CUI Global's Subsidiary, Orbital Gas Systems Ltd., Announces New Relationship with Yokogawa United Kingdom Ltd. and First Export of its Natural Gas Odorization Solutions
TUALATIN, Ore., Nov. 6, 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 that, effective September 2013, its wholly owned subsidiary, Orbital Gas Systems Ltd., has reached an agreement to provide system integration capability to Yokogawa Electric Corporation (www.yokogawa.com) for its products within the United Kingdom. In the initial phase of this new relationship, Yokogawa has awarded Orbital a contract to supply various systems encompassing Yokogawa instruments for one of their largest clients within the petrochemical industry.
The agreement and new relationship gives increased weight to Orbital-UK's ever growing versatility and ability to work in new industry areas and with new partners and clients. This is a corner stone of Orbital-UK's past and present growth. Orbital-UK's 30 years of experience in providing innovative engineering solutions and its ability to consistently deliver projects on time, within budget and with unrivalled build quality, coupled with Yokogawa's diverse and large range of high quality products will ensure that end-users receive an engineered solution to meet their process requirements.
"We are pleased by Yokogawa's decision to appoint Orbital as a system integration partner for the UK," commented Orbital-UK's managing director, Andrew Ridge. "Although in its early stages we feel very confident that this will be a long and mutually beneficial relationship between the two companies."
Neil Stuchbury, Orbital-UK's sales director added, "We are a growing organization, with many exciting opportunities ahead. This partnership with Yokogawa is an excellent example of our ambition to extend our portfolio in supporting industry leading clients like Yokogawa Electric Corporation and its UK subsidiary. The partnership with Yokogawa also emphasizes Orbital's expertise, ambition and growing worldwide reputation."
In a related event, Orbital-UK also recently was awarded a contract to design, build and supply LPG and Liquid Propane odorization systems for a West African Liquefied Petroleum Gas (LPG) and Liquid Propane storage plant. Orbital-UK will be working closely with several organizations to ensure its high quality engineered and safe solutions are delivered within the agreed program.
Export of these odorization systems is a significant milestone for Orbital-UK. These are the first such systems that Orbital-UK will be making for use outside of the United Kingdom. The solutions will be delivered Q1 2014 and are a very important part of the West African site infrastructure. The project is valued at approximately £800,000 ($1,275,000) to Orbital-UK.
CUI Global's president & CEO, William Clough, stated that, "Orbital's experience in the UK is second to none in designing and implementing odorization systems. It has been responsible for implementing the vast majority of Natural Gas Odorization plants in the UK and has maintained those plants for over 15 years now. It is now time to include this key area of business in the UK into the global marketplace and this West African project is an excellent starting point."
"This new relationship with Yokogawa and the West African project are all indicators of the continuing value of the Orbital-UK acquisition. We believe that, as we expand Orbital-UK's product portfolio globally, along with the impact of the VE-Probe and GasPT2 Technologies, the acquisition will only increase our ability to grow and enhance shareholder value in the future," Clough concluded.
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
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 Yokogawa Electric Corporation
Yokogawa's global network of 88 companies spans 55 countries. Founded in 1915, the $4.0 billion (USD) company conducts cutting-edge research and innovation. With its more than 19,000 employees worldwide, Yokogawa is engaged in the industrial automation and control (IA), test and measurement, and other businesses segments. The IA segment plays a vital role in a wide range of industries including oil, chemicals, natural gas, power, iron and steel, pulp and paper, pharmaceuticals, and food.
For more information, please visit www.yokogawa.com.
About Yokogawa United Kingdom Ltd.
Yokogawa United Kingdom Ltd., part of the global Yokogawa Electric Corporation, is a supplier of enterprise technology solutions to the process, manufacturing and utility sectors. The company is a technology and market leader in instrumentation and control, and holds many key patents and national and international approvals.
For more information, please visit www.yokogawa.com/uk.
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.
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