CUI Global Announces Additional IRIS® Purchase Order and Transition from Testing to Sales of its Various Natural Gas Technologies
TUALATIN, Oregon, July 21, 2015 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned UK energy subsidiary, Orbital Gas Systems Ltd., has received approval from one of the UK's largest pipeline operators to install and commission four of its previously purchased IRIS kiosks. Further, the company has received a purchase order from the same customer for additional IRIS kiosks to be produced at its UK facility for installation and commissioning later this year.
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In addition, the company can confirm that several customers have now successfully completed testing of its other proprietary natural gas technologies, the GasPT® Analyzer and VE Technology®, and that it (the company) has received multiple purchase orders for those products. These purchase orders come from several large energy producers/transporters in various geographic areas, including, but not limited to: a large North American gas transportation and compression company; a Fortune 100 energy company for projects in both Australia and North America; a major European gas transmission company; an Asian gas turbine manufacturer; and others.
CUI Global's President & CEO, William Clough commented, "The commissioning of the previously purchased IRIS kiosks, along with the ordering of new kiosks demonstrates the efficiencies, control, and other benefits this exciting technology provides to the pipeline operator. This makes us even more confident regarding a larger deployment of the technology in the future. Meanwhile, over the past several months, we are beginning to see many of the tests in which our technologies have participated over the past weeks, months, and, in some cases, years, actually starting to 'bear fruit' in the form of purchase orders from some of the industry's most iconic players."
"While there is still much work to do, this transition from testing to sales demonstrates the value and viability of our energy technologies and bodes well for the company, its employees, and its shareholders," Clough concluded.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT2 platform targeting the energy sector, to CUI Inc.'s digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.
For more information please visit www.cuiglobal.com
About Orbital Gas Systems Ltd.
Orbital Gas Systems Ltd ("Orbital-UK") is the largest natural gas systems integrator in the United Kingdom. For over 30 years, Orbital-UK has developed its portfolio of products, services and resources to offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries. Orbital-UK's internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology with the ground-breaking GasPTi device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital-UK is a wholly owned subsidiary of CUI Global, Inc.
For more information, please visit www.orbital-uk.com or www.orbitalgassystems.com.
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
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