SOURCE: GridSense Systems Inc.

January 03, 2008 13:01 ET

GridSense Completes $1.7 Million Private Placement

VANCOUVER, BC and MONTCHANIN, DE--(Marketwire - January 3, 2008) - GridSense Systems Inc. (TSX-V: GSN) reports that it has received shareholder and TSX Venture Exchange approvals for its non-brokered private placement financing for gross proceeds of C$1,700,000 originally announced on October 15, 2007. The placement closed on January 2, 2008 and consisted of 24,285,714 units at $0.07 per unit, each unit being comprised of one common share and one share purchase warrant. Each warrant entitles the holder to acquire an additional common share at $0.10 per share until July 2, 2008. The shares, and any shares acquired on exercise of the warrants, are subject to a four month hold period expiring May 3, 2008.

Acorn Energy, Inc. (formerly known as Acorn Factor, Inc.) (NASDAQ: ACFN) was the lead investor in the placement acquiring 15,714,285 shares and 15,714,285 warrants for C$1,100,000. The 15,714,285 shares acquired by Acorn in the placement represent 24.52% of GridSense's issued and outstanding shares. If Acorn exercises all of the 15,714,285 warrants acquired in the placement, it will own 31,428,570 GridSense common shares, representing 39.37% of GridSense's issued and outstanding shares. Acorn does not currently have any intention to, but it may in the future, acquire ownership or control over additional securities of GridSense.

Net proceeds of the private placement will be applied towards accelerating product enhancements, completing commercialization of new products in the development pipeline, buttressing the sales and support organization to meet increasing demand especially in the North American market, expansion into the China marketplace, and general working capital.

About GridSense Systems Inc.

GridSense Systems Inc. is an industry leader in providing remote monitoring and control systems to electric utilities and industrial facilities worldwide. The company's offerings, developed in collaboration with utilities, provide superior power quality/reliability monitoring and demand-side management capabilities. Electric companies deploy these systems primarily in metropolitan, suburban, and rural electricity grids for the detection, prevention, and mitigation of disturbances and irregularities in the supply of electricity. Through its wholly owned subsidiaries in Australia, CHK GridSense Pty Ltd. and GridSense Inc in USA, GridSense has been serving a growing base of customers for over 25 years, and currently in Australasia, North America, and Western Europe. GridSense is a reporting issuer in British Columbia and Alberta and trades on the TSX Venture Exchange under the symbol "GSN."

About Acorn Energy, Inc.

Acorn Energy, Inc. (formerly known as Acorn Factor, Inc.) specializes in acquiring and accelerating the growth of emerging ventures that promise improvement in the economic and environmental efficiency of the energy sector. Acorn Energy 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 Energy 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 super 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. Additional information about the Company is available at http://www.acornenergyinc.com. Acorn Factor's corporate headquarters are located at 4 West Rockland Road, Montchanin, DE 19710.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.

Contact Information

  • CONTACT:

    Christianna Miller
    Director of Communications
    Acorn Energy, Inc.
    (302) 656-1707

    Investor Relations:

    Mr. Mark Pasquale
    Director
    Email Contact

    Mr. Lindon Shiao
    President & CEO
    Email Contact