TUALATIN, Ore., Oct. 3, 2016 /PRNewswire/ -- CUI Global, Inc. (NASDAQ:CUI) announced today that its wholly-owned United Kingdom ("UK") energy subsidiary, Orbital Gas Systems Ltd. ("Orbital"), has signed a Framework Agreement with National Grid Gas PLC ("NGT"). NGT owns the national natural gas transmission system in Great Britain, comprising approximately 7,600 kilometers of high pressure pipe and 26 compressor stations; connecting to eight distribution networks and to third party independent systems for onward transportation of gas to end users/consumers.
The framework agreement will give Orbital the opportunity to provide goods and services worth over £30.0 million (USD $40.0 million) during the five-year period. It will allow Orbital to provide services to NGT, including the supply of equipment such as the proprietary IRIS, GasPT, and VE Technology systems, as well as the provision of design, system integration, installation, technical support and training for a variety of other systems in the field of Gas Metering, Analysis and Telemetry.
Managing Director of Orbital UK, Richard Law, stated "We are very pleased to be awarded the opportunity to continue to support National Grid over the next five years and I am delighted with the dedication and attention to detail displayed by our team in securing this framework agreement, scoring the highest technically across all areas from over 30+ companies bidding. We believe it offers avenues for us to deliver some of our integrated products along with Orbital's innovative solutions such as IRIS, GasPT, and VE Technology to the UK market."
William Clough, CUI Global's president and CEO further commented, "The award of this framework agreement and our continuing partnership with highly respected energy companies like National Grid secures our reputation as one of the natural gas industry's leading system integrators, further demonstrates market recognition of our capabilities and opportunity to provide real time savings and value through our innovative gas solutions and continues to enhance our value proposition."
Update on Snam Rete Gas (SRG)
CUI Global also announced that it met with senior executives at Snam Rete Gas regarding the status of the Italian re-metering project. SRG confirmed the "flawless" delivery of the first 300 of CUI Global's GasPT units and that the project was moving forward with the expected delivery of another 100 units through October 2016.
CUI Global continues to anticipate the deployment of a minimum of 3,300+ units by SRG over the next three years. SRG also confirmed that there is no other competitive technology that meets its criteria and that its project is fully funded. SRG did advise CUI Global that due to certain procedural issues outside of its control, the next product delivery (after the initial 400) will be scheduled for the first quarter of 2017.
Commenting on his meeting with SRG, Mr. Clough stated, "Our meeting was quite positive and confirmed the success of our GasPT technology and the efficiency with which the Orbital team is coordinating these important deliveries. We, along with our Italian partner, Socrate, will continue to provide world-class service to Snam Rete in order to ensure the continued success of their project and to strengthen our relationship with this leading European natural gas transmission company."
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 GasPT 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") is the largest natural gas systems integrator in the United Kingdom. For over 30 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's internationally recognized expertise in the natural gas industry, including bringing together the patented VE Technology with the ground-breaking GasPT device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital 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.