TUALATIN, Oregon, April 27, 2016 /PRNewswire/ -- CUI Global, Inc. [NASDAQ:CUI] announced today that its wholly-owned United Kingdom ("UK") energy subsidiary, Orbital Gas Systems Ltd. ("Orbital"), has successfully delivered and commissioned its 16th and 17th "Bio-methane to Grid Systems" ("BMG Systems").
The orders, valued at approximately $1,500,000, included the design, build, installation and commissioning of BMG Systems for independent customers injecting gas into the Scotia Gas Networks ("SGN") and Northern Gas Networks ("NGN"). It is also the 6th and 7th such systems to be successfully commissioned (securing injection tariffs for the site owners) within the past 12 months.
SGN manages the network that distributes natural and green gas to 5.9 million homes and businesses across Scotland and the South of England. SGN's pipes deliver gas safely, reliably and efficiently to every one of its customers. While NGN delivers gas to 2.7 million homes and businesses in the North East, Northern Cumbria and much of Yorkshire. Further, NGN is installing more than 3,800 kilometers of new natural gas pipeline by 2021 and provides the region's rapid response service for customers who smell gas at home or work.
"I am delighted with our completion of yet another two sites, commissioned during the same period. This milestone positions us as a strategic leader in this industry sector and demonstrates our commitment to the renewable and novel gas markets over the coming years," commented Orbital's UK Managing Director, Richard Law.
Additionally, Orbital has secured orders for further BMG Systems, worth $1,800,000, with an anticipated option for an additional $600,000, to be delivered over the coming months.
"Our continued leadership in the delivery of Bio-methane to Grid Systems demonstrates the viability and value of our technologies and the professional abilities of our design engineers and other technical personnel," explained CUI Global's president & CEO, William Clough.
"As the world turns more and more to alternative fuel sources, our leadership in the design, manufacturing, delivery, and commissioning of these high-tech BMG Systems, including our proprietary GasPT and VE Technologies, will enhance our ability to penetrate both Western Europe and North America markets; further enhancing our profitability and shareholder value," Clough concluded.
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
About Orbital Gas Systems Ltd.
Orbital Gas Systems Ltd ("Orbital-UK") is the largest natural gas systems integrator in the United Kingdom. For over 30 years, Orbital-UK 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-technology with the ground-breaking GasPTi device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital-UK 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.