HOUSTON, May 1, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned energy subsidiary, Orbital Gas Systems North America ("Orbital" or the "Company"), has deployed its proprietary VE Technology across leading North American energy companies. Orders were recently received from several Fortune 100 energy companies in the Oil & Gas industry based in Houston, Texas.
Orders for the Company's VE Technology product line comprised 45 probes across 11 new, innovative projects. Each deployment consist of components wholly made and assembled locally by either Orbital or one of its North American partners. Orders include:
19 VE sample probes
1 VE retractable thermowell
4 VE custom sample probes
3 VE sample systems
1 portable mercury detection system
1 custom sample system, including VE probe
President of Orbital North American Nicholas Clough, commented "Marketing initiatives and targeted sales efforts to broaden awareness of our disruptive VE Technology in North America are converting to orders. Our new, world class facility in the Houston area, along with our team of well-respected sampling experts from the U.S. and U.K. collectively, are building demand for this product line. We believe that adoption of our proprietary technology by these top tier energy companies will serve as important industry validation and drive further demand for our VE probes and thermowells."
Orbital North America Vice President of Business Development & Global Products Tom Knight, added, "We believe these new sales to North American energy market leaders will enable us to replicate the success we have experienced in the U.K. and Western Europe where once an operator gets to experience the increased performance, lower costs, and operating efficiencies created by our unique technologies, they invariably purchase more of the products as well as our larger integrated solutions."
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.
Orbital Gas Systems Ltd., (Orbital) has offices located in the United Kingdom and Houston, Texas, it remains the UK's largest natural gas systems integrator. 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.
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.