tool of the future."
As of August 13, 2008, following its acquisition of Coreworx, Acorn had a
cash balance in excess of $19.0 million, including $2.5 million of restricted
Acorn Energy will hold a conference call on Tuesday, August 19, 2008, at
4:30 p.m. EDT to discuss corporate developments and operating results for the
second quarter and to introduce investors to the management of Coreworx.
Details for the conference call and simultaneous webcast and slide
presentation will be announced.
About Coreworx Inc.
Coreworx Inc., provides unique solutions for Owner-Operators and EPC
companies who manage capital projects. Its flagship product, Coreworx(TM), is
a construction collaboration system that supports the entire lifecycle of
large capital projects, infusing the resulting asset with intelligence and
memory. This integrated solution dramatically reduces costs and timelines of
construction, and mitigates legal and financial risks. At the same time it
paves the way for more automated and intelligent plant operations. The
company delivers technology solutions tailored for clients in a variety of
vertical markets. Founded in 1997, Coreworx has offices in Kitchener,
Ontario, Calgary, Alberta and Houston, TX and services clients globally.
Coreworx is currently in use on more than 400 capital projects with over
60,000 users worldwide. For more information, see www.coreworxinc.com.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a publicly traded holding company focused on two
goals: improving the efficiency of the energy grid and reducing the
environmental impact of the energy sector. Our operating companies leverage
advanced technologies to transform the existing energy infrastructure. Acorn's
strategy is to take primarily controlling positions in companies led by great
entrepreneurs and add value by supporting those companies with marketing,
strategy and business development. Acorn Energy is a global company with
equity interests in CoaLogix, Comverge, Coreworx, DSIT, Gridsense, Local Power
and Paketeria. 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 Coreworx will be
successful in transforming the Coreworx suite as planned. A complete
discussion of the risks and uncertainties which may affect Acorn Energy's
business generally 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
BPC Financial Marketing
For further information:
For further information: John Baldissera, BPC Financial Marketing,
1-800-368-1217, for Acorn Energy, Inc. Web Site: http://www.dssiinc.com