TUALATIN, Ore., July 12, 2016 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), today announced that its wholly-owned subsidiary, CUI Inc, has entered into an agreement to be the exclusive third party hardware design and development provider for Virtual Power Systems (VPS), a cutting edge Software Defined Power® company. This agreement further expands the previously announced limited exclusivity agreement for hardware development with VPS as the companies will continue to partner in setting a new standard for an efficient power infrastructure.
"We view software as the next step in redefining the way engineers look at power supply design," explained Matt McKenzie, President of CUI Inc. "By becoming VPS' exclusive hardware design firm, CUI will be able to better support our valued partner as they continue to expand the reach of their industry-changing software."
With this agreement, CUI will become VPS' key hardware design resource for their ICE® (Intelligent Control of Energy) solution, enabling both CUI as well as third party power vendors to leverage its design services to accelerate time to market with VPS solutions. CUI will provide hardware design support for the ICE Block component of the system that is managed through the ICE Platform, a tightly integrated suite of software developed by VPS. The ICE system brings the benefits of elastic power to data centers, doubling power, reducing costs and improving reliability through a fully automated solution. Additionally, the new agreement will seek to expand beyond data center infrastructure and enter all market segments and applications that would benefit from a complete Software Defined Power® ecosystem.
"CUI has proven to be a key partner on the hardware side of the Software Defined Power infrastructure and has been a great match with our innovative software. This expanded agreement enables a wider array of product offerings by CUI and third party vendors allowing for faster adoption into new markets and applications in the future," stated Shankar Ramamurthy, CEO of Virtual Power Systems.
"We have been incredibly pleased by our partnership with VPS and this announcement further solidifies our commitment to support leading edge innovations," said William Clough, CUI Global's President & CEO. "Our diversified portfolio of key partnerships and technologies will further drive profitability and bring value to our shareholders as CUI expands into ever-larger markets," concluded Clough.
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.
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.
Virtual Power Systems, Inc. (VPS) is the leading software defined power® company transforming how data centers provision, manage, and utilize power capacity. It is addressing the top growth constraint to data centers - power availability. Its software called ICE (Intelligent Control of Energy) makes power an elastic resource across the data center. As a result, infrastructure utilization is improved by up to 50% within the existing power footprint, while improving visibility, availability, and avoiding new capex. . The VPS mission is to enable data center operators to double power and server utilization, slash costs, and improve availability
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.