CUI Global Subsidiary Orbital Gas Systems Secures Purchase Orders for Integration Projects Totaling $3.3 Million From Single Customer in Fourth Quarter
- Strong Order Flow Reflective of Orbital's Expertise and Growing Reputation for Project Excellence, Reliable Performance, and Quality Engineering in Gulf Coast Region -
HOUSTON, Dec. 27, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned energy subsidiary, Orbital Gas Systems ("Orbital"), has been awarded purchase orders for integration projects totaling $3.3 million from a large Texas-based Engineering, Procurement, and Construction ("EPC") company during the fourth quarter 2018. The purchase orders, the largest of which originates from a key Gulf Coast customer of Orbital's with the balance secured from a second Gulf Coast energy operator, comprise custom analytical integration systems for two new fractionation units. Orbital will provide complete online analysis systems for process control of the new fractionation units and the analysis systems for EPA monitoring of each unit.
Orbital has been working on integration projects with this EPC and its key customer for several years and the scope of its work has expanded with each fractionation unit built. Orbital is also expanding its service capabilities at this key customer's request to include the commissioning of previously installed analytical integration systems on the same site, a service it plans to expand to all future fractionation units. Orbital's current project with this key customer will include:
- detailed design;
- engineering;
- fabrication of approved designs; and,
- assistance in field commissioning.
Nicholas Clough, president and business development lead for the Energy Division, stated, "This latest order with our key customer also puts us in a strong position to secure the analytical content of three additional units currently in early concept stage and likely to result in orders over the next two years. Further purchase orders for additional scope, including VE Technology sample probes and systems, are expected early in 2019 for the same project."
CUI Global President and CEO William Clough said, "We're seeing an uptick in integration projects in and around Southeast Texas that is being driven by our growing reputation in engineering and design expertise and excellence that is positioning Orbital as the 'go-to' solutions provider for the Energy Majors. These purchase orders are reflective of this growing reputation, and our new Houston facility is perfectly situated to capitalize on the many unique projects these companies will be initiating in the coming years."
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
Orbital Gas Systems, (Orbital) has offices in the United Kingdom and Houston, Texas. 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.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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