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
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
(Logo: http://photos.prnewswire.com/prnh/20120320/FL72629LOGO )
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
For more information, please visit www.cuiglobal.com and www.cui.com.
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
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.
Contact: Company Contact: CUI Global, Inc., Media Contact: Maggie Lefor, Main:
503-612-2300, email@example.com; or Investor Relations: CUI Global, Inc.,
Main: firstname.lastname@example.org; or Outside IR contact: BPC
Financial Marketing, John Baldissera, 800-368-1217
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