CUI Global Announces Distribution Agreement between its Wholly Owned Subsidiary, Orbital Global Solutions, and Ives Equipment Corporation for North American Sales of its GasPT™ and VE Technology™ Systems
TUALATIN, Ore., Jan. 13, 2014 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, today announced that its wholly owned subsidiary, Orbital Global Solutions (OGS) has signed a Distribution Agreement with Ives Equipment Corporation (www.ivesequipment.com), a natural gas equipment distribution company based in King of Prussia, PA. The Agreement calls for distribution of CUI Global's patented natural gas technology, including the GasPT, the GasPTi and its VE Technology. Specifically, the agreement gives Ives exclusive distribution rights for sale of the devices in the Northeastern United States, including: New Jersey, Delaware, Maryland, Pennsylvania, Virginia, West Virginia, and certain counties within New York Metro.
Ives Equipment is a well-recognized provider of metering and other solutions to the natural gas industry. The Ives Sales Team has over 750 years of combined Industry experience. The sales group includes twelve inside Sales Engineers; teamed with six Sales Associates; supported by twenty outside Salesmen. With a customer list that includes such industry icons as Kinder Morgan, Dominion Transmission, Mark West Energy, and Shell Exploration, Ives brings a wealth of experience and credibility to OGS and its proprietary portfolio of unique natural gas products.
The agreement calls for Ives to initially purchase twelve (12) GasPTi-P devices for both customer demonstration and inventory. Ives is already in the process of selling two of the devices set to be installed in the first quarter 2014.
CUI Global's president & CEO, William Clough, commented, "This agreement with Ives Equipment is a significant step towards our sales & marketing strategy of developing a distribution network in North America and Europe. Ives, through its almost 60 years of experience, long-established connections, world-class sales team and reputation within the North American energy market, is committed to rapidly placing our technology. Ives' extensive network of energy professionals, end users, and regulatory authorities in the Northeast United States will enable us to present and sell our devices to a broad customer base in a highly strategic and targeted fashion."
Ives' president, Terrence Ives, stated, "We are delighted to be CUI Global's and Orbital Global Solution's distribution partner for their technology in North America. We clearly believe in the unique and dynamic nature of the various products and are committed to rapidly opening new market channels and customers for these exciting products."
Clough concluded, "We are quite confident that Ives Equipment is the right partner and will begin to immediately introduce this ground breaking technology to new customers in North America – all leading to increased revenues and, thereby, increased value for CUI Global and its Shareholders."
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 CUI Inc
CUI Inc is a technology company dedicated to the development, commercialization, and distribution of new, innovative electro-mechanical products. Over the past 20 years, CUI has become a recognized name in electronic components worldwide in the areas of power, interconnect, motion control, and sound. CUI's solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly owned subsidiary of CUI Global, Inc.
For more information, please visit www.cui.com.
Orbital-UK is the largest natural gas systems integrator in the U.K. For over 25 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-UK's internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology with the ground-breaking GasPT2 device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems.
For more information, please visit www.orbital-uk.com.
About Ives Equipment Corporation
Ives Equipment Corp has been specializing in Process Control since 1954. We offer sales, installation, calibration and repair of Controls, Valves, Meters, Actuators, Gauges, Calibrators, Analyzers, Transmitters, Switches, Recorders, Detectors and Expansion Joints, along with a complete line of pressure temperature, level and flow Instrumentation. Our business has been built on a foundation of quality people, highly trained and experienced, who provide the optimum solutions to our customers' control problems.
For more information, please visit www.ivesequipment.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.
SOURCE CUI Global, Inc.