CHATSWORTH, Calif., May 16, 2012 /PRNewswire/ -- US Seismic Systems, Inc. (USSI), a subsidiary of Acorn Energy, Inc. (NASDAQ: ACFN), is pleased to announce the addition of Mr. Noam Lotan as the company's newest board member.
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Mr. Lotan is the President, Chief Executive Officer and a Director of Resonate Industries, a development stage company in the clean energy sector. Prior to Resonate, from May of 1990 through June of 2010, Mr. Lotan served as Chief Executive Officer and a director of MRV Communications Inc. ("MRV"), a global supplier of communications solutions to telecommunications service providers, enterprises and governments. MRV's Solutions enable the delivery and provisioning of next-generation optical transport and carrier Ethernet Services over any fiber infrastructure. During his time with MRV, Mr. Lotan built the company from a ten person startup to a company generating $540 million in annual revenue with its peak valuation on the NASDAQ reaching $5 billion.
Mr. Lotan brings to USSI's Board of Directors decades of executive experience with a publicly traded technology company and a unique perspective on the Asian and European markets. In addition, Mr. Lotan is a board member at Capstone Turbine Corporation and chair of its Audit Committee. He is also a member of NACD (National Association of Corporate Directors). "I am excited to join the USSI Board and committed to work hard on behalf of our shareholders," Mr. Lotan commented. "US Seismic Systems is at the forefront of what can be a potential game-changer development in oil and gas exploration and production. With more accurate and safer monitoring, the oil and gas industry can benefit from improved economics and reduced risks, including alleviating environmental concerns."
Jim Andersen, President of USSI, expressed his and the other directors' view that, "Noam is immediately positioned to bring new skills and varied perspectives into play for the continued growth and development of USSI."
About US Seismic Systems, Inc.
US Seismic Systems, Inc. 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, which 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 at: www.ussensorsystems.com.
About Acorn Energy, Inc.
Acorn Energy, Inc. (NASDAQ: ACFN) is a holding company focused on making energy better by providing digital solutions for energy infrastructure asset management. The four businesses in which it has controlling interests improve the world's energy infrastructure by making it: more secure - providing security solutions for underwater energy infrastructure (DSIT); more reliable - providing condition-based monitoring to critical assets on the electric grid (GridSense, OmniMetrix) and more productive and efficient - increasing oil and gas production while lowering costs through use of permanent ultra-high sensitive seismic tools that allow for a more precise picture of reservoirs (US Seismic). 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 its most recent Annual Report on Form 10-K and its 2012 First Quarter 10-Q as filed by Acorn Energy with the Securities and Exchange Commission.
Contact: |
Jim Andersen |
(818) 446-2513 |
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SOURCE Acorn Energy, Inc.
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