CUI Global Announces Grand Opening of its New Manufacturing/R&D Facility in the United Kingdom
TUALATIN, Oregon, Sept. 29, 2015 /PRNewswire/ -- CUI Global, Inc. (NASDAQ:CUI) announced today that on Friday, September 25, 2015, its wholly-owned UK energy subsidiary, Orbital Gas Systems Ltd., formally opened its new Manufacturing/R&D Facility at its UK Headquarters in Staffordshire near Stone. The event was well attended by over 200 employees, customers, shareholders, and others. The attendees included the Honorable Lord & Lady Stafford DL, FRAgS and representatives from National Grid, DNV/GL, Siemens, Yokogawa, SGN, AMEC Foster Wheeler, Swagelock, Flow Control, Tekelek Group, and others. Also in attendance were the Company's Board of Directors, shareholders, and investors from Europe and the United States, some traveling from as far away as Florida and Arizona.
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The 46,000 square foot building includes both laboratory and manufacturing facilities that will enable Orbital to design, fabricate, and construct its entire portfolio of gas integration products in one location. The lab facilities will also enable the company to provide calibration services for its unique GasPT analyzer in-house with no reliance on outside vendors or providers.
The facility includes state-of-the-art Factory Acceptance Test (FAT) suites, which will provide Orbital's customers with world-class, hi-tech areas in which to test, examine, and assess their products prior to delivery. Along with the manufacturing, laboratory, and FAT facilities, the building includes administrative offices for Orbital's UK and European operations.
CUI Global's President & CEO, William Clough commented, "I am extremely pleased to see the completion of this addition to our UK/European headquarters. The new facility will enable us to gather all staff in one headquarters campus, reducing our overall costs by eliminating rental expenditures, while allowing us to bring all design, engineering, test, manufacturing, and calibration services under one roof. The completion of the new building within our original timetable and project budget, without outside financing, is consistent with our drive to strengthen the effectiveness and efficiency of the company's internal operations."
Construction of the building was approved by the CUI Global Board of Directors in 2014 and groundbreaking took place in October 2014. The company selected the architectural firm (Qu-est Architects) and the general contractor (Capital Construction Management) through competitive bidding. The cost of the building was partially underwritten by a grant from the Staffordshire Chamber of Commerce Regional Growth Fund and Stafford Borough Council.
"While there is still much work to do, completion of this new facility both on-time and under budget demonstrates our ability and commitment to the energy division and our growing customer base throughout the UK, Europe, and the rest of the World," 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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