CUI Global Awarded $1.4M Contract for Additional IRIS-RTU Systems by National Grid
TUALATIN, Oregon, March 27, 2017 /PRNewswire/ -- CUI Global, Inc.'s (NASDAQ: CUI), wholly-owned UK energy subsidiary, Orbital Gas Systems Ltd ("Orbital; the company"), has been awarded a major contract from National Grid, the UK's largest natural gas transmission company, for delivery of additional IRIS Remote Terminal Unit (IRIS-RTU) systems.
While Orbital has now begun development of a "next generation" IRIS solution, this order, worth approximately $1.4 million, calls for the design, construction and delivery of a further 13 IRIS-RTU systems and associated electrical kiosks. The delivery, a mixture of IRIS-LITE and the more complex Type B systems, will commence in March 2017 with the final system expected to be delivered in Q3 2017.
Orbital's IRIS remote telemetry allows any user from anywhere in the world to easily monitor and control their assets. IRIS has specifically been designed to offer improvement in efficiency, reduce operating costs, enhance stability, heighten security and most importantly – improve the interface between sites, control room and operatives at all levels and locations.
President of Orbital UK, Richard Law, said, "This will be the ninth year of integrating our IRIS-RTU system into the National Grid gas transmission network and I am pleased that there is further recognition of the benefits of our unique IRIS software from this industry leader."
CUI Global's president and CEO, William Clough, said, "This award recognizes our long-standing and excellent past performance with National Grid in deploying our dynamic IRIS–RTU technology across its asset base, and further evidences our ability to drive adoption of our leading-edge solutions among the top tier of gas operators."
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 (Orbital), a CUI Global Company, is the leader in innovative gas solutions, having more than 30 years of experience in design, installation and the commissioning of industrial gas sampling, measurement and delivery systems. Operating globally to energy, power and processing markets, Orbital manufactures and delivers a broad range of applications including environmental monitoring, gas metering, process control, telemetry, gas sampling and bio-methane-to-grid.
For more information please visit www.orbitalgas.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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