The document describes a semantic network-based algorithm for knowledge acquisition from text. The algorithm uses the WiSENet semantic network to generate rules representing lexical relationships between concepts. It then applies these rules to text data as a finite state automaton to identify matches and acquire new concepts and relationships for expanding the semantic network. The algorithm tolerates variations in word order through its use of a "bag of concepts" approach during rule matching. Experiments showed the algorithm was effective at knowledge acquisition from text in a flexible manner.