Friday, October 17, 2008

Coreworx hires J. Paul Haynes as COO

Growing software firm adds experience and leadership

Kitchener, ON (October 17, 2008) – Coreworx Inc., a subsidiary of Acorn Energy, Inc.,(NASDAQ: ACFN) today announced the appointment of J. Paul Haynes as Chief Operating Officer. Effective immediately, Mr. Haynes will lead the sales, services and software development teams at Coreworx, a fast-growing software solutions firm specializing in document control and workflow management for mega capital construction projects in the energy industry.

"J has over 20 years experience growing and leading entrepreneurial high-tech companies," said Ray Simonson, Coreworx CEO. "In addition, with his engineering and energy industry backgrounds, he will add an important strategic dimension in managing and planning Coreworx future growth."

Prior to joining Coreworx, Haynes was a Managing Partner at Omazo Ventures, an investment firm focusing on early stage software firms, and President & CEO of ECM vendor, EVER America Corporation.

"Acorn's recent investment has provided Coreworx with the resources to dramatically grow its business. It is an exciting time to be joining this team." J continued "Building energy infrastructure around the world is a large and growing opportunity. Coreworx is well-positioned to become a major player. This will be fun!"

Mr. Haynes has presented at numerous industry conferences in North America and abroad, speaking on topics related to energy sector software and enterprise content management. He holds a B.Sc and M.Sc. in Alternate Energy Engineering, and is a founding Director of Acetech and is a professional engineer.

Coreworx is a proven web-based tool for document control and workflow management for large complex capital projects. It is an enterprise compatible solution with Microsoft and IBM as partners. Coreworx is currently being utilized by owner/operators and engineering and construction contractors to help manage the construction of hundreds of mega-projects around the world, including offshore oil production, refineries, mining operations and power plants.

About Coreworx
Coreworx Inc. provides integrated document control and automated workflow management for mega capital projects in the energy infrastructure and resource sectors. The Coreworx solution is a proven web-based enterprise software system that enables engineering and construction contractors and owner/operators to automate best practices and improve performance throughout the entire project lifecycle. Coreworx enables client companies to significantly reduce risk, improve control and communications, and mitigate costs. Coreworx has offices in Houston, Calgary and Kitchener. Coreworx is currently in use by its global customers on more than 400 capital projects with nearly 70,000 users. Coreworx Inc. is an Acorn Energy company.

About Acorn Energy, Inc.
Acorn Energy, Inc. is a publicly traded holding company focused on two goals: improving the efficiency of the energy grid and reducing the environmental impact of the energy sector. 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, Comverge, Coreworx, DSIT, Gridsense, Local Power and Paketeria. For more information visit 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 the resources provided by Acorn's investment will allow Coreworx to dramatically increase its business as planned. 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.

 

linkback: http://www.coreworxinc.com/news_pr_2008_10_17.asp