CUI Global's Subsidiary, Orbital Gas Systems Ltd., Announces New Relationship
with Yokogawa United Kingdom Ltd. and First Export of its Natural Gas
TUALATIN, Ore., Nov. 6, 2013
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.
(Logo: http://photos.prnewswire.com/prnh/20120320/FL72629LOGO )
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
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,"
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-technologywith 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
SOURCE CUI Global, Inc.
Contact: Media Contact: CUI Global, Inc., Maggie Lefor, Main: 503-612-2300,
firstname.lastname@example.org, or Outside IR contact: Stonegate Securities, Casey
Stegman, 214-987-4121, email@example.com
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