DSIT Awarded Orders Totaling to More Than US $6,000,000, Including a US $4,400,000 Contract to Supply Its AquaShield(TM) Diver Detection Sonar Systems for Underwater Security
GIVAT SHMUEL, Israel, Feb. 4 /PRNewswire-FirstCall/ – DSIT Solutions Ltd., a subsidiary of Acorn Energy, Inc. (Nasdaq: ACFN), has been awarded a contract to supply its AquaShield(TM) Diver Detection Sonar (DDS) systems for the protection of several coastal and offshore installations. The contract value is just over US $4,400,000. The AquaShield(TM) underwater security systems are intended for permanent installation to provide superior underwater intruder detection.
The AquaShield(TM) diver detection system is a long-range fully automatic underwater security system. The system was specifically designed to provide maritime security for marine sites such as ports, power plants, oil and gas terminals and offshore rigs. The system adapts to the unique underwater topology, sea conditions and inherent sea life at each specific site.
Dan Ben-Dov, VP Sales & Marketing said, “This is one of the largest orders DSIT has received for its AquaShield(TM) systems to date. It is our understanding that DSIT is leading the world market for diver detection systems in terms of total value of sales in the past two years. Our customer base now includes government authorities, navies, security integrators and a growing and very important market – energy companies. With more than 3,000 coastal energy terminals and ports around the world we are very excited about the potential for growth. It is also gratifying that we are beginning to see returning customers indicating that our operational concept, products and service are meeting or exceeding their expectations.”
The AquaShield(TM) DDS is unique among underwater intruder detection systems. Its concept of operation relies upon two basic elements: adequate response time and fully automatic operation. The system locates Swimmer Delivery Vehicles (SDVs), swimmers and divers at very long ranges of up to 1,500 meters; thus providing sufficient time to respond to the threat. The system’s fully automatic operation mode that operates without human intervention means better performance at lower operating costs. Security personnel are only alerted when the automatic alarm indicates and tracks the underwater intruder.
“The significant growth in the field of diver detection systems at DSIT, along with the rest of the company’s sonar and acoustic products, has been happening at a very fast pace,” added Benny Sela, CEO at DSIT. “In the last year we have had to work hard and efficiently to meet the growing demand and our delivery commitments.”
In addition to the AquaShield underwater security system contract, the company also announced the award of several project contracts totaling close to $2M that have been signed during the last two quarters. The projects were ordered by return customers who have ordered similar software and hardware solutions from DSIT in the past; some of the projects have potential for substantial follow on production orders. The customers are both Israeli and foreign.
DSIT develops sonar and acoustic solutions and acts as a system integrator for advanced Security and Safety Command and Control systems. The Company’s offerings are designed to provide the latest in technology and its intelligent application for the energy, commercial, defense and homeland security markets. The Company’s offerings include: PortView Harbor Surveillance System (HSS), AquaShield(TM) Diver Detection Sonar (DDS), Sonar Simulators and Trainers, Mobile Acoustic Ranges (MAR), Underwater Acoustic Signal Analysis (UASA) systems, and Sonar Upgrade Programs (SUP). For more information visit www.dsit.co.il.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a publicly traded holding company focused on improving the efficiency and environmental impact of the energy infrastructure, fossil fuel and nuclear industries. Our 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 CoaLogix, Coreworx, DSIT and GridSense. For more information visit www.acornenergy.com.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. For disclosure of additional risks and uncertainties which may affect DSIT’s business and prospects and Acorn Energy’s business generally, see the information under “Risk Factors” in Acorn Energy’s most recent Annual Report on Form 10-K as filed with the U. S. Securities and Exchange Commission.
CONTACTS -------- Dr. Brandy Ben-Yosef Marketing & Business Development Manager DSIT Solutions Ltd. +972 3 531 3333 firstname.lastname@example.org -------------------- Investor Contact: Paul Henning Cameron Associates (212) 245-8800 Paul@cameronassoc.com ---------------------
SOURCE Acorn Energy, Inc.