CHATSWORTH, Calif., Aug. 14, 2013 /PRNewswire/ -- US Seismic Systems, Inc., an Acorn Energy, Inc. (NASDAQ: ACFN) company, announced today that it has signed a Master Purchase Agreement with one of the world's largest oil service companies and has simultaneously received an order from them to supply a monitoring system for a multi-well, high temperature, downhole microseismic monitoring project. The system is specifically designed to provide superior, high resolution mapping of the subsurface and monitoring of the hydrofracking process.
"Over a year ago we conducted a successful trial with this customer and that effort, along with subsequent inspections and audits of our factory has resulted in our signing a Master Purchase Agreement," said John Moore, CEO of Acorn Energy. "As a result of this order, US Seismic now has a record of nine field trials and eight corresponding orders. When oil industry veteran Rob McKee joined our Board he cautioned me that Acorn Energy and its shareholders would have to be prepared to exercise patience because of the long sales cycles and extensive effort would be needed to introduce our new technology to the oil industry. I am gratified that Jim Andersen and his team have been persistent and executed effectively over the past year to land this opportunity with such an important customer."
"This order demonstrates the increasing pace of adoption of our advanced fiber optic seismic sensor technology and is the first of many systems we expect to be supplying for this very large, high temperature unconventional field," stated Jim Andersen, USSI's CEO. "It also represents a large opportunity for us as more than 10,000 of the wells drilled each year in the US involve high temperatures where today's conventional electronics-based seismic sensor systems simply cannot survive."
USSI is exhibiting at the Unconventional Resource Technology Convention in Denver at Booth 441 from August 12-14. In addition John Moore will be presenting in Denver at The Oil and Gas Conference on Wednesday August 14 at 12:55 EDT and 10:55 MDT. For further information http://enercominc.com/the-oil-and-gas-conference/
About US Seismic Systems, Inc.
US Seismic Systems, Inc. ("USSI"), designs, integrates, manufactures, and sells fiber optic sensing systems and solutions for the Energy and Defense 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. 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 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 Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
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SOURCE Acorn Energy, Inc.