CUI Global Announces First Retail Sales of its Vergence™ GasPTi Combined Analyzer in North America
TUALATIN, Ore., July 9, 2012 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, today announced it has received its first retail sales orders for the Vergence™ GasPTi combined natural gas analyzer in North America. The unit has been ordered by Mockingbird Midstream Gas Services LLC, a subsidiary of Chesapeake Energy Corporation.
Chesapeake Energy Corporation is the second-largest producer of natural gas in the United States. It is a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S.
The GasPTi analyzer combines the Vergence™ GasPT2 device in a weather-proof housing with gas conditioning, pressure regulating, and associated equipment needed to make the device a "plug-and-play" solution for the natural gas operator. It attaches to the pipeline via the patented VE-Probe Technology, making the combined device truly "field ready" and largely maintenance free. The GasPTi device is produced by CUI Global in conjunction with its partner and UK Distributor, Orbital-UK.
As recently explained by Andrew Ridge, Orbital-UK's Managing Director, "The combination of CUI Global's Vergence Technology with our VE-Probe in the GasPTi Natural Gas Analyzer creates a unique and revolutionary method of almost instantly and accurately determining gas quality in a cost efficient manner previously unavailable to the industry. We at Orbital are very excited about the new device, the opportunity it creates for us in the natural gas industry, and our partnership with CUI Global."
CUI Global's president & CEO, William Clough, commented, "This initial North American purchase order continues the partnership of our Vergence Technology with industry leaders like Orbital-UK to service such respected energy providers as Chesapeake Energy Corporation, once again confirming the viability and value of our GasPT2 device."
"We believe that these retail orders and continued testing and validation by such industry icons can and will enhance our penetration into North America for the Vergence devices," Clough concluded.
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global is a publicly traded platform company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products, and technologies. From its Vergence GasPT2 platform targeting the energy sector, to its subsidiary CUI Inc.'s industry leading digital power platform targeting the networking and telecom industries, CUI Global has 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. CUI Global prides itself on operating with the same level of integrity, respect, and philanthropic dedication that was put in place by CUI Inc.'s founder more than 20 years ago. It is these values that allow the company to make a difference in the lives of their customers, their community, their employees, and their investors. Recently, a move was made to merge and streamline resources with its subsidiary CUI Inc. in order to create a unified, international brand that now positions CUI Global for further strategic expansion.
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.
Orbital is a specialist gas engineering company, delivering integrated instrumentation and engineered solutions to the gas utilities, industrial process and environmental industries. In the past 25 years we have grown from being a small specialist subcontractor, into one of the largest system integration providers in the UK industrial gas market. Over the last 25 years, Orbital have developed a portfolio of thoroughly engineered solutions and gained invaluable experience with a proven track record of safe and successful project delivery, from the design and supply of small bespoke systems through to major multi-site CDM managed contracts in excess of 20 million GBP.
For more information, please visit www.orbital-uk.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.