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On March 2nd 2010, Coreworx Inc. a subsidiary of Acorn Energy, Inc. (NASDAQ: ACFN), entered into a definitive agreement to acquire Decision Dynamics Technology LTD. (TSX: DDY) a Canadian based company through a merger that is valued at approximately US $6 million. Upon completion of the transaction, Decision Dynamics will become a wholly-owned subsidiary of Coreworx.
Decision Dynamics Technology is a leading provider of project execution and information control software used globally by energy industry leaders to manage major capital project execution risk. Decision Dynamic’s flagship product, Oncore™, provides real time cost information, contract validation, and approvals for operations management and capital projects.
Under the terms of the agreement, Decision Dynamics shareholders will receive an aggregate of 1 million common shares of Acorn Energy, Inc. or an estimated .0161 common shares of Acorn Energy for each share of Decision Dynamics owned. The acquisition is structured as a plan of arrangement under the Canada Business Corporation Act and is expected to close in April 2010. The acquisition is subject to the satisfaction of a number of customary conditions, including approval by two-thirds of Decision Dynamics outstanding common shares and options.
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