TUALATIN, Ore., March 27, 2017 /PRNewswire/ -- CUI Global,
Inc.'s (NASDAQ: CUI), wholly-owned UK energy subsidiary, Orbital
Gas Systems Ltd ("Orbital; the company"), has been awarded a major
contract from National Grid, the UK's largest natural gas
transmission company, for delivery of additional IRIS Remote
Terminal Unit (IRIS-RTU) systems.
While Orbital has now begun development of a "next generation"
IRIS solution, this order, worth approximately $1.4 million, calls for the design, construction
and delivery of a further 13 IRIS-RTU systems and associated
electrical kiosks. The delivery, a mixture of IRIS-LITE and
the more complex Type B systems, will commence in March 2017 with the final system expected to be
delivered in Q3 2017.
Orbital's IRIS remote telemetry allows any user from anywhere in
the world to easily monitor and control their assets. IRIS has
specifically been designed to offer improvement in efficiency,
reduce operating costs, enhance stability, heighten security and
most importantly – improve the interface between sites, control
room and operatives at all levels and locations.
President of Orbital UK, Richard
Law, said, "This will be the ninth year of integrating our
IRIS-RTU system into the National Grid gas transmission network and
I am pleased that there is further recognition of the benefits of
our unique IRIS software from this industry leader."
CUI Global's president and CEO, William
Clough, said, "This award recognizes our long-standing and
excellent past performance with National Grid in deploying our
dynamic IRIS–RTU technology across its asset base, and further
evidences our ability to drive adoption of our leading-edge
solutions among the top tier of gas operators."
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
(Orbital), a CUI Global Company, is the leader in innovative gas
solutions, having more than 30 years of experience in design,
installation and the commissioning of industrial gas sampling,
measurement and delivery systems. Operating globally to
energy, power and processing markets, Orbital manufactures and
delivers a broad range of applications including environmental
monitoring, gas metering, process control, telemetry, gas sampling
and bio-methane-to-grid.
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.
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SOURCE CUI Global, Inc.