CUI Global Announces Conceptual Design Win for its New IRIS "Lite" Technology and Additional Purchase Orders for its IRIS RTU Technology
TUALATIN, Oregon, Oct. 8, 2015 /PRNewswire/ -- CUI Global, Inc. (NASDAQ:CUI) announced today that its wholly-owned UK energy subsidiary, Orbital Gas Systems Ltd., was recently awarded a conceptual design win for its IRIS™ LITE-ER (Energy Reduction) product for a collaborative project between Orbital, National Grid (National Grid), Premtech Ltd. (Premtech), Armstrong Fluid Technology (Armstrong), Auma Actuators Ltd. a subsidiary of AUMA Riester GmbH & Co KG (AUMA), and Paladon Systems Ltd. (Paladon Systems) to prove that a single block valve Above Ground Installation ("AGI") can be powered and telemetered using only renewable energy sources. Furthermore, the Company reports it has received additional purchase orders from a large European natural gas transmission company for its IRIS RTU kiosks.
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The IRIS LITE-ER is powered by renewable energy (wind and solar) and installed in an ultra-energy efficient kiosk as part of a wider Innovation Project which Orbital is hosting at their Cold Meece headquarters facility. The installation was completed earlier this year and having achieved conceptual design approval, Orbital and the IRIS LITE-ER system will begin a year-long data collection period toward the end of October.
IRIS LITE-ER and its powered version, IRIS LITE brings a lower cost solution to the suite of IRIS RTU (Remote Telemetry Unit) solutions which Orbital can offer. It is marketed alongside the three other solutions, which can be scaled to provide a RTU solution from moderate Input/Output ("I/O") to large I/O such as on Gas Importation Terminals.
The IRIS LITE system has been designed to deliberately target the market for smaller AGI's on the Gas Transmission and Gas Distribution networks and the emerging new network connections where a potential market in the 1000's of units exists. IRIS LITE is priced competitively against the market alternatives and can be offered with or without the full IRIS functionality such as: Dual Redundancy Power; Dual Redundant Processors; Remote Dial-Up Diagnostics; and configuration through the IRIS AMS (Asset Management Suite).
IRIS is a unique, proprietary telemetry software solution developed by Orbital to enhance pipeline operators' ability to remotely monitor, manage, control, and troubleshoot tasks, procedures, and difficulties that may arise at the site. It differs from competing systems because it is web-based and owned by the operator, not licensed from third parties. Because it is web-based, a maintenance technician can monitor the system from a compatible internet browser at any time of the day or night without being onsite.
Significantly, the technician can view a schematic of the area in question; diagnose the problem; and, in many cases, temporarily fix the problem (such as by bypassing a faulty valve or modifying configurable data such as valve timings). Existing systems are not as dynamic as IRIS.
Typically, a person monitors the entire system (at a higher level) from a control facility where an alarm on the system may alert the employee of a problem at a remote station. From there, a technician is called out to the station (truck roll typically required) to determine the cause of the problem. IRIS eliminates the need for such extra-hour responses.
In addition to the IRIS LITE-ER design win, CUI Global reports that Orbital has now received purchase orders for ten (10) additional IRIS RTU kiosks from a large European natural gas transmission company. The units are to be installed through the first quarter of 2016 and represent more than £1,000,000 ($1,500,000 USD) in revenue to the Company.
CUI Global's President & CEO, William Clough commented, "We are very excited about the design win for our IRIS LITE-ER Technology. We believe that the IRIS LITE and LITE-ER system have significant potential inside the International Conventional and Unconventional Gas Distribution and Transmission sector and could be adapted to the water, waste water and power & distribution markets."
"The additional order for our IRIS kiosks continues to demonstrate the viability and value of our technology – All leading to our goals of revenue growth and increased shareholder value," 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 25 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.orbitalglobalsolutions.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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