Tuesday, March 02, 2010
Coreworx Inc. to Acquire Decision Dynamics Technology
HOUSTON, March 2 /PRNewswire/ -- Digital Plant Conference 2010 -- Coreworx Inc. ("Coreworx"), a subsidiary of Acorn Energy, Inc. (Nasdaq: ACFN), and Decision Dynamics Technology Ltd. ("Decision Dynamics" or "DDY") (TSX-V:DDY), today announced that they have entered into a definitive agreement pursuant to which Coreworx will acquire all of the outstanding securities of Decision Dynamics. Upon completion of the transaction, Decision Dynamics will become a wholly-owned subsidiary of Coreworx. Under the terms of the agreement, Decision Dynamics' shareholders will receive an aggregate of 1 million common shares of Acorn Energy.
Ray Simonson, CEO of Coreworx Inc., stated: "DDY's Oncore™ Project Controls Solution with its Cost Management and Cost Forecasting capabilities is a great complement to our Coreworx Project Information Control platform which is widely used on major capital projects. In addition, the overall strength of Acorn Energy together with Coreworx should be a great benefit to closing new business."
"Decision Dynamics believes that today's announcement provides attractive value for our shareholders and customers," said Justin Zinke, President & CEO of Decision Dynamics Technology. "The combination of project information controls and cost management information provides a great value proposition for our customers. Our shareholders, customers, partners and employees will all benefit as DDY combines with Coreworx and brings together our very complementary technology, experience, and skill sets."
The acquisition is structured as a plan of arrangement under the Canada Business Corporations Act and is expected to close in April, 2010. The acquisition is subject to the satisfaction of a number of customary conditions including approval by the holders of at least two-thirds of Decision Dynamics outstanding common shares and options, each voting as a separate class, the approval of the Court of Queen's Bench of Alberta and other regulatory approvals. The acquisition will be submitted to Decision Dynamic shareholders and option holders for approval at a special meeting to be held in April, 2010. The Board of Directors of Decision Dynamics has unanimously recommended that Decision Dynamic shareholders and option holders vote in favour of the acquisition. Irrevocable support agreements in favour of the transaction have been agreed to by directors, officers and other shareholders of Decision Dynamics, representing approximately 51 percent of the outstanding shares of Decision Dynamics, including holders of 94 percent of all stock options outstanding.
About Decision Dynamics Technology (DDY)
DDY's flagship product, Oncore™, provides real time cost information, contract validation, and approvals for operations management and capital projects. Decision Dynamics is a Microsoft Gold Certified Partner. The Company's head office is located in Calgary, Alberta, Canada. It operates a wholly-owned foreign subsidiary in the United States.
About Acorn Energy:
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