CHATSWORTH, Calif., Feb. 28, 2013 /PRNewswire/ -- US Seismic Systems, Inc., an Acorn Energy, Inc. (NASDAQ: ACFN) company, today announced it has secured another order for their Ultra‐High Sensitivity (UHS) fiber‐optic sensing system.
This system is designed for use by one of the world's largest integrated oil companies in a permanent down-hole monitoring application to enable on-going and high-resolution sub-surface imaging of oil and gas reservoirs. It will be utilized in a competitive full scale field evaluation by the customer for potential use as their primary sensing system for permanent downhole monitoring of their vast unconventional oilfield holdings. Terms of the sale are confidential."New production techniques are being used to unlock our vast domestic supplies of unconventional oil and gas making it possible for the US to become energy independent before the end of the decade," stated Jim Andersen, USSI's CEO. "These new production techniques require higher performance sensing systems for safe and efficient extraction of the oil and gas in a variety of harsh environments including high temperature. USSI's fiber optic sensor arrays have proven to be the only systems capable of meeting all of these demanding performance requirements." "We expect that one day every oil and gas field will be monitored by permanently embedded down-hole fiber optic seismic sensors," stated John Moore, CEO of Acorn Energy. "This marks a pivotal moment in the oil patch where seismic technology is transitioning from its traditional role of supporting exploration to becoming a real-time production tool." 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 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 and its most recent 10‐Q as filed by the Company with the Securities and Exchange Commission.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV