TUALATIN, Ore., March 8, 2016 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), announced today that its wholly-owned energy subsidiary, Orbital Gas Systems North America, Inc. (OGSNA), has received a purchase order (PO) from a large-scale Ethylene Plant operator in South Texas to design, build, and deliver nine (9) patented ultra-fast and accurate in-bed VE Sample Probes and sample systems. The value of the PO exceeds $800,000.
Further, OGSNA has received a purchase order for an additional six (6) VE Sample Probes with patented Aerodynamic tip and helical strakes with complete VE Sample systems to be produced at its United Kingdom facility for installation and commissioning later this year. The systems also include the patented VE LPG vaporizer and the VECU (VE Conditioning Unit) for precise pressure and flow control and monitoring.
As explained by OGSNA's President, Nicholas Clough, "This is the first deployment of these exciting technologies in North America and it comes after several North American customers successfully completed testing of our proprietary natural gas technologies. We believe that this order portends additional North American orders, including significant additional orders by this customer."
"The VE Technology will enable this operator to measure trace moisture in near real time; cutting sample response from several hours to less than 10 seconds and allowing their process to operate more efficiently and for longer with significant reductions in maintenance. In fact, the patented VE Solution was the only sample probe and sample system able to meet the strict requirements for this application." continued Clough.
"In other, similar installations, the efficiencies inherent in the VE Technology have allowed the customer to recover its CAPEX costs within 100 days," Clough concluded.
CUI Global's CFO and COO of the Energy Division, Daniel Ford, commented, "Our recent order from the Italian Transmission Company, Snam Rete Gas, has increased the credibility and 'sale-ability' of all of our technologies, including, but not limited to our VE Technology. This initial North American order is only the beginning of our efforts to penetrate the North American natural gas market and thereby continue to increase our revenues and enhance our shareholder value."
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 30 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.orbitalgassystems.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.