BARCELONA, Spain, Sept. 20, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today from the GasTech 2018 Conference (GasTech) that its wholly-owned energy subsidiary, Orbital Gas Systems ("Orbital" or the "Company"), has signed a definitive Cooperation Agreement ("Agreement") with SAMSON AKTIENGESELLSCHAFT ("SAMSON") for the global sales and distribution of the Company's proprietary GasPT®, VE Technology® and combined GasPTi analyzer. Under the terms of the Agreement, SAMSON will distribute the Company's solutions globally excluding North America and the U.K. and become its exclusive distributor. The document contains specific performance milestones, which SAMSON must achieve to become and then maintain "exclusivity."
SAMSON, a market leader in flow control solutions for industrial processes, is represented in over 40 countries with more than 4,000 employees, more than 50 subsidiaries and over 200 representatives worldwide. Founded in 1907 and based in Frankfurt, Germany, SAMSON develops measurement and control technologies such as regulators, and control valves for industries including energy, chemical, and food and beverage industries. A leader in manufacturing control valves for process automation, the company is developing new smart systems that transform process automation to the benefit of its customers and to achieve greater flexibility, safety and reliability in industrial processes. Orbital's proprietary technology fits SAMSON's continuing drive to offer leading edge flow control solutions.
"This Agreement is reflective of our continuing ability to drive market adoption of our gas technology solutions," stated William Clough, president and CEO of CUI Global. "In SAMSON we have secured a global partner whose established presence in energy markets worldwide can open additional opportunities for us, particularly in Russia and China. SAMSON's commitment to us recognizes the disruptive nature of our solutions at a time when the shift to gas as an increasingly important component of the global energy mix gains momentum. We look forward to a successful partnership with SAMSON."
Wolfgang Beck, director of Modular Systems and Solutions at SAMSON, stated, "Partnering with Orbital aligns us with a gas measurement technology that is quickly gaining the attention of energy operators globally. This Agreement represents another important step in SAMSON's strategy to partner with technology innovators to the benefit of our customers."
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 advanced 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 can participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most important, 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
Orbital Gas Systems, (Orbital) has offices 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.
For more information, please visit: www.orbitalgas.com
SAMSON offers products and systems to control all kinds of media. We specialize in control valve engineering. As a trendsetter for over 100 years, we drive forward new developments and introduce innovations to the market. We have had a considerable impact on the evolution of valves from analog components to smart control valves. We are now fully focusing on the opportunities provided to us through Industry 4.0.
For more information, please visit: www.samson.de/en
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.