CUI Global Announces Contract from Major UK Natural Gas Network Operator for Delivery of IRIS-LITE RTU Systems
TUALATIN, Oregon, March 14, 2016 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), announced today that its wholly-owned United Kingdom ("UK") energy subsidiary, Orbital Gas Systems Ltd. ("Orbital"), has been awarded a major contract from the UK's largest natural gas transmission company, National Grid ("NG"), for delivery of its proprietary IRIS Remote Telemetry Unit ("RTU") systems.
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The order, worth approximately $1,000,000 [USD], calls for the design, construction, delivery and commissioning of a further ten (10) IRIS-RTU systems and associated electrical kiosks. It also represents the first order for the cost effective IRIS-LITE RTU, which is ideally suited to smaller Above Ground Installations ("AGI") and power stations.
The first systems will be delivered and commissioned in partnership with NG by early Summer 2016 with the remaining AGI sites being delivered for installation prior to the end of the year.
"This order represents an exciting and continuing opportunity for us to partner with National Grid and its telemetry upgrade project and allows us to further develop the reputation of our IRIS-RTU systems," commented Orbital's UK Managing Director, Richard Law.
As explained by CUI Global's president & CEO, William Clough, "Our continuing partnership with National Grid and our IRIS product clearly demonstrates the dynamic nature of this technology and provides further evidence of our ability to provide unique, leading-edge solutions to the natural gas industry."
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.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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