Acorn Energy Announces Share Repurchase Program
MONTCHANIN, Del., Oct. 6 /PRNewswire-FirstCall/ — Acorn Energy, Inc. today announced that its Board of Directors has authorized a share repurchase program of up to 1,000,000 shares of its common stock. The share repurchase program will be implemented at management’s discretion from time to time.
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At September 30, 2008, excluding balances at its wholly owned and controlled subsidiaries, Acorn had cash and marketable securities of over $18.6 million, consisting of cash of $16.3 million (including $2.5 million of restricted cash), and marketable securities, consisting of approximately 500,000 shares of Comverge Inc., with a market value of $2.3 million.
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, Coreworx and Paketeria. 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 share repurchase program will be implemented in whole or in part. 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.
Communications Jane Voisin 302.656.1707 Investor Contact John Baldissera 800-368-1217
Acorn Energy, Inc.
CONTACT: Jane Voisin, Communications, +1-302-656-1707, or JohnBaldissera, Investor Contact, +1-800-368-1217, both of Acorn Energy, Inc.
Web Site: http://www.acornenergy.com/