IoT Remote Monitoring & Control Provider Acorn Energy Hires Tracy Clifford as its New CFO

WILMINGTON, Del., June 05, 2018 (GLOBE NEWSWIRE) — Acorn Energy, Inc. (OTCQB:ACFN), a provider of remote monitoring and control systems and services for generators, pipelines and other industrial assets, today announced the hiring of Tracy Clifford, CPA as Chief Financial Officer of the Company. Ms. Clifford succeeds former CFO Michael Barth, who served Acorn through Israel-based DSIT (a former subsidiary of Acorn Energy) for twelve years. Acorn completed the sale of its remaining DSIT interest in February.

CEO Jan Loeb commented, “First, I’d like to thank Michael Barth for his many years of service to Acorn. He provided valuable international business and accounting expertise and played a key role in facilitating the sale of DSIT and the completion of our transition from a diversified holding company to a focused Internet of Things (IoT) provider. With the closing of the DSIT transaction and given that our remaining business is domestic, the Board and I feel it is appropriate for our new CFO to be U.S. based. We wish Michael all the best in his future endeavors and sincerely appreciate his efforts as CFO of the Company.”

Mr. Loeb added, “We are pleased to bring Tracy Clifford on board. Tracy has over twenty years of experience in accounting and finance, including mergers and acquisitions of public companies. Her M&A experience and financial and analytic capabilities will be key to our continued transformation of the Company, specifically as we seek to grow our IoT business.”

“Through her consulting practice launched in June 2015, Tracy has served as a contract CFO and/or COO for several clients, participated on advisory boards and worked on numerous project engagements,” said Mr. Loeb. 

Ms. Clifford previously served as CFO, Principal Accounting Officer, Corporate Controller and Secretary for a publicly-traded pharmaceutical company and a publicly-traded REIT from 1999 to 2015. There she was instrumental in completing several financings as well as several acquisitions and dispositions that served to more than quadruple their product portfolio. Ms. Clifford was responsible for all SEC reporting, oversaw IT and HR and implemented new systems and controls to support the company’s growth. 

Ms. Clifford’s prior experience included accounting leadership positions at United Healthcare (Atlanta) and the North Broward Hospital District (Fort Lauderdale) and work on the audit team of Deloitte & Touche (Miami).

About Acorn (www.acornenergy.com) and OmniMetrix™ (www.omnimetrix.net)
Acorn Energy, Inc. owns an 80% equity stake in OmniMetrix, Inc., a pioneer and leader in the wireless remote monitoring and control of gas pipelines and stand-by generators used in cell towers, medical facilities, data centers, public transportation systems and other critical equipment, including at federal, state and municipal government facilities. OmniMetrix offers proven, cost-effective Internet of Things (IoT) monitoring solutions for making critical systems more reliable, with thousands of monitored assets and thousands of customers, including 23 in the Fortune 500 or Global 500.

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, which may affect Acorn Energy’s business, including the businesses of its subsidiaries 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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