Acorn Factor, Inc. (Nasdaq: ACFN) announced that the name of the Company will be changed to Acorn Energy, Inc., effective January 1, 2008.
The Company's common stock will continue to trade on NASDAQ Stock Market under the symbol "ACFN".
John A. Moore, Chief Executive Officer, stated, "We believe that our new name Acorn Energy more closely identifies our direction and focus as a company. We are going to continue to acquire and grow companies with a focus on enabling a new architecture of energy.
The world's energy sector is under immense stress from rising global demand, supply constraints and environmental concerns. The energy economy of the past 100 years has been dominated by large companies that focused on achieving economies of scale.
There has not been much innovation or even adoption of proven information technologies from other industries. With massive stresses come opportunities for great entrepreneurs to innovate. Our vision for the new architecture of energy is one that uses software, logic and proven tools from other industries like telecom to improve the economic and environmental efficiency of the energy sector. We believe our unique perspective and focus will help us obtain attractive returns for our investors in the coming years."
About Acorn Factor
Acorn Factor specializes in acquiring and accelerating the growth of emerging ventures that promise improvement in the economic and environmental efficiency of the energy sector. Acorn aims to take primarily controlling positions in companies led by great entrepreneurs and add value by supporting those companies with branding, positioning, strategy and business development. Acorn Factor is a global company with equity interests in Comverge, the leading clean capacity provider of energy solutions through demand response; CoaLogix, Inc. and its subsidiary SCR-Tech LLC, the leading provider of catalyst regeneration technologies and services to reduce NOx emissions by fossil-fuel power plants; Gridsense, a pioneer in remote monitoring and control of the electric grid; Paketeria AG, a German green services provider; dsIT a leader in underwater security systems for strategic coastal energy infrastructure; and Local Power, Inc., the creator of Community Choice Aggregation, a revolution in renewable power and retail markets for electricity. -- Acorn Factor, Inc.
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