Monday, March 31, 2008
Acorn Energy Announces Plan to Acquire Software Innovation, Developer of Coreworx™
Acorn to extend its reach in intelligent energy infrastructure
Acorn Energy, Inc. (NASDAQ:ACFN) today announced that it has entered into a letter of intent to acquire Software Innovation, Inc. of Waterloo, Ontario. Software Innovation is the developer of Coreworx™ a world-leading software tool for capital project collaboration. Coreworx is currently utilized to manage the construction of hundreds of major capital projects, including offshore oil wells, refineries, mining operations and power plants around the world. The contemplated acquisition is part of Acorn’s goal of improving the productivity of global energy infrastructure. Although terms of the letter of intent were not disclosed, completion of the transaction remains subject to Acorn’s due diligence and execution of definitive documentation.
John Moore, CEO of Acorn Energy stated, "Skyrocketing energy demand has created a global energy infrastructure crisis. As energy producers drill deeper for oil and build larger mines and next-generation power plants, the cost and complexity of these projects are becoming problematic. At the same time, existing tools for planning and controlling these projects are inadequate and the supply of experienced professionals is dwindling. Coreworx is the leading productivity tool for effectively managing the new level of construction complexity in energy and other infrastructure projects. We were impressed that Coreworx has been adopted as the corporate standard at energy construction companies like Chevron and Fluor. We look forward to having Ray Simonson and his team join the Acorn family of companies. We believe that their ambitious vision, combined with the additional resources we can bring to bear, will grow Coreworx into a holistic tool for the intelligent plant of the future."
Ray Simonson, CEO of Software Innovation said, "We are very pleased to have to the opportunity to work with people who share our vision and passion for transforming the world energy infrastructure. With the additional resources and support brought to us by Acorn Energy, we can build on our success in the construction collaboration arena and launch into the next phase of our strategy - building the intelligent plant of the future."
About Software Innovation Inc.
Software Innovation provides unique solutions for Owner-Operators and EPC companies who manage capital projects. Its flagship product, Coreworx, is a construction collaboration system to optimize large capital project execution by supporting the entire project lifecycle and infusing the resulting asset with intelligence and memory. This integrated solution dramatically reduces costs and timelines of construction, and mitigates legal and financial risks. At the same time it paves the way for more automated and intelligent plant operations. Software Innovation delivers technology solutions tailored for clients in a variety of vertical markets. Founded in 1997, Software Innovation has offices in Waterloo, Ontario and Houston, TX and services clients globally. Coreworx is currently in use on more than 400 capital projects with over 70,000 users worldwide. For more information see www.coreworxinc.com.
About Acorn Energy, Inc.
Acorn Energy is a publicly traded holding company focused on improving the efficiency of the energy grid and reducing the environmental impact of the energy sector. Acorn Energy’s operating companies leverage advanced technologies to transform the existing energy infrastructure. Acorn’s strategy is to take primarily controlling positions in companies led by great entrepreneurs and add value by supporting those companies with marketing, strategy and business development. Acorn Energy is a global company with equity interests in Comverge, CoaLogix, DSIT, Gridsense, Local Power and Paketeria. For more information visit www.acornenergyinc.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. The completion of the acquisition of Software Innovation Inc. described in this release is subject to completion by Acorn Energy, Inc. of its due diligence and execution of a definitive purchase agreement and any conditions to closing. There is no assurance Acorn Energy will be able to complete its acquisition of Software Innovation. There is also no assurance that the Coreworx software will develop into a holistic tool for designing the intelligent plant of the future. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally is included in "Risk Factors" in the Company's most recent Annual Report on Form