CUI Global Announces Purchase Order and First Field Installations of its Vergence® GasPT2 Devices for Snam Rete Gas in Italy
TUALATIN, Ore., April 2, 2013 /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 purchase order ("PO") for retail units of the Vergence® GasPT2 device for Snam Rete Gas S.P.A. ("Snam Rete") in Italy. The units, purchased by CUI Global's Italian distribution partner, Socrate S.P.A. ("Socrate"), for Snam Rete are scheduled to be installed at various locations on the Snam Rete grid for field trials against already installed gas chromatographs.
On Thursday, March 21, 2013, CUI Global's management met with representatives from Snam Rete and Socrate at Snam Rete's Headquarters in Milan, Italy. During the course of that meeting, Snam Rete confirmed that it would be seeking the Vergence® GasPT2 devices before the end of March. Snam Rete further confirmed that the units would be placed in a field trial across the Snam Rete natural gas network during April/May 2013, so that results can be reported to the Italian Regulatory Authority and Dipartimento di Energia ("Energy Ministry") during meetings scheduled in May/June 2013.
Snam Rete further confirmed that this field trial, following the successful performance of the original test unit at their facility in Masera, Italy, is the final step before full implementation of the devices as set forth in the Piano di adeguamento tecnologico e di manutenzione degli impianti di metering e meter reading ("Level of technological upgrading and maintenance of metering and meter reading"), the comprehensive upgrade report/plan issued by Italian authorities on December 1, 2009 (According to the provisions of Article No. 8 of the acting Aeeg ARG/gas 184/09).
The Socrate PO for five units, one demonstration unit, and four units for Snam Rete was received by the company on Friday, March 29, 2013.
As explained by CUI Global's president & CEO, William Clough, "This purchase of units for field trials by Snam Rete, following the successful performance of our initial GasPT2 device for Snam Rete at its Masera Facility, further confirms the dynamic nature of our Vergence Technology."
"We believe that these retail orders and field trials by such an industry stalwart, coupled with our upcoming acquisition of Orbital-UK, is just the beginning of our penetration into the Italian and, thereby, European natural gas market for the GasPT2 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 and technologies. From its Vergence GasPT2 platform targeting the energy sector, to its subsidiary CUI Inc.'s digital power platform targeting the networking and telecom industries, CUI Global has built a diversified portfolio of 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 its customers, its communities, and its employees. 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 and distribution of electro-mechanical products. Its broad power and component product portfolios allow customers to address design challenges across a range of industries and applications. Built on a solid foundation of core operating principals, CUI seeks to maximize value for customers through their engineering, manufacturing, and supply chain capabilities. As an industry leader, CUI continues to invest in the future through new technologies, talented employees, expanded manufacturing capabilities, and a growing global reach.
About Snam Rete Gas S.P.A.
Snam Rete Gas is the leading company in Italy in transport and dispatching of natural gas. From seventy designs, the company builds and operates a network of pipelines that today is about 31,700 kilometers and extends over most of the country and an integrated network and capillary made protecting the environment and the territory.
Snam Rete Gas is a company Snam, an integrated operator in defense of regulated activities in the gas sector in Italy and the European leader in terms of invested capital for regulatory purposes (RAB).
For more information, please visit www.snamretegas.it.
About Socrate S.P.A.
Socrate was founded in 1984 in Milan, Italy. Initially the company dealt with the distribution in Italy of liquid flow meters, flow computers and other components in the metering field. To this field was added process analysis: in 1989 Socrate becomes the exclusive distributor of AMETEK PI in Italy, a brand of excellence in the industry. These were joined by other high-quality products to complete the range.
Today Socrate is aiming directly at the Italian, Croatian, Libyan and Tunisian markets offering products and solutions both in the process analysis and the metering sectors as well as that of fire and gas detection. Socrate believes that the only efficient approach for the client, whether they are an end user or an EPC, is to acquire high quality products and systems that maintained properly by competent persons will be the best way to allow the customer to obtain the expected result from the investment: this is what the company has always offered with success and satisfaction on the market.
For more information, please visit http://aps.sogestagroup.com/socrateonline.it/
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. Forward-looking statements, including statements regarding purchase of the Vergence units by Socrate, the field trials to be conducted by Snam Rete and implementation of the Vergence devices on the Snam Rete grid, if any, are all 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, completion of the pending acquisition of Orbital-UK and the successful integration of the two businesses, and the performance or reliability of our products, including the Vergence 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, including the most recent annual report on Form 10-K.
SOURCE CUI Global, Inc.