ATLANTA and WILMINGTON, Del., Nov. 21, 2019 (GLOBE NEWSWIRE) — Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control systems and IoT services for generators, pipelines, compressors and other industrial equipment through its OmniMetrix subsidiary, today announced that Walter Czarnecki has tendered his resignation as President and CEO of OmniMetrix, effective December 6th. Acorn’s Board of Directors has appointed Jan Loeb as Acting CEO and Tracy Clifford as COO of Acorn’s OmniMetrix subsidiary. Mr. Loeb will continue to serve as President and CEO of Acorn, and Ms. Clifford will continue to serve as Acorn’s CFO.
Mr. Czarnecki is leaving OmniMetrix and relocating his family to pursue an executive position outside of the monitoring and control markets. Mr. Czarnecki will retain his 1% ownership interest in OmniMetrix.
Dr. Samuel Zentman, of Acorn’s Board of Directors, commented, “We wish Walter all the best for his family and his new career opportunity and thank him for his contributions to Acorn and OmniMetrix. Over the past five years Walter and the OmniMetrix team have put the business on a solid path of growth and improving bottomline performance. We are grateful for Walter’s commitment to enable a smooth transition to Jan and Tracy’s leadership.”
Mr. Czarnecki remarked, “It has been an honor and a privilege serving as President and CEO of OmniMetrix. I’m proud of what we accomplished together, and I’m confident OmniMetrix will have an even brighter future. I’m grateful for the opportunity to serve OmniMetrix’s customers, employees and shareholders to improve the reliability of critical infrastructure globally. I have accepted another position that is best for my family and will participate in OmniMetrix’s continued success through my equity interest.”
OmniMetrix also announced that it has reached agreement with a veteran monitoring and control industry sales executive to join the Company as Director of Sales. The expected start date is January 2, 2020, and a formal announcement will be made in a few weeks.
About Acorn (www.acornenergy.com) and OmniMetrix™ (www.omnimetrix.net)
Acorn Energy, Inc. owns a 99% equity stake in OmniMetrix, a pioneer and leader in machine-to-machine (M2M) and Internet of Things (IoT) wireless remote monitoring and control solutions for stand-by power generators, gas pipelines, air compressors and other industrial equipment. OmniMetrix’s proven, cost-effective solutions make critical systems more reliable. The company monitors tens of thousands of assets for customers, which include 25 Fortune/Global 500 companies. In additional to generators in homes, Omnimetrix solutions monitor critical equipment used in cell towers, manufacturing plants, medical facilities, data centers, retail stores, public transportation systems, energy distribution, and federal, state and municipal government facilities.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn will be successful in growing its business, reaching profitability, or maximizing the value of its operating company and other assets. A complete discussion of the risks and uncertainties that may affect Acorn Energy’s business, including the business of its subsidiary, 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.
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