Acorn Energy Agrees to Sell DSIT Interest for $5.8M to Focus Resources on Growing its OmniMetrix Remote Monitoring and Control (IoT) Business
ACORN ENERGY INC (ACFN)
US:NASDAQ Investor Relations:
acornenergy.com/investor_information.php
Company Research
Source: GlobeNewswire
WILMINGTON, Del., Jan. 19, 2018 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB:ACFN), announced today that it has reached an agreement to sell its remaining 41.15% interest in DSIT Solutions Ltd. for $5.8 million, before fees and taxes, to an Israeli investor group. The sale of the DSIT stake represents one of the final steps in refocusing Acorn on the long-term growth potential of its OmniMetrix wireless remote monitoring and control services for gas pipelines and stand-by generators for cell towers, medical facilities, data centers, public transportation systems and other facilities. The transaction is expected to close within about 30 days, subject to specific closing conditions, including approval of the Israeli Antitrust Authority. DSIT Solutions provides underwater sonar and acoustic detection systems and is 50% owned by Israel-based Rafael Adv
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