Acorn Energy Completes DSIT Sale; Providing Funding for Focused IoT Wireless Remote Monitoring and Control Business
ACORN ENERGY INC (ACFN)
US:NASDAQ Investor Relations:
acornenergy.com/investor_information.php
Company Research
Source: GlobeNewswire
WILMINGTON, Del., Feb. 14, 2018 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB:ACFN), announced today that it has completed the sale of its remaining 41.15% interest in DSIT Solutions Ltd. for $5.8 million, before fees and taxes, to an Israeli investor group. Acorn will host a conference call on Thursday, February 15th at 10:00 am ET (details below) to review the transaction and the outlook for the Company. Acorn is now a debt-free focused provider of high growth, wireless remote monitoring and control (IoT) services for critical industrial assets. Net of estimated expenses, including withholding taxes, and the repayment of existing director loans and amounts due to DSIT, Acorn has approximately $2 million in cash after the DSIT transaction. Acorn could also receive an additional $500,000 in the event that DSIT is successful in securing a multi-mill
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