HOUSTON, Aug. 13, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned energy division, Orbital Gas Systems ("Orbital" or the "Company"), has been awarded an exclusive contract to provide routine maintenance, repair, and calibration for a major UK natural gas transmission company (the "Operator"). The two-year contract is valued at approximately £1,150,000 ($1,500,000 USD), begins September 1 and includes a one-year extension option.
Atypical for the industry, the Operator awarded the contract exclusivity to Orbital based on Orbital's capabilities and personnel to provide maintenance, repair and calibration of, among other things, all Maxum and MicroSAM analyzers across the entirety of the Operator's natural gas network.
"The exclusivity of this services contract speaks to the unique position Orbital occupies in the ecosystem of vendors to this major operator, one that is founded not only in Orbital's ability to deliver world-class services, but also its access to proprietary, cutting-edge gas measurement technologies, such as GasPT and VE Technology, not available from any other vendor," stated William Clough, president and CEO of CUI Global.
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, (Orbital) has offices located in the United Kingdom and Houston, Texas. 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.