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| 8-K - ACORN ENERGY, INC. | v176387_8k.htm |
Coreworx
Inc. to Acquire Decision Dynamics Technology
Houston, TX – Digital Plant
Conference 2010 – March 2, 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 Dynamics 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 Dynamics
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
Coreworx:
Coreworx
Inc. provides integrated project execution and information control solutions for
mega capital projects in the oil & gas, power and mining sectors. The
Coreworx solution is a proven web-based enterprise software system that enables
engineering and construction contractors and owner/operators to automate best
practices, mitigate business risks and improve performance throughout the entire
project lifecycle. Coreworx services a portfolio of projects valued at over $500
billion across more than 50 countries, on more than 400 capital projects with
nearly 70,000 users. Coreworx has offices in Houston, Baton Rouge, Calgary and
Waterloo. For more information, visit www.coreworxinc.com. Coreworx Inc. is an
Acorn Energy company.
About
Decision Dynamics Technology (DDY)
Decision
Dynamics provides project controls and real-time cost management reporting
solutions to the energy sector, including major oil and gas and electrical power
companies. Decision Dynamics solutions are designed to provide better
project visibility by unifying the project data and knowledge needed to make
better faster project management decisions.
DDY’s
flagship product, OncoreTM,
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:
Acorn
Energy, Inc. is a publicly traded holding company with equity interests in
CoaLogix, Coreworx, DSIT, US Sensor Systems and GridSense. These companies
leverage advanced technologies to transform and upgrade the energy
infrastructure around the world. Acorn companies are focused on three problems
in the energy sector: improving the efficiency of the energy grid, reducing the
risk for owners of large energy assets, and reducing the environmental impact of
the energy sector. Acorn's strategy is to take primarily controlling positions
in companies led by great entrepreneurs. 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. Completion of the acquisition is subject to the conditions
described in this release. 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 10-K as filed by the Company
with the Securities and Exchange Commission.
For more
information:
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Coreworx
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Andrew
McCracken
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221
556 6596
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amcracken@coreworxinc.com
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Investors
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Paul
G. Henning
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Cameron
Associates
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paul@cameronassoc.com
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(212
554- 5462
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