CUI Global Subsidiary Orbital N.A. Secures Multiple Orders from Leading North American Energy Companies for its Proprietary VE Technology® Solutions for Trace Mercury Measurement
HOUSTON, March 24, 2020 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned energy subsidiary, Orbital Gas Systems North America ("Orbital" or the "Company"), has recently received and deployed orders for the Company's proprietary VE Technology from several Fortune 100 energy companies in the Oil & Gas industry based in Houston, Dallas and Charlotte, NC, for trace mercury measurement in oil and gas.
Orders for the Company's VE Technology product line comprised 20 probes and 10 systems across several innovative, global projects. Each deployment consists of components wholly designed by Orbital and manufactured, assembled and tested locally by Orbital or one of its North American manufacturing partners.
Jim O'Neil, vice chairman and CEO of CUI Global, commented, "Orbital specializes in sample systems for difficult to measure analytes. Heightened global awareness of the presence of mercury in oil and gas has led to increased sampling and testing in production and refining processes, chemical plants, and natural gas transmission. Recognizing this trend, Orbital has developed its differentiated and proprietary VE Technology. Customer trials, as well as our targeted marketing and sales efforts, have broadened the oil and gas industry's awareness of our disruptive VE Technology in North America and we are now beginning to see significant orders, with several repeat customers in the Fortune 100. Our VE Technology product line sales are up 250% year to date compared to 2019 levels for the same period, and we expect this product line will continue to gain momentum. Our world class oil and gas measurement integration facility in the Houston area, along with our team of well-respected sampling experts from the U.S. and U.K., have laid a strong foundation for this product line."
Orbital's range of VE Technology products are quickly becoming an industry standard. Through the continued development of these innovative technologies, Orbital is dedicated to ensuring its global customers can continue to safely and efficiently control their production facilities in an ever-changing marketplace.
Mercury is an extremely difficult substance to measure and it can cause significant safety and operational concerns at ultra-trace levels. The demand for accurate measurement of Mercury is growing exponentially as awareness of required containment is better understood and appreciated. To support its customers, Orbital has developed a range of portable, fixed and fully automated solutions, which have been successfully implemented at several plants around the world.
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 to create a diversified energy services platform. CUI Global's Energy business, Orbital Gas Systems is a leader in innovative gas solutions with over 30 years of experience in design, installation and the commissioning of industrial gas sampling, measurement and delivery systems providing solutions to the energy, power and processing markets. Orbital Gas Systems manufactures and delivers a broad range of technologies including environmental monitoring, gas metering, process control, telemetry, gas sampling and BioMethane. 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: http://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
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.
Investor Relations:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
dhanover@kcsa.com
SOURCE CUI Global, Inc.
