CALGARY, April 28 /CNW/ - Decision Dynamics Technology Ltd. ("Decision Dynamics" or "DDY") (TSX-V: DDY), is pleased to announce that at the special meeting of its shareholders and optionholders held April 27, 2010, the previously announced plan of arrangement was approved by 100% of the votes cast by shareholders and optionholders. Pending the satisfaction of certain closing conditions, including approval by the Court of Queen's Bench of Alberta, the arrangement will result in Coreworx Inc. ("Coreworx"), a subsidiary of Acorn Energy Inc. ("Acorn"), acquiring all of the issued and outstanding shares of Decision Dynamics.
Under satisfaction of certain closing conditions, Decision Dynamics' shareholders will receive an aggregate of 1 million common shares of Acorn resulting in an exchange ratio of .0162 common shares of Acorn for each DDY common share outstanding. All outstanding options and warrants of Decision Dynamics not exercised prior to the closing of the transaction will be cancelled. As of April 27, 2010, based on Acorn's closing stock price of $5.95, the sale of Decision Dynamics will attribute a value of $0.096 per share, based on fully-diluted outstanding common shares of 61,793,267. Outstanding common shares include the issuance of all deferred share units, warrants for common shares and outstanding shares for services due on a change of control.
The completion of the sale of Decision Dynamics to Coreworx is expected to be completed by April 30, 2010, pending satisfaction of certain closing conditions.
About Decision Dynamics Technology:
Decision Dynamics provides project controls and real-time cost management reporting solutions to the energy sector, including major oil and gas and electrical power companies. Decision Dynamics solutions are designed to provide better project visibility by unifying the project data and knowledge needed to make better faster project management decisions.
DDY's flagship product, Oncore(TM), provides real time cost information, contract validation, and approvals for operations management and capital projects. Decision Dynamics is a Microsoft Gold Certified Partner. The Company's head office is located in Calgary, Alberta, Canada. It operates a wholly-owned foreign subsidiary in the United States.
Coreworx Inc. provides integrated project execution and information control solutions for mega capital projects in the oil & gas, power and mining sectors. The Coreworx solution is a proven web-based enterprise software system that enables engineering and construction contractors and owner/operators to automate best practices, mitigate business risks and improve performance throughout the entire project lifecycle. Coreworx services a portfolio of projects valued at over $500 billion across more than 50 countries, on more than 400 capital projects with nearly 70,000 users. Coreworx has offices in Houston, Baton Rouge, Calgary and Waterloo. For more information, visit www.coreworxinc.com. Coreworx Inc. is an Acorn Energy company.
About Acorn Energy:
Acorn Energy, Inc. is a publicly traded holding company with equity interests in CoaLogix, Coreworx, DSIT and GridSense. These companies leverage advanced technologies to transform and upgrade the energy infrastructure around the world. Acorn companies are focused on three problems in the energy sector: improving the efficiency of the energy grid, reducing the risk for owners of large energy assets, and reducing the environmental impact of the energy sector. Acorn's strategy is to take primarily controlling positions in companies led by great entrepreneurs. For more information visit http://www.acornenergy.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE DECISION DYNAMICS TECHNOLOGY LTD.
For further information: For further information: Justin Zinke, Chief Executive Officer, Decision Dynamics Technology Ltd., (403) 451-0731; Kim Tremblay, Chief Financial Officer, Decision Dynamics Technology Ltd., (403) 451-0726