Key Developments For Acorn Energy, Inc.
Acorn Energy, Inc. (ACFN.O) (Consolidated Issue listed on NASDAQ Global Market)
Acorn Energy, Inc. Announces Intent To Increase Ownership Of GridSense Systems, Inc.
Acorn Energy, Inc. announced that it has entered into a binding letter of intent to purchase 69% of GridSense Systems, Inc. which will increase its ownership to 100%. The agreement is only subject to Acorn completing its due diligence to its satisfaction, with the closing expected to occur on or about January 5, 2010. The terms include cash, Acorn stock, conversion of Acorn loans to GridSense stock, and management performance incentives for 2010. The details of the terms are in the 8-k filed with the Securities and Exchange Commission (SEC).
Acorn Energy, Inc.'s CoaLogix Awarded Five New Contracts For About $3,000,000
Acorn Energy, Inc.'s CoaLogix announced that its SCR-Tech, LLC subsidiary has received five new contracts for selective catalyst reduction (SCR) regeneration and management services worth approximately $3 million. CoaLogix signed these new contracts with five separate electric utility companies. The electric utility companies cover several geographical regions in the US, including one contract for a utility outside the US.
Acorn Energy, Inc. Issues Q2 2009 Revenue Guidance
Acorn Energy, Inc. announced that for second quarter of 2009, it expects to report revenue of approximately $7.8 million and gross profit of $3.5 million.
Acorn Energy, Inc.'s DSIT Solutions Ltd., Receives Additional Order For AquaShield Underwater Port Security System
Acorn Energy, Inc.'s subsidiary DSIT Solutions Ltd., has received another large order, for its AquaShield underwater port security system. The $2.3 million order is for multiple sensors, which will protect a strategic site against underwater intrusion. The AquaShield is an intruder detection sonar system which automatically detects, tracks, classifies and alerts of any kind of underwater threat approaching the site.
Acorn Energy, Inc.'s Coreworx Announces Contract Extension with Fluor
Coreworx Inc., a subsidiary of Acorn Energy, Inc., announced that its contract with Fluor Enterprises, Inc. has been extended, thereby reaffirming Coreworx as a key supplier for Fluor's project collaboration and document management applications. Fluor Enterprises, Inc. is a subsidiary of Fluor Corporation, one of the publicly-owned engineering, procurement and construction services companies.
