HOUSTON, July 25, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned energy subsidiary, Orbital Gas Systems ("Orbital" or the "Company"), has signed a Memorandum of Understanding ("MoU") with SAMSON AKTIENGESELLSCHAFT ("SAMSON") that will allow for global sales and distribution of the Company's proprietary GasPT®, VE Technology® and combined GasPTi analyzer. SAMSON, a market leader in flow control solutions for industrial processes, is represented in 66 countries with more than 4,000 employees and 50 subsidiaries with 100 engineering and service centers worldwide. The MoU is expected to be followed by a definitive agreement in the next 60 days.
Founded in 1907, Frankfurt, Germany-based 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.
"We are proud to announce the signing of the MoU and are excited by the prospect of leveraging SAMSON's global sales infrastructure to access previously, untapped large gas markets, such as Russia and China," stated William Clough, president and CEO of CUI Global. "SAMSON's reputation for innovative technology and leadership validates the disruptive nature of our GasPT and VE Technology products, and its ubiquitous presence in the gas industry makes it the ideal partner with which to advance adoption of GasPT and VE technology on a global scale."
Wolfgang Beck, director of Modular Systems and Solutions at SAMSON, stated, "As an organization we are singularly focused on advancing the flow control space through innovation. This MoU is aligned with our commitment to partnering with technology innovators that can extend our capabilities in delivering solutions and services that offer our customers actionable insight into their industrial processes. With its near real-time capabilities and low-maintenance profile, Orbital's GasPT and VE technology solutions are a game-changer for the gas industry."
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.
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.
About SAMSON 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.
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.