CUI Global Announces Technology Agreement between its Wholly Owned Subsidiary, Orbital Gas Systems, and Daily Thermetrics for North American Sales of its Proprietary VE Technology®
TUALATIN, Oregon, Aug. 17, 2016 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly owned subsidiary, Orbital Gas Systems (Orbital) has signed a Technology and Patent License Agreement with Daily Thermetrics (dailyinst.com) a globally-respected design and manufacturing company providing the process industries with precise temperature measurement instrumentation. The Agreement calls for the manufacture and sale of CUI Global's patented natural gas sampling technology, VE Technology in North America.
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Daily Thermetrics is a full service engineering and manufacturing company that offers a comprehensive range of temperature measurement solutions and engineering services for the petroleum refining and petrochemical industries.
Daily Thermetrics products include both standard and fully customized temperature instrumentation for the process industries. Daily Thermetrics employs full time mechanical, chemical, and electrical engineers dedicated to:
- the analysis of the application and its thermal and velocity constraints
- design of instrumentation both for direct and indirect contact with the process conditions
- production/manufacturing
- inspection and quality review
- installation, assembly, and on-site needs
Daily Thermetrics provides services through their Field Engineering Services Division. Services include front end analysis and diagnostics of existing and grassroots units through the design, engineering, and production stages, to on-site supervision of installation, troubleshooting, and post-sale technical support.
CUI Global's President & CEO, William Clough, commented, "We are especially proud of our new relationship with Daily Thermetrics, a company that is both nationally and internationally known as a leader in the design, manufacturing, and sales of high-tech temperature measurement technologies. We believe our VE Technology will fit perfectly into Daily's product portfolio and will allow us to more efficiently penetrate the North American energy market partnered with a respected, well-known industry leader like Daily Thermetrics."
Daily Thermetrics' President & CEO, Jeffrey N. Daily, stated, "As the global leaders in temperature instrumentation for refining and petrochemical applications, we take great pride in our ability to develop and introduce new technologies that enhance the safety, reliability and profitability of our customers' operations. While most of our technology is developed by our own engineering team specifically for our target industries, when we find a truly ground-breaking technology that has been developed by others, we want to include that in our portfolio. We have identified the VE technology as such a breakthrough, and we are extremely excited to partner with Orbital in making this advanced technology widely available to the refining and petrochemical industries. This brilliantly innovative solution to a long-standing challenge in our industry, combined with Daily Thermetrics' expertise and ongoing desire to continually enhance temperature measurement performance, provides a truly win-win scenario for all parties. We look forward to what the future holds for Daily, Orbital, and our customers."
Clough concluded, "This relationship with Daily Thermetrics demonstrates the continuing value of Orbital Gas Systems North America and the acquisition of Orbital-UK. We believe that as we expand Orbital's global market presence with partners like Daily Thermetrics, coupled with the impact of the VE and our other technologies, we will increase our ability to grow and enhance market penetration, revenues, and shareholder value in the future."
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 GasPT 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") is the largest natural gas systems integrator in the United Kingdom. For over 30 years, Orbital 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's internationally recognized expertise in the natural gas industry, including bringing together the patented VE Technology with the ground-breaking GasPT device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital is a wholly owned subsidiary of CUI Global, Inc.
For more information, please visit www.orbitalgassystems.com.
About Daily Thermetrics
Since 1973, Daily Thermetrics has provided the process industries with high-performance temperature measurement instrumentation. Known for quality, engineering and delivering to the demanding needs of customers, Daily holds patents on multi-points and numerous other technologies to address challenging applications in temperature instrumentation all over the world. Throughout the power, petrochemical and refining industries, thousands of plant operators rely on key process control data provided by Daily Thermetrics to safely and efficiently optimize their facility's performance.
For more information, please visit www.dailyinst.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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