US Seismic Systems, an Acorn Energy Company, Advances in Test with Supermajor Oil Company
CHATSWORTH, Calif., Oct. 1, 2013 /PRNewswire/ -- US Seismic Systems, Inc., an Acorn Energy, Inc. (NASDAQ: ACFN) company, today announced that it continues to advance in the evaluation of its products by a supermajor oil company and that it has received orders for the next phase of the evaluation. These orders are related to the customer's continuing assessment of USSI's products as a result of USSI's participation in a five-company, competitive down-hole seismic sensor technology field trial hosted by the supermajor earlier this summer. The terms of the new orders for cabling, deployment systems and field service expenses are confidential.
"As we mentioned in our annual shareholder update, we were selected to advance in this important seismic shootout. As part of its continuing evaluation, we understand that the customer focused on validating the key features that set us apart from the competition, namely, performance at substantially higher frequencies and long term operation in a high temperature downhole environment. We further understand that our high frequency performance was verified via downhole testing by the supermajor last month and we have been told that our system performed even better than our published specifications. We are now moving on to what we believe will be a final qualification or "cook test" that will verify our claims, based on laboratory data, that our products have the inherent high temperature and pressure performance needed for long term deployment in a deep high temperature oil well" stated Jim Andersen, President and CEO of USSI.
"We feel very fortunate to have such a large and influential company devoting their people and resources to working with us to advance our technology. In the short time since the shootout, we are experiencing an increasing level of serious interest in our revolutionary fiber optic sensor technology by the mainstream of the oil industry. We anticipate that success at this next stage with the supermajor could lead to one or more orders for longer term evaluation in active fields," added Andersen.
About US Seismic Systems, Inc.
US Seismic Systems, Inc. ("USSI"), designs, integrates, manufactures and sells fiber optic sensing systems and solutions for the Oil & 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. It 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 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. OmniMetrix remotely monitors emergency back-up power generation systems to increase their reliability. GridSense provides monitoring for all critical points along the electricity delivery system. 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: 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. There is no assurance that the evaluation described in this release will be completed to the customer's satisfaction or result in additional evaluation or commercial orders from this customer or other customers. 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 Annual Report on Form 10‐K as filed by the Company with the Securities and Exchange Commission.
Investor & Press Contact:
F. Kent Leacock
Acorn Energy, Inc.
VP Sales & Marketing
US Seismic Systems Inc.
SOURCE Acorn Energy, Inc.