Proactiveinvestors USA & Canada CUI Global Inc https://www.proactiveinvestors.com Proactiveinvestors USA & Canada CUI Global Inc RSS feed en Thu, 23 May 2019 09:57:13 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Capital Network analyst discusses 'transformational' CUI Global deal ]]> https://www.proactiveinvestors.com/companies/stocktube/13417/capital-network-analyst-discusses--transformational--cui-global-deal-13417.html Mon, 20 May 2019 13:57:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/13417/capital-network-analyst-discusses--transformational--cui-global-deal-13417.html <![CDATA[News - CUI Global proposes four-company acquisition deal ]]> https://www.proactiveinvestors.com/companies/news/220362/cui-global-proposes-four-company-acquisition-deal-220362.html CUI Global Inc (NASDAQ:CUI) signed a non-binding letter of intent late Wednesday to acquire four privately-held companies.

The combination of CUI Global as the public company platform, along with four privately-held companies, which remained unnamed, would create an energy services company with annual revenue of about $350 million. The combined entity intends to be known as Pro Forma CUI and would be led by former Quanta Services CEO Jim O'Neil.

The deal would include issuing 160 million shares of CUI stock, $30 million in cash, a $45 million one-year unsecured sellers note, the assumption of $15 million in outstanding debt and an earn-out payable over 5 years of up to $200 million.

The deal is expected to be announced by June 1.

Shares climbed 3.3% to close at $1.24.

READ: CUI Global subsidiary Orbital Gas Systems showcases new technologies at open house in Houston

The companies include a maintenance and repair services company with clients such as ExxonMobil and Motiva; an infrastructure services provider serving BP, OG+E and Noble Energy; an industrial services firm focused on insulation and related services boasting KBR, Kiewit and Gulf Island Fabrication as customers; and a wireless telecommunications firm focused on site acquisition activities and construction in the Southeastern United States and Puerto Rico with clients including AT&T, MasTec, Nokia and Verizon.

“Having established a presence for CUI Global in the U.S. energy market at our Orbital facility in Houston, we are thrilled to present our shareholders with an opportunity to enhance the company's valuation in the future,” said CEO William J. Clough. 

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Wed, 15 May 2019 16:39:00 -0400 https://www.proactiveinvestors.com/companies/news/220362/cui-global-proposes-four-company-acquisition-deal-220362.html
<![CDATA[News - CUI Global sees 1Q revenue boost ]]> https://www.proactiveinvestors.com/companies/news/220361/cui-global-sees-1q-revenue-boost-220361.html Shares of CUI Global Inc (NASDAQ:CUI) rose by double-digits in pre-market trading Thursday a day after the company reported revenue of $23 million in the first quarter, up from $22.0 million in the year-ago period.

CUI’s stock recently traded up 25% to $1.55.

The Tualatin, Oregon-based energy and technology company said it ended the quarter with cash and cash equivalents of $800,000, with restricted cash of $500,000.

CUI Global also reported a narrowing consolidated net loss of $3 million, compared to a loss of $3.3 million in the same quarter of 2018. The company said it produced a gross profit of $7.7 million, compared to $6.6 million.

READ: CUI Global subsidiary Orbital Gas Systems secures GasPT orders from SAMSON AG

The company also said its power and electromechanical (P&EM) segment's unaudited backlog was $19.6 million as of March 31, compared to $21.8 million at the end of December 2018.

And the energy segment's unaudited backlog was $13.4 million, compared to $15.7 million at December’s end, the company said in a statement.

"Our first quarter results reflect continued strength in our P&EM segment and the fruits of business development initiatives in our Energy segment focused on the buildout of energy services infrastructure in the US," said CEO William Clough.

--Updates pre-market stock price--

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Wed, 15 May 2019 16:29:00 -0400 https://www.proactiveinvestors.com/companies/news/220361/cui-global-sees-1q-revenue-boost-220361.html
<![CDATA[News - CUI Global subsidiary Orbital Gas Systems showcases new technologies at open house in Houston ]]> https://www.proactiveinvestors.com/companies/news/219268/cui-global-subsidiary-orbital-gas-systems-showcases-new-technologies-at-open-house-in-houston-219268.html CUI Global Inc's (NASDAQ:CUI) wholly-owned energy subsidiary, Orbital Gas Systems, held a technology showcase and open house for customers and suppliers at its sprawling Houston facility last week.

The 39,000 square foot facility supports the growth of the upstream, midstream and downstream product lines and services, including gas metering, process control, telemetry, gas sampling, environmental monitoring and BioMethane systems.

More than 150 attendees, including midstream and downstream end-users and service companies attended the event, according to the company.

READ: CUI Global subsidiary Orbital Gas Systems secures GasPT orders from SAMSON AG

The featured technologies included the company’s GasPT analysis units, VE Technology sampling equipment, Mercury Analyzer systems, Integration modules, and BioMethane solutions.

"Three years ago, customers were buying just engineering services from Orbital, but today, given our advanced metering technology, customers are very interested in buying and deploying our products as well," said Orbital president Nicholas Clough. "The outstanding support of our customers and suppliers in attendance really demonstrates the gas industry's need for our technologies and the importance of periodic knowledge transfers like these that facilitate our sales and business development activities.”

Clough said the event showcased the capabilities of the Houston facility and Orbital's innovative technologies, as well as highlighted employees who “engineer, manufacture, install, and service” these technologies on a daily basis.

The technology company boasts two flagship energy products. The first is its GasPT platform, which has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second leading product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Mon, 29 Apr 2019 07:26:00 -0400 https://www.proactiveinvestors.com/companies/news/219268/cui-global-subsidiary-orbital-gas-systems-showcases-new-technologies-at-open-house-in-houston-219268.html
<![CDATA[Media files - CUI Global secures significant new orders from its global distributor SAMSON AG ]]> https://www.proactiveinvestors.com/companies/stocktube/13123/cui-global-secures-significant-new-orders-from-its-global-distributor-samson-ag-13123.html Fri, 26 Apr 2019 15:39:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/13123/cui-global-secures-significant-new-orders-from-its-global-distributor-samson-ag-13123.html <![CDATA[News - CUI Global subsidiary Orbital Gas Systems secures GasPT orders from SAMSON AG ]]> https://www.proactiveinvestors.com/companies/news/219104/cui-global-subsidiary-orbital-gas-systems-secures-gaspt-orders-from-samson-ag-219104.html CUI Global Inc’s (NASDAQ:CUI) wholly-owned energy subsidiary, Orbital Gas Systems, announced Thursday that it has received orders for its GasPTi-F product from SAMSON AG, its global distribution partner, for a large industrial user of natural gas in Spain.

CUI’s energy business in Houston, Texas which scored the deal, did not disclose the number of units involved.

The technology company boasts two flagship energy products. The first is its GasPT platform, which has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

READ: CUI Global sees revenue climb in 4Q and 2018 thanks to strength across product lines

The company’s second leading product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

The company said the deal focuses on GasPTi-F, which is a combination of the company’s patented VE Technology sample probe and sample system for pipeline-mounted applications with fixed sample probe, and the GasPT natural gas analyzer that provides near real-time gas property data for numerous applications in the natural gas industry, such as “custody transfer metering, combustion control, and blending applications.”

SAMSON's client will use the GasPTi-F devices to improve the combustion efficiency in its gas-fired burners. The client will use two of the standard physical properties provided by GasPT, inferior and superior calorific value, to optimize air/fuel ratio for the continuous combustion process.

"In addition to gaining access to gas network operators in previously untapped markets as Russia, China, Africa, and South America through our partnership with SAMSON AG, we are for the first time penetrating the industrial market for commercial sales of our innovative GasPT and VE technologies," said CUI Global CEO William Clough. "These orders demonstrate SAMSON AG's ability to convert recent joint business development efforts into an exciting pipeline of opportunities."

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Thu, 25 Apr 2019 07:26:00 -0400 https://www.proactiveinvestors.com/companies/news/219104/cui-global-subsidiary-orbital-gas-systems-secures-gaspt-orders-from-samson-ag-219104.html
<![CDATA[News - CUI Global bolsters liquidity with new $10 million credit facility ]]> https://www.proactiveinvestors.com/companies/news/218889/cui-global-bolsters-liquidity-with-new-10-million-credit-facility-218889.html CUI Global (NASDAQ:CUI) told investors Monday that it has closed on a two-year revolving line of credit facility of up to $10 million with Bank of America Merrill Lynch.

The new facility replaces the energy company’s existing $5 million overdraft facilities with more favorable terms.

CUI Global boasts two flagship energy products. The first is its GasPT platform, which has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second-leading product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Mon, 22 Apr 2019 09:32:00 -0400 https://www.proactiveinvestors.com/companies/news/218889/cui-global-bolsters-liquidity-with-new-10-million-credit-facility-218889.html
<![CDATA[News - Virtual Power Systems taps CUI Global CEO William J Clough as a board director ]]> https://www.proactiveinvestors.com/companies/news/217981/virtual-power-systems-taps-cui-global-ceo-william-j-clough-as-a-board-director-217981.html Virtual Power Systems, which builds software-defined infrastructure that helps data centers utilize power capacity, announced Thursday that CUI Global Inc (NASDAQ:CUI) CEO William J Clough is joining the company’s board as a director.

In this position, Clough will guide Milpitas, California-based Virtual Power Systems on setting new standards in power infrastructure efficiency and economics.

READ: CUI Global announces first production order for ICE Switch for data centers

"Virtual Power Systems is very fortunate to have an executive of Bill's caliber and proven track record of implementing growth strategies assist us in gaining rapid market adoption of our category-leading software-defined power solutions," said Virtual Power Systems CEO Steve Houck. "His leadership in vital power and energy industry segments will prove invaluable as we continue to build a robust ecosystem of partners and transform data center power for the largest data centers worldwide."

At CUI Global, Clough leads the company's power and energy business segments, including the development of next-generation power technologies with Virtual Power Systems’ disruptive Intelligent Control of Energy (ICE) technology.

Last month, privately held Virtual Power Systems secured $17 million in Series B financing. The round was led by CUI Global with participation from the majority of existing investors.

"We share a belief that technology innovation and software intelligence are imperatives for architecting resilient, distributed data center power infrastructures,” said Clough. “I look forward to working with Steve and the entire VPS leadership team to deliver upon the tremendous opportunity ahead."

CUI Global boasts two flagship energy products. The first is its GasPT platform, which has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second-leading product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

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Thu, 04 Apr 2019 09:29:00 -0400 https://www.proactiveinvestors.com/companies/news/217981/virtual-power-systems-taps-cui-global-ceo-william-j-clough-as-a-board-director-217981.html
<![CDATA[News - CUI Global subsidiary introduces new Visually Integrated Remote Telemetry Unit to the UK market ]]> https://www.proactiveinvestors.com/companies/news/217867/cui-global-subsidiary-introduces-new-visually-integrated-remote-telemetry-unit-to-the-uk-market-217867.html CUI Global Inc (NASDAQ:CUI) said Wednesday that its wholly-owned energy subsidiary, Orbital Gas Systems, has commercialized its new Visually Integrated Remote Telemetry Unit (VIRTU), in the United Kingdom.

The technology will initially benefit UK gas transmission and gas distribution networks with further collaboration expected throughout Europe and North America.

VIRTU utilizes Mitsubishi Electric Europe BV's hardware platform, the iQ-R, Weintek cMT-3151 HMI and Orbital's latest proprietary software package to deliver the first end-user-configurable Remote Telemetry Unit (RTU) for the UK market.

READ: CUI Global sees revenue climb in 4Q and 2018 thanks to strength across product lines

In layman’s terms, a remote telemetry unit (RTU) is a microprocessor-based electronic device used in industrial control systems to connect various hardware to a Supervisory Control and Data Acquisition (SCADA) control system architecture that uses computers and networked data communications. 

The introduction of Orbital Gas Systems’ VIRTU follows the technical collaboration forged in November last year between Orbital and Mitsubishi Electric Europe BV to boost Orbital's RTU and biomethane product lines with Mitsubishi Electric Europe BV's automation control platforms.

VIRTU is intuitive and flexible, with auto-generated back-up files for rapid system restore, a redundant CPU option, fast system switching, data trending information, and a PDF viewer.

The company said the product conformed to IEC 62443 Cyber Security Standards so that VIRTU is equipped to meet any threats to UK utility networks. The VIRTU setup wizard requires two-stage password protection and can fully configure every aspect of the system via HMI, allowing the end-user the freedom to customize their own RTU. Remote access is possible via Orbital's own Android and iOS mobile app. Furthermore, VIRTU ensures a simple transition from existing Orbital RTU platform systems (IRIS) or other RTU systems, with transferable configuration files between the two systems.

"VIRTU is our next generation remote telemetry solution that builds on our extensive experience developing and integrating telemetry systems across the UK gas transmission and distribution network over the past 15 years,” said Orbital Gas Systems president Paul D White. “With off-the-shelf delivery, rapid deployment, an intuitive interface, and guaranteed future-proof features, VIRTU has been designed with usability as a top priority.”

The product can also be utilized by other utility networks beyond oil and gas. The company said other industry applications for VIRTU include water/waste-water, electrical power distribution, industrial process, remote asset monitoring, environmental monitoring and renewables.

CUI Global CEO William Clough said collaborating with Mitsubishi Electric Europe BV, the leader in automation products, ensured “world-class industry standard hardware” is incorporated into VIRTU, backed by “robust” technical support.  

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Wed, 03 Apr 2019 07:58:00 -0400 https://www.proactiveinvestors.com/companies/news/217867/cui-global-subsidiary-introduces-new-visually-integrated-remote-telemetry-unit-to-the-uk-market-217867.html
<![CDATA[Media files - CUI Global's energy division tipped for 'significant revenue acceleration' ]]> https://www.proactiveinvestors.com/companies/stocktube/12678/cui-global-s-energy-division-tipped-for--significant-revenue-acceleration--12678.html Thu, 21 Mar 2019 13:23:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12678/cui-global-s-energy-division-tipped-for--significant-revenue-acceleration--12678.html <![CDATA[Media files - CUI Global Inc targeting profitability for its energy division in 2019 ]]> https://www.proactiveinvestors.com/companies/stocktube/12646/cui-global-inc-targeting-profitability-for-its-energy-division-in-2019-12646.html Tue, 19 Mar 2019 18:06:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12646/cui-global-inc-targeting-profitability-for-its-energy-division-in-2019-12646.html <![CDATA[News - CUI Global sees revenue climb in 4Q and 2018 thanks to strength across product lines ]]> https://www.proactiveinvestors.com/companies/news/216690/cui-global-sees-revenue-climb-in-4q-and-2018-thanks-to-strength-across-product-lines-216690.html The energy specialist CUI Global Inc (NASDAQ:CUI) saw its revenue climb for the fourth quarter and last year thanks to strength across its product lines and increased sales of its gas technology systems in North America and Western Europe.

From its subsidiary 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 has built a diverse portfolio of technologies.

WATCH: CUI Global's energy division tipped for 'significant revenue acceleration'

In the fourth quarter, CUI’s revenue came to $27 million, climbing from $21.1 million in the year-ago quarter. Its revenue for the 2018 year also rose to $96.8 million compared to $83.3 million in 2017.  

In a statement, CEO William Clough noted a number of key advances, including a strong backlog and a new, larger facility for CUI’s Energy business in Houston, Texas as well as buoyant sales of its gas technology systems in North America and Western Europe.

CEO outlines key achievements

“We delivered record revenues and are reporting very strong consolidated backlog exiting 2018 while executing on initiatives across our two business segments to sustain our growth trajectory,” said Clough. “In our Energy business, our new, larger facility in Houston and the passage of a biomethane feed-in tariff in the UK resulted in segment revenue up 8%. We progressed opportunities in North American and Western Europe for direct sales of our gas technology solutions and globally through our new distribution channel with SAMSON.”

Also on the list of fourth-quarter milestones was the company’s wholly-owned energy division Orbital Gas Systems securing purchase orders for integration projects totaling $3.3 million from a single customer.

The company also reported net proceeds of $4.2 million from the sale and leaseback of its corporate headquarters in Tualatin, Oregon.

In other news, CUI Inc and CUI Canada recently secured a binding commitment from Bank of America Merrill Lynch on a revolving line of credit of up to $10 million, which replaces its existing US-based revolver facility and UK-based overdraft facility with more favorable terms. The company expects this loan to be closed by April 30.

“In 2019, we moved to secure additional non-dilutive capital with a $10 million line of credit with Bank of America Merrill Lynch that ensures we can continue to execute on our growth strategy without losing a step,” noted Clough.

Lastly, CUI also secured a roughly 20% equity investment in Virtual Power Systems (VPS). The Milpitas, California-based VPS enables energy to be reallocated on-demand to data center racks, nodes, workloads or circuits using AI and machine learning to predict and respond to changes in power capacity and demand. 

In the fourth quarter, CUI’s gross profit came to $6.4 million compared to $6.5 million in the corresponding period in 2017 while its loss amounted to $7.8 million or $0.27 per share, up from a loss of $5.3 million or $0.20 per share in the year-ago quarter.

Outlook in focus

Looking ahead, Clough is focusing on opportunities in the energy sector and the strength of the company’s power and electromechanical segment.

The company boasts two flagship energy products. The first is its GasPT platform, which has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second leading product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

“As the evolution of the global energy mix towards less carbon-intensive sources gains pace, we have positioned our gas technology solutions to take advantage of the shift  towards natural gas and renewable natural gases (RNG), such as biomethane,” Clough concludes. “The regulatory environment is also becoming increasingly favorable as energy authorities globally advance pipeline reform that include RNGs. Against this backdrop we remain focused on driving further adoption of our gas technology solutions.”

CUI Global shares slipped 4.9% to hit $1.35 in after-hours trade on Monday.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

 

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Mon, 18 Mar 2019 17:00:00 -0400 https://www.proactiveinvestors.com/companies/news/216690/cui-global-sees-revenue-climb-in-4q-and-2018-thanks-to-strength-across-product-lines-216690.html
<![CDATA[News - CUI Global subsidiary wins Product of the Year Award for proprietary AMT encoders ]]> https://www.proactiveinvestors.com/companies/news/212504/cui-global-subsidiary-wins-product-of-the-year-award-for-proprietary-amt-encoders-212504.html CUI Global Inc (NASDAQ:CUI) announced Monday that its wholly-owned power and electromechanical division CUI Inc has been awarded Product of the Year in 2018 by electronic component and technology trade magazine Electronic Products for its proprietary AMT21 and AMT23 absolute encoder series.

Selected by a respected group of Electronic Products editors, the 43rd annual awards recognize outstanding products in the industry that demonstrate significant advancements in “technology, innovative design, or substantial improvements in performance.”

READ: CUI unit Orbital Gas Systems draws $3.3M in 4Q purchase orders from Texas client for integration projects

"CUI is honored to receive this recognition from Electronic Products for the latest series to our AMT encoder family," said CUI President Matt McKenzie. "Our AMT encoders are a growing product line with multitude potential applications, and this award further validates the technology behind our proprietary capacitive platform."

The company’s AMT21 and AMT23 series is a rugged, high accuracy absolute encoder outputting 12 bits or 14 bits of absolute position information based on CUI's proprietary capacitive sensing technology. Thanks to its innovative capacitive platform, the series is not susceptible to contaminants from dirt, dust, and oil that typically plague encoders in industrial environments.

The digital nature of these encoders also makes them highly customizable and configurable via CUI's AMT Viewpoint software, said the company. Their compact, simple design further reduces the time-consuming tasks of mounting and alignment to mere seconds, thereby offering significant cost savings during the manufacturing process.

"Delivering innovation is at the heart of everything we do at CUI. Our proprietary capacitive sensing technology is a paradigm shift in the industry as we strive to add value to our customers. This award is a credit to Matt and his team, and I look forward to further success in the future," said CUI Global Chairman and CEO William Clough.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Mon, 14 Jan 2019 07:43:00 -0500 https://www.proactiveinvestors.com/companies/news/212504/cui-global-subsidiary-wins-product-of-the-year-award-for-proprietary-amt-encoders-212504.html
<![CDATA[News - CUI unit Orbital Gas Systems draws $3.3M in 4Q purchase orders from Texas client for integration projects ]]> https://www.proactiveinvestors.com/companies/news/211755/cui-unit-orbital-gas-systems-draws-33m-in-4q-purchase-orders-from-texas-client-for-integration-projects-211755.html CUI Global Inc. (NASDAQ:CUI) said Thursday that a subsidiary, Orbital Gas Systems, was awarded purchase orders for integration projects totaling $3.3 million during the fourth quarter.

Tualatin, Oregon-based CUI said in a release that the orders came from a large, Texas-based engineering, procurement and construction company.

READ: CUI completes sale of corporate headquarters and enters leaseback

Orbital, based in Houston, will provide online analysis systems for process control of two new fractionation units. The orders originated from a pair of Gulf Coast companies, according to CUI.

"We're seeing an uptick in integration projects in and around Southeast Texas that is being driven by our growing reputation in engineering and design expertise," CUI Global President and CEO William Clough said in a statement.

Shares of CUI climbed nearly 3.3% to $1.26 in Thursday’s Nasdaq trading.

On Wednesday, CUI announced that it had closed on a contract for the sale of its Tualatin headquarters for a purchase price of $8.1 million and entered a lease-back agreement.

Adjusting for the repayment of an outstanding mortgage on the facility, taxes and closing costs, net proceeds to CUI Global are about $4.5 million, according to the company. 



Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
 

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Thu, 27 Dec 2018 09:25:00 -0500 https://www.proactiveinvestors.com/companies/news/211755/cui-unit-orbital-gas-systems-draws-33m-in-4q-purchase-orders-from-texas-client-for-integration-projects-211755.html
<![CDATA[News - CUI completes sale of corporate headquarters and enters leaseback ]]> https://www.proactiveinvestors.com/companies/news/211729/cui-completes-sale-of-corporate-headquarters-and-enters-leaseback-211729.html CUI Global Inc (NASDAQ:CUI) announced Wednesday it has closed on a contract for the sale of its Tualatin, Oregon, headquarters for a purchase price of $8.1 million.

The company said in a press release that it entered into a lease agreement for the facility for an initial term of 10 years. Adjusting for the repayment of an outstanding mortgage on the facility, taxes and closing costs, net proceeds to CUI Global are about $4.5 million. 

BIG PICTURE: CUI Global’s energy subsidiary secures US$1.5M service contract from major UK natural gas operator

"The completion of this sale leaseback transaction is aligned with our goal of utilizing non-dilutive financing methods to extend our cash runway by unlocking significant value from our real estate holdings as we continue to work diligently towards cash flow breakeven," CEO William Clough said in a statement. 

He added that the leaseback eliminates disruptions to its power and electromechanical business, which is based at the facility.

The company is focused on the acquisition and development of companies, products and technologies. 

 

Contact Rene Pastor by rene.pastor@proactiveinvestors.com

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Wed, 26 Dec 2018 08:27:00 -0500 https://www.proactiveinvestors.com/companies/news/211729/cui-completes-sale-of-corporate-headquarters-and-enters-leaseback-211729.html
<![CDATA[News - CUI Global’s power and electromechanical subsidiary wins industry recognition with key awards ]]> https://www.proactiveinvestors.com/companies/news/208848/cui-globals-power-and-electromechanical-subsidiary-wins-industry-recognition-with-key-awards-208848.html CUI Global Inc (NASDAQ:CUI) said Thursday that its wholly owned power and electromechanical division, CUI Inc, had garnered industry recognition by winning awards and being shortlisted for a slew of global electronics awards.

On October 25, CUI's advanced sleeve bearing DC fans built with the omniCOOL system won German Design & Elektronik magazine’s Innovator of the Year Award, in Munich.   

Meanwhile, the judging is over, and the shortlist has been revealed for the coveted 2018 Elektra Awards. Categories of awards range from Design Team of the Year to Manufacturer of the Year. CUI’s AMT21 and AMT23 series of absolute modular encoders have been shortlisted for the Passive and Electromechanical Product of the Year category, while its ICE Block data center hardware is a finalist for the Power System Product of the Year. The winners will be announced at the Gala Dinner on December 5 to celebrate the achievements of the electronics industry.

This year, business-to-business publisher WTWH Media, has launched the inaugural Leadership in Engineering Achievement Program (LEAP) awards, a design engineering product competition that will honor the most exciting new products in a host of technology areas.

READ: CUI Global stock flies after 3Q earnings beat Street driven by surge in energy revenue

“The LEAP Awards celebrate the most innovative and forward-thinking products across the mechanical and electronic engineering space,” said Paul J Heney, vice president, editorial director, at WTWH Media. “The design engineering community is full of immensely talented manufacturers, and we want to highlight the accomplishments being made in so many technology areas.”

The LEAP Awards fall into 14 categories and CUI's Peltier modules built with the company’s groundbreaking arcTEC structure have been shortlisted in the Power Electronics category. CUI's arcTEC structure incorporates a thermally conductive resin, high-temperature solder, and larger P/N elements to boost reliability and performance in Peltier modules. The winners in each category will be honored at an awards ceremony in Costa Mesa, California on December 11.

"CUI is thrilled by the recent string of product awards and recognitions from these respected publications," said Jeff Schnabel, vice president of global marketing at CUI. "These awards further validate our commitment to keeping our products and customers at the forefront of efficiency and innovation within the electronics industry."

More wins

Shares in CUI Global soared Wednesday and closed nearly 3% higher to $1.74 after it posted third-quarter earnings, which handily beat Wall Street estimates driven by a rebound in energy segment revenue. For the quarter ended September 2018, the Tualatin, Oregon-based company reported a loss of $1.5 million or $0.05 per share on revenue of $24.7 million. The loss was much smaller than the consensus estimates which called for a loss of $0.10 per share on revenue of $24 million. Revenue grew 13.5% on a year-over-year basis.

CUI Global’s power and electromechanical division had a backlog of $25.6 million in orders as of September 2018.

"Over the past several years we have made investments in new product introductions and new design wins that are garnering growing industry recognition, said CUI Global CEO William Clough. “We are very pleased with these accolades and particularly so with recognition of ICE Block as we continue to work towards a sizable emerging opportunity for this disruptive power optimization and utilization technology." 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

 

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Thu, 08 Nov 2018 07:30:00 -0500 https://www.proactiveinvestors.com/companies/news/208848/cui-globals-power-and-electromechanical-subsidiary-wins-industry-recognition-with-key-awards-208848.html
<![CDATA[News - CUI Global stock flies after 3Q earnings beat Street driven by surge in energy revenue ]]> https://www.proactiveinvestors.com/companies/news/208733/cui-global-stock-flies-after-3q-earnings-beat-street-driven-by-surge-in-energy-revenue-208733.html Shares in CUI Global Inc (NASDAQ:CUI) popped in premarket trade Wednesday after it posted third quarter earnings which handily beat Wall Street estimates driven by a rebound in energy segment revenue.

For the quarter ended September 2018, the Tualatin, Oregon-based company reported a loss of $1.5 million or $0.05 per share on revenue of $24.7 million. The loss was much smaller than the consensus estimates which called for a loss of $0.10 per share on revenue of $24 million. Revenue grew 13.5% on a year-over-year basis.

CUI Global’s power and electromechanical division had a backlog of $25.6 million in orders as of September 2018.

Similarly, the energy segment which builds out natural gas infrastructure and advanced gas technologies including metering, odorization, remote telemetry units, and a range of personalized gas engineering solutions for gas utilities, power generation, manufacturing, and automotive industries had a backlog of $16 million in orders at the end of the third quarter.

CUI Global stock soared 18.3% to $2 before the opening bell.

READ: Orbital Gas Systems signs technical collaboration deal with Mitsubishi Electric Europe

"We are pleased to report a very strong start to the second-half of the year with effective execution in our Power & Electromechanical segment and a sharp rebound in our Energy segment that resulted in higher total revenues and smaller losses on both a sequential and year-over-year basis," CUI Global CEO William Clough said in a statement.

"In our Power and Electromechanical segment, end-market demand remains favorable and we are advancing a sizable emerging opportunity for our ICE technology enhanced by our recent investment in ICE technology partner Virtual Power Systems. Our Energy segment was a standout as strong backlog growth in the first-half of the year began converting to revenue following the passage of a multi-year biomethane incentive program in the UK. With project funding secured and a sizeable number of proposed new biomethane-to-grid terminal build-outs, our bid activity for integration project work and Energy products sales prospects has improved,” added Clough. 

The CEO said that “multiple inflection points” will result in a “revenue ramp in 2019” driven by higher energy product sales and order flow for the company’s ICE technology.

"We are implementing pre-sales initiatives and pilot projects in North America to expand our opportunity-set for GasPT as a fiscal monitoring solution while progressing the certification of GasPT for process control applications. Our exclusive global distributor relationship with SAMSON AG is helping build market awareness and speed adoption of our GasPT solution and puts us directly in front of their global customer base's transition to a low carbon future centered on natural gas and biogas,” said Clough.

READ: CUI Global energy subsidiary makes business push into China with distribution partner Samson AG

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

The firm's GasPti analyzers combine the two patented gas technologies – GasPT and VE Technology – to create Orbital’s integrated GasPTi solution to provides gas sampling and analysis through continuous measurement requiring no carrier or calibration gases.

“Energy segment momentum extends to our VE sampling systems where several existing customers are expanding their deployments,” said Clough.

CUI Global announced Tuesday that its wholly-owned UK energy division, Orbital Gas Systems, has entered into a technical collaboration with Mitsubishi Electric Europe BV to further enhance Orbital's remote telemetry unit (RTU) and BioMethane product lines with Mitsubishi Electric's automation control platforms.

“We also announced yesterday a partnership with Mitsubishi Electric for our next generation IRIS system with the first production units expected to market early next year,” said Clough.

“Growing market adoption for our products across our two business segments and more diversified revenue opportunities put us firmly on a path for growth," he added.

CUI Global is focused on maximizing shareholder value through the acquisition and development of innovative companies, products and technologies.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

-- (CUI Global stock quote, additional CEO comments) --

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Wed, 07 Nov 2018 07:32:00 -0500 https://www.proactiveinvestors.com/companies/news/208733/cui-global-stock-flies-after-3q-earnings-beat-street-driven-by-surge-in-energy-revenue-208733.html
<![CDATA[News - Orbital Gas Systems signs technical collaboration deal with Mitsubishi Electric Europe ]]> https://www.proactiveinvestors.com/companies/news/208658/orbital-gas-systems-signs-technical-collaboration-deal-with-mitsubishi-electric-europe-208658.html CUI Global Inc (NASDAQ:CUI) announced Tuesday that its wholly-owned UK energy division, Orbital Gas Systems, has entered into a technical collaboration with Mitsubishi Electric Europe BV to further enhance Orbital's remote telemetry unit (RTU) and BioMethane product lines with Mitsubishi Electric's automation control platforms.

The partnership will ensure Orbital continues to utilize optimum industry standard equipment for its product lines. Mitsubishi Electric will provide the hardware product platform and technical support, with Orbital contributing system design and implementation expertise.

"This collaboration allows Orbital to continue to build on its efforts in the RTU market, first started with its proprietary IRIS software. Now, with input from our major customers and Mitsubishi Electric, our RTU units will address the specific needs and requirements of our customer base," said CUI global president and CEO William Clough, adding this would enable them "to increase our market share in this burgeoning field."

BIG PICTURE: CUI Global’s energy subsidiary secures US$1.5mln service contract from major UK natural gas operator 

Customers will benefit from the continuity of Mitsubishi Electric product support, diversity of implementation knowledge and speedy turnaround of hardware supply. Both companies will partner in the marketing and sales of the product lines.

The services will initially benefit UK gas transmission and gas distribution networks with further collaboration expected throughout Europe and North America.

"Our partnership enables both companies to pool complimentary knowledge, expertise and technologies to create better solutions for our customers on a befittingly stable platform," said Orbital president Paul White.

He added: "There is significant benefit in the product compatibility of the Mitsubishi Electric platform, meaning we can continue using our proprietary developed software as the hardware product develops. Furthermore, Mitsubishi Electric's recently launched iQ-R and iQ-F Programmable Logic Controllers are the fastest in the market."

READ: CUI Global's quarterly results will reflect 'a great deal of expansion on the energy side'

For more than 35 years, the Mitsubishi Electric team has been growing and expanding its network and services throughout the UK. 

CUI Global is a company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies.

The company is based in Houston, Texas.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

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Tue, 06 Nov 2018 12:32:00 -0500 https://www.proactiveinvestors.com/companies/news/208658/orbital-gas-systems-signs-technical-collaboration-deal-with-mitsubishi-electric-europe-208658.html
<![CDATA[Media files - CUI Global's quarterly results will reflect 'a great deal of expansion on the energy side' ]]> https://www.proactiveinvestors.com/companies/stocktube/11081/cui-global-s-quarterly-results-will-reflect-a-great-deal-of-expansion-on-the-energy-side--11081.html Thu, 01 Nov 2018 11:59:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/11081/cui-global-s-quarterly-results-will-reflect-a-great-deal-of-expansion-on-the-energy-side--11081.html <![CDATA[News - CUI Global energy subsidiary makes business push into China with distribution partner Samson AG ]]> https://www.proactiveinvestors.com/companies/news/208148/cui-global-energy-subsidiary-makes-business-push-into-china-with-distribution-partner-samson-ag-208148.html CUI Global Inc (NASDAQ:CUI) said Tuesday that its wholly-owned energy subsidiary, Orbital Gas Systems Ltd, will host technical training sessions in China for its distribution partner Germany’s Samson Aktiengesellschaft to get the sales team comfortable with the tech skills required to market the company's GasPT technology and GasPTi analyzers to Chinese natural gas transmission companies.

Orbital Gas Systems Ltd’s head of international product sales, Tony Wimpenny will lead the business push and training effort at Samson’s Beijing headquarters during the first week of November. It will be followed by joint customer visits and additional business development activities.

"Entry into China is aligned with our goal to expand awareness and drive adoption of our disruptive GasPT technology by operators globally. In Samson we have a strategic partner with the business development and sales coverage requisite for success in this large addressable market and with the standing to protect our intellectual property," said Nicholas Clough, business development lead for the Energy Division.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

The firm's GasPti analyzers combine the two patented gas technologies – GasPT and VE Technology – to create Orbital’s integrated GasPTi solution to provides gas sampling and analysis through continuous measurement requiring no carrier or calibration gases.

Natural gas is the world’s most vital source of new clean energy supply and China's potential gas use is simply massive. China is moving to more gas to clean hazy skies. “The short-term goal is for gas to reach 10% of energy in the next few years and eventually at least 15% and beyond sometime after,” reported Forbes.

READ: CUI Global energy subsidiary names Germany’s Samson global distributor to access Russia and China gas markets

"As China looks to shift its energy mix towards natural gas, and as its energy regulators advance pipeline reform to improve supply efficiency to meet booming demand, positioning our GasPTi technology in-market today gives us the opportunity for large projects awards in the future. These training sessions will enable our GasPTi to safely, securely, and competitively enter this enormous market," said Wimpenny.

In its "Gas 2018" report, the International Energy Agency said Chinese demand for natural gas will rise by almost 60% between 2017 and 2023 to 376 billion cubic meters, including a rise in its liquefied natural gas imports to 93 billion cubic meters by 2023.

“With its extensive use of natural gas for residential, industrial, and vehicular energy, we believe China can be a major consumer for our unique technologies. By partnering with Samson we are moving aggressively to replicate the success we have had in Europe," said CUI Global CEO William Clough.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

 

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Tue, 30 Oct 2018 10:21:00 -0400 https://www.proactiveinvestors.com/companies/news/208148/cui-global-energy-subsidiary-makes-business-push-into-china-with-distribution-partner-samson-ag-208148.html
<![CDATA[News - CUI Global’s energy subsidiary wins third purchase order for biomethane-to-grid terminals ]]> https://www.proactiveinvestors.com/companies/news/207383/cui-globals-energy-subsidiary-wins-third-purchase-order-for-biomethane-to-grid-terminals-207383.html CUI Global Inc (NASDAQ:CUI) announced Thursday that its wholly-owned energy subsidiary, Orbital Gas Systems Ltd, received the third of three purchase orders from a major European industrial company for the production of biomethane-to-grid terminals.

The $1.7 million contract awarded in May this year calls for the production of three biomethane-to-grid terminals. The deal, which also includes Orbital’s GasPT analyzer, follows the recent passage of a favorable UK government initiative under which tariff rates for biomethane generation have been increased.

In May, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency to meet the UK's 2020 renewable energy target.

Following the passage of that RHI scheme the UK has seen a dramatic expansion in the number of planned biomethane-to-grid facilities. The company said it had 27 active, outstanding bids for such projects across the UK.

"Our ability to offer the unique GasPT Technology and a turnkey solution that engineers our energy products into our integration solutions is a substantial competitive advantage in the marketplace, and one that enables us to deliver significant value for the customer and the growing market for biomethane," said Orbital UK president Paul D White.

READ: CUI Global’s partnership with Germany’s Samson driving adoption of GasPTi and VE technology

A huge amount of industry interest in biomethane has also been sparked by Orbital UK’s unique GasPT Technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity markets (Ofgem) this month.

Orbital’s GasPT platform, which allows for better gas analysis, creates a revolutionary method to almost instantly and accurately determine the quality of natural gas. It also received certification from the UK Environmental Protection Agency under the European Union Emissions Trading System.

"This most recent award and additional biomethane projects anticipated as a result of the UK's RHI incentives underscores the changing regulatory and CAPEX environments in the UK that serves as a tailwind for our energy business and a roadmap for future demand across Western Europe,” CUI Global CEO William Clough said in a statement.

“With the significant number of bids we have outstanding for proposed biomethane-to-grid projects in the UK, the recent certifications of our GasPT by Ofgem and the EU ETS and Orbital's world-class engineering capabilities, we are on the path to greater energy revenues," he added.

CUI Global’s shares traded flat at $1.98 in premarket trade.

Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive

 

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Thu, 18 Oct 2018 07:38:00 -0400 https://www.proactiveinvestors.com/companies/news/207383/cui-globals-energy-subsidiary-wins-third-purchase-order-for-biomethane-to-grid-terminals-207383.html
<![CDATA[News - CUI Global’s partnership with Germany’s Samson driving adoption of GasPTi and VE technology ]]> https://www.proactiveinvestors.com/companies/news/207221/cui-globals-partnership-with-germanys-samson-driving-adoption-of-gaspti-and-ve-technology-207221.html CUI Global said Tuesday that its wholly owned energy subsidiary Orbital Gas Systems Ltd’s partnership with Germany’s Samson Aktiengesellschaft would drive adoption of the company's flagship GasPT, VE technologies and GasPTi analyzers.

"We are very confident that Samson's engineering and sales teams are well positioned to drive adoption of our GasPTi and VE technologies globally," said CUI Global CEO William Clough. "We will support their every effort to build on this early sales and marketing momentum." he added.

Orbital Gas Systems Ltd recently signed an agreement with Germany’s Samson Aktiengesellschaft for exclusive sales and distribution of its flagship GasPT, VE technologies and GasPTi analyzers for all global markets except North America and Europe. The agreement spells out specific performance milestones, which Frankfurt-based Samson AG must achieve to maintain "exclusivity."

As a part of the partnership, Samson showcased Orbital's proprietary GasPTi technology at the Conference Catalyst Producer's Danzig Polen 2018 in Poland. The event typically draws big Western European natural gas operators.

READ: CUI Global energy subsidiary names Germany’s Samson global distributor to access Russia and China gas markets

Samson senior engineer Kamen Marinov is introducing Orbital’s GasPTi and VE technologies to customers in new markets. "The presentation material and delivery were extremely high quality and served to demonstrate that Samson has both the expertise and the desire to successfully promote our technology globally," said Orbital's head of international product sales, Tony Wimpenny. 

Samson AG, a market leader in flow control solutions for industrial processes, has 50 subsidiaries and a footprint in 66 countries. It manufactures industrial valves and sells instruments and plants for various applications in process engineering, as well as the heating, ventilation, and air-conditioning sector. It markets its products to power and energy, and industrial sectors worldwide. Orbital's proprietary technology fits snugly into Samson’s push to offer leading edge flow control solutions.

Orbital’s GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Samson and Orbital will jointly present the GasPTi and VE technologies at the three-day Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) starting on November 12. The forum is one of the world's largest oil and gas events, bringing together over 110,000 attendees from the energy sector. 

CUI Global stock was up 1.02% to $1.99 in midday trade.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Tue, 16 Oct 2018 14:05:00 -0400 https://www.proactiveinvestors.com/companies/news/207221/cui-globals-partnership-with-germanys-samson-driving-adoption-of-gaspti-and-ve-technology-207221.html
<![CDATA[News - CUI Global energy subsidiary names Germany’s Samson global distributor to access Russia and China gas markets ]]> https://www.proactiveinvestors.com/companies/news/205337/cui-global-energy-subsidiary-names-germanys-samson-global-distributor-to-access-russia-and-china-gas-markets-205337.html CUI Global Inc (NASDAQ:CUI) said Thursday that its wholly-owned energy subsidiary, Orbital Gas Systems Ltd, signed an agreement with Germany’s Samson Aktiengesellschaft for exclusive sales and distribution of its flagship GasPT, VE technologies and GasPTi analyzers for all global markets except North America and Europe.

The agreement spells out specific performance milestones, which Frankfurt-based Samson AG must achieve to maintain "exclusivity."

Samson AG, a market leader in flow control solutions for industrial processes, has 50 subsidiaries and a footprint in 66 countries. It manufactures industrial valves and sells instruments and plants for various applications in process engineering, as well as the heating, ventilation, and air-conditioning sector. It markets its products to power and energy, and industrial sectors worldwide. Orbital's proprietary technology fits snugly into Samson’s push to offer leading edge flow control solutions.

READ: CUI Global’s energy subsidiary signs pact with Germany’s Samson to boost global distribution channel

"This agreement is reflective of our continuing ability to drive market adoption of our gas technology solutions," CUI Global CEO William Clough said in a statement.

"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," added Clough.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

"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," said Wolfgang Beck, director of Modular Systems and Solutions at Samson.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

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Thu, 20 Sep 2018 07:45:00 -0400 https://www.proactiveinvestors.com/companies/news/205337/cui-global-energy-subsidiary-names-germanys-samson-global-distributor-to-access-russia-and-china-gas-markets-205337.html
<![CDATA[News - CUI Global’s subsidiary and Virtual Power Systems' software defined power solutions selected by SAP ]]> https://www.proactiveinvestors.com/companies/news/204840/cui-globals-subsidiary-and-virtual-power-systems-software-defined-power-solutions-selected-by-sap-204840.html CUI Global Inc (NASDAQ:CUI ) announced Thursday that its wholly-owned power and electromechanical division, CUI Inc, and Virtual Power Systems (VPS) creators of Intelligent Control of Energy (ICE) software defined power (SDP) infrastructure solutions, have been selected by the SAP Co-Innovation Lab (CIOL), in Silicon Valley.

The move represents the next step to increasing power capacity and availability within a data center, following SAP's successful 90-day proof of concept trial of VPS' Intelligent Control of Energy (ICE) platform. It will allow for the integration of CUI's ICE Switch and ICE Block to intelligently control power infrastructure.

The groundbreaking SDP platform automatically identifies, aggregates and pools all sources of stranded power within a data center and routes energy on-demand to racks, nodes, workloads or circuits in real time. 

CUI's proprietary hardware platform is the industry's first software defined power infrastructure ICE-compatible device based on Virtual Power Systems ICE software platform. CUI Inc is the exclusive hardware design and development partner to Virtual Power Systems for the ICE Switch and Block solutions.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

"SAP's selection of the ICE platform serves as key validation by a technology leader whose global data center network is fundamental to the delivery of its services to customers worldwide,” said CUI Global CEO William Clough.

“Through joint sales and marketing efforts we and VPS have been systematically building a pipeline of prospective customers, and SAP's selection is a very clear indication that we are addressing an imperative for the data center industry in solving their power capacity challenges," added Clough.

Since power and cooling typically cost more than the IT equipment they support, data center owners and cloud operators are struggling to improve energy efficiency without compromising system reliability.

Virtual Power Systems and CUI Inc address this challenge by utilizing software defined power to abstract power controls through a layer of software virtualization. By applying machine learning and predictive analytics, software defined power improves data center management, which encourages growth, while releasing power-capacity constraints. ICE technology reallocates power according to capacity and availability demands while reducing the cost of data center capital and operational expenses by up to 50%.

"We have proven that software defined power effectively recaptures stranded power and makes it available for additional workloads on existing power footprints," said Virtual Power Systems CEO Steve Houck. "With ICE, we are removing the biggest barrier to application and infrastructure deployments facing customers' today — power costs, availability, and provisioning."

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

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Thu, 13 Sep 2018 07:40:00 -0400 https://www.proactiveinvestors.com/companies/news/204840/cui-globals-subsidiary-and-virtual-power-systems-software-defined-power-solutions-selected-by-sap-204840.html
<![CDATA[Media files - CUI Global's GasPT product 'a potential game-changer' for the company ]]> https://www.proactiveinvestors.com/companies/stocktube/10453/cui-global-s-gaspt-product-a-potential-game-changer-for-the-company-10453.html Wed, 12 Sep 2018 15:59:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10453/cui-global-s-gaspt-product-a-potential-game-changer-for-the-company-10453.html <![CDATA[News - CUI Global’s energy subsidiary secures US$1.5mln service contract from major UK natural gas operator ]]> https://www.proactiveinvestors.com/companies/news/202751/cui-globals-energy-subsidiary-secures-us15mln-service-contract-from-major-uk-natural-gas-operator-202751.html CUI Global Inc (NASDAQ:CUI) announced Monday that its wholly-owned energy subsidiary, Orbital Gas Systems Ltd, had been awarded an exclusive two-year contract valued at £1,150,000 (US$1.5mln) to provide routine maintenance, repair and calibration for a major UK natural gas transmission company.

The two-year contract begins September 1 and includes a one-year extension option. In what is highly unusual, the UK natural gas operator awarded the contract exclusively to Orbital based on its capabilities to provide the whole spectrum of maintenance and repair services for the network’s entire gamut of Maxum analyzers and MicroSAM gas chromatographs.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

“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,” said CUI Global CEO William Clough.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

A huge amount of industry interest in biomethane has also been sparked by Orbital GasPT technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), in May.

Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive

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Mon, 13 Aug 2018 07:44:00 -0400 https://www.proactiveinvestors.com/companies/news/202751/cui-globals-energy-subsidiary-secures-us15mln-service-contract-from-major-uk-natural-gas-operator-202751.html
<![CDATA[News - CUI Global’s energy subsidiary inks pact with UK’s Cadent Gas for its unique gas measurement system ]]> https://www.proactiveinvestors.com/companies/news/202583/cui-globals-energy-subsidiary-inks-pact-with-uks-cadent-gas-for-its-unique-gas-measurement-system-202583.html CUI Global Inc (NASDAQ:CUI) said Wednesday that its wholly-owned energy subsidiary, Orbital Gas Systems Ltd, has inked a pact with UK's largest gas distribution network, Cadent Gas Limited, for its flagship GasPTi analyzers and VE technologies, an innovation for the natural gas pipeline and transmission industry. 

The agreement aligns with Cadent's long-term infrastructure plans to provide its customers with low carbon options through new sources of energy, particularly biomethane.

According to the terms of the agreement, Orbital will provide GasPT and VE technology systems to Cadent, as well as undertake design, system integration, installation and training in gas metering, analysis and telemetry, which is crucial for transmitting gas readings in remote locations.  

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

Cadent operates four of the eight regional natural gas distribution systems in Britain to deliver natural gas and energy to 11 million customers via third party independent systems.

"This agreement, together with the recent passage of the UK's Renewable Incentive Scheme, evidences a resumption of infrastructure spending with emphasis placed on the decarbonization of the country's domestic heat, transport and power generation,” said CUI Global CEO William Clough.

“As Cadent embarks on a multi-year program to modernize its network, we are well positioned to meet their requirements with our innovative gas solutions and world-class integration capabilities," he added.

On May 22, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency to meet the UK's 2020 renewable energy target.

A huge amount of industry interest in biomethane has also been sparked by Orbital GasPT technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), in May.

READ: CUI Global expects UK plan on renewable heat technologies to be a catalyst for its products in 3Q

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

"We are very pleased to be accepted on this framework agreement to be able to support Cadent. We believe it offers avenues for Orbital to further deliver our integrated products along with innovative solutions, such as GasPT and VE Technology, to the UK market," said Paul White, president of Orbital's UK division.

Biomethane is a renewable gas produced from biodegradable matter such as food waste, sewage or energy crops. Through the RHI scheme, the UK government has helped to create a new renewable market driving down costs through competition and the establishment of UK supply chains.

Many gas pipeline systems are now halting supplies of clunky gas chromatographs and ordering CUI’s innovative GasPT devices.

CUI shares traded flat at US$2.23 in premarket trade Thursday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

 

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Thu, 09 Aug 2018 07:45:00 -0400 https://www.proactiveinvestors.com/companies/news/202583/cui-globals-energy-subsidiary-inks-pact-with-uks-cadent-gas-for-its-unique-gas-measurement-system-202583.html
<![CDATA[News - CUI Global expects UK plan on renewable heat technologies to be a catalyst for its products in 3Q ]]> https://www.proactiveinvestors.com/companies/news/202294/cui-global-expects-uk-plan-on-renewable-heat-technologies-to-be-a-catalyst-for-its-products-in-3q-202294.html CUI Global Inc (NASDAQ:CUI) said Monday that it expects the recent passage of a UK government plan designed to encourage uptake of renewable heat technologies to incentivize biomethane generation in the UK and fuel demand for the company’s products and “integration capabilities.”

On May 22, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency to meet the UK's 2020 renewable energy target.

"The recent passage of the Domestic Renewable Heat Incentive that incents biomethane generation in the UK is catalyzing demand for our integration capabilities and products in-country,” said CUI Global CEO William Clough in a statement.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

“Subsequent to the quarter we entered into a MoU with Samson AG to establish our first global energy products sales and distribution partnership and access to previously untapped large gas markets. We also secured key industry validation from one of Europe's leading manufacturers of biomethane-to-grid solutions for our GasPT technology as a direct replacement to its legacy gas analyzers,” he added.

CUI Global’s wholly owned energy subsidiary, Orbital Gas Systems Ltd, has cut a deal with Germany’s Samson Aktiengesellschaft for sales and distribution of its flagship GasPTi analyzers and VE technologies.

A huge amount of industry interest in biomethane has also been sparked by Orbital GasPT technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), in May.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

READ: CUI Global’s energy subsidiary signs pact with Germany’s Samson to boost global distribution channel

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

CUI Global said Monday that “uptake” in the company’s advanced gas measurement systems, would pick up once the company had seeded “the market with customers that can scale their orders.”

“The UK and other avenues for energy segment revenue we have developed over the past two years, together with continued strong performance from our P&EM segment, keep us on a path to long-term growth,” said Clough.

2Q earnings released

CUI Global posted revenue of US$23.1mln in the second quarter compared with US$22.5mln for the prior year. It registered a loss of US$4.8mln, or US$0.17 per basic share.

It had cash and equivalents of US$7.3mln and restricted cash of US$0.5mln as of June 30.

CUI Global’s power and electromechanical (P&EM) segment has an unaudited backlog of US$26.5mln, while the energy segment has an unaudited backlog of US$16.9mln.

If you look at the company’s financial performance in the first half of the year it logged revenue of US$45.1mln compared with US$40.3mln a year ago.

"Our second quarter performance illustrates continued strength in our P&EM segment that provides us with a stable and profitable foundation for our consolidated business as we pursue growth prospects in our energy segment," said Clough. "During the quarter we saw signs of traction with a series of orders for biomethane applications in the U.K. following the recent broader certification of our GasPT analyzer by the U.K. energy regulator, Ofgem.”

Biomethane is a renewable gas produced from biodegradable matter such as food waste, sewage or energy crops. Through the RHI scheme, the UK government has helped to create a new renewable market driving down costs through competition and the establishment of UK supply chains.

"As the energy industry moves to meet future lower-carbon energy requirements, we are uniquely positioned to offer technologies and solutions that allow for the analysis of biogas across a greater variety of caloric values and at reduced costs than legacy solutions,” said Clough.

CUI global shares were flat at US$2.65 in premarket trade Monday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive

 

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Mon, 06 Aug 2018 08:12:00 -0400 https://www.proactiveinvestors.com/companies/news/202294/cui-global-expects-uk-plan-on-renewable-heat-technologies-to-be-a-catalyst-for-its-products-in-3q-202294.html
<![CDATA[News - CUI Global’s energy subsidiary signs pact with Germany’s Samson to boost global distribution channel ]]> https://www.proactiveinvestors.com/companies/news/201559/cui-globals-energy-subsidiary-signs-pact-with-germanys-samson-to-boost-global-distribution-channel-201559.html CUI Global Inc (NASDAQ:CUI) said Wednesday that its wholly-owned energy subsidiary, Orbital Gas Systems Ltd, made a pact with Germany’s Samson Aktiengesellschaft for sales and distribution of its flagship GasPTi analyzers and VE technologies.

The Memorandum of Understanding (MoU) is expected to be followed by a formal agreement in the next 60 days.

Frankfurt-based Samson AG, a market leader in flow control solutions for industrial processes, has 50 subsidiaries and a footprint in 66 countries. It manufactures industrial valves and sells instruments and plants for various applications in process engineering, as well as the heating, ventilation, and air-conditioning sector. It markets its products to power and energy, and industrial sectors worldwide.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

“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,” said Wolfgang Beck, director of Modular Systems and Solutions at Samson.

“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," added Beck.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

READ: CUI Global’s energy subsidiary wins GasPTi order for biomethane applications from top European industrial manufacturer

"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," said CUI Global CEO William Clough.

"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," added Clough.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

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Wed, 25 Jul 2018 08:07:00 -0400 https://www.proactiveinvestors.com/companies/news/201559/cui-globals-energy-subsidiary-signs-pact-with-germanys-samson-to-boost-global-distribution-channel-201559.html
<![CDATA[News - CUI Global’s energy subsidiary wins GasPTi order for biomethane applications from top European industrial manufacturer ]]> https://www.proactiveinvestors.com/companies/news/201051/cui-globals-energy-subsidiary-wins-gaspti-order-for-biomethane-applications-from-top-european-industrial-manufacturer-201051.html CUI Global Inc (NASDAQ:CUI) announced Wednesday that its wholly owned energy subsidiary, Orbital Gas Systems Ltd, received an initial order for its GasPTi analyzers from one of Europe's largest industrial manufacturing companies for its biomethane-to-grid solution. 

The deal includes two of Orbital’s flagship GasPT analyzer and VE technologies. The company did not disclose the value of the deal.

This initial order for two GasPTi devices follows the recent passage of a favorable UK government initiative under which tariff rates for biomethane generation have been increased.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

A huge amount of industry interest in biomethane has also been sparked by Orbital GasPT technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), in May.

The GasPT platform has a revolutionary method of almost instantly and accurately determining the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

"We are pleased that this highly-regarded industrial company has, through its initial order, demonstrated confidence in the effectiveness of our proprietary gas technologies as a direct replacement to its legacy gas analyzer systems," said CUI Global CEO William Clough.

READ: CUI Global’s UK energy subsidiary wins major contract for its large-scale biomethane-to-grid skids

On May 22, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency to meet the UK's 2020 renewable energy target.

"As the energy industry moves to meet future lower-carbon energy requirements, we are uniquely positioned to offer technologies and solutions that allow for the analysis of biogas across a greater variety of caloric values and at reduced costs than legacy solutions,” said Clough.

“Building on this order, we aim to make our gas technologies the de facto standard for gas analysis in the biomethane industry," he added.

Biomethane is a renewable gas produced from biodegradable matter such as food waste, sewage or energy crops. Through the RHI scheme, the UK government has helped to create a new renewable market driving down costs through competition and the establishment of UK supply chains.

CUI shares closed 1.43% lower to US$2.75 Tuesday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

 

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Wed, 18 Jul 2018 07:56:00 -0400 https://www.proactiveinvestors.com/companies/news/201051/cui-globals-energy-subsidiary-wins-gaspti-order-for-biomethane-applications-from-top-european-industrial-manufacturer-201051.html
<![CDATA[Media files - CUI Global subsidiary awarded new contract from major UK gas operator ]]> https://www.proactiveinvestors.com/companies/stocktube/9860/cui-global-subsidiary-awarded-new-contract-from-major-uk-gas-operator-9860.html Mon, 16 Jul 2018 12:46:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9860/cui-global-subsidiary-awarded-new-contract-from-major-uk-gas-operator-9860.html <![CDATA[News - CUI Global’s UK energy subsidiary wins major contract for its large-scale biomethane-to-grid skids ]]> https://www.proactiveinvestors.com/companies/news/200864/cui-globals-uk-energy-subsidiary-wins-major-contract-for-its-large-scale-biomethane-to-grid-skids-200864.html CUI Global Inc (NASDAQ:CUI) announced Monday that its wholly owned energy subsidiary, Orbital Gas Systems Ltd, has secured a contract worth £500,000 (US$660,000) from a major UK gas operator for its large-scale, biomethane metering skids.

The deal, which also includes two of Orbital’s flagship GasPT analyzer and VE technologies, follows the recent passage of a favorable UK government initiative under which tariff rates for biomethane generation have been increased.

On May 22, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency as a way to meet the UK's 2020 renewable energy target.

BIG PICTURE: CUI Global on path to realising growth potential - chief executive

The firm expects the contract, to be the first of several skids anticipated to be designed, built, and delivered to the customer following the UK's approval of the Domestic and Non-Domestic RHI Scheme.

"Regulatory, statutory and CAPEX environments in the UK and broadly across Europe are driving towards an acceleration in the pace of adoption of renewable energy sources, such as biomethane,” said CUI Global CEO William Clough.

“This contract and others we are pursuing serve to position Orbital as a key partner to the UK and Europe's largest natural gas operators in their efforts to provide more and better energy sources to their customers while reducing carbon emissions and providing environmentally sensitive energy solutions," he added.

The contract, expected to be delivered in late 2018, calls for the provision of 24" and 16" metering skids for installation at a large distribution network in England. Metering skids are integral components of gas-metering stations and help regulate flow.

READ: CUI Global's UK energy subsidiary wins third contract for biomethane-to-grid units

A huge amount of industry interest in biomethane has also been sparked by Orbital UK’s unique GasPT Technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem) in May.

Orbital’s GasPT platform, which allows for better gas analysis, creates a revolutionary method to almost instantly and accurately determine the quality of natural gas.

The company’s second flagship product is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Biomethane is a renewable gas produced from biodegradable matter such as food waste, sewage or energy crops. Through the RHI scheme, the UK government has helped to create a new renewable market driving down costs through competition and the establishment of UK supply chains.

CUI shares closed 0.70% lower on Friday to US$2.83 Friday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Mon, 16 Jul 2018 08:33:00 -0400 https://www.proactiveinvestors.com/companies/news/200864/cui-globals-uk-energy-subsidiary-wins-major-contract-for-its-large-scale-biomethane-to-grid-skids-200864.html
<![CDATA[News - CUI Global subsidiary and Virtual Power Systems strengthen partnership in software-defined power ]]> https://www.proactiveinvestors.com/companies/news/200489/cui-global-subsidiary-and-virtual-power-systems-strengthen-partnership-in-software-defined-power-200489.html CUI Global Inc. (NASDAQ:CUI) announced Tuesday that its wholly owned power and electromechanical division, CUI Inc, has forged a partnership with California-based Virtual Power Systems, a leader in building software-driven smart grids. The partnership will drive collaboration on design, development and marketing of Virtual Power System’s proprietary Intelligent Control of Energy (ICE) software-defined power infrastructure.

In a separate agreement, CUI Global has picked up a minority stake in Virtual Power Systems to support the development of software-defined power technologies that offer the promise of bringing new levels of efficiency and automation to data centers. That includes reallocating power from underused racks to IT gear that requires additional power.

Virtual Power Systems also offers software, hardware appliances and lithium-ion batteries to optimize power distribution within a data center.

READ: CUI Global subsidiary collaborating with Keele University to develop new technologies for gas networks

Under the amended partnership agreement, CUI has extended its exclusive relationship with Virtual Power Systems to 2024 from the original expiry date of 2019. Financial terms were not disclosed.

"At a time when market awareness of our ICE Technology is growing and early adopters have started to place orders for both ICE Switch and ICE Block, the amended partnership secures our access to Virtual Power Systems’ software IP and cements our position as the exclusive provider of ICE Technology hardware,” said CUI Global CEO William Clough.

"Our investment in Virtual Power Systems is consistent with our history of technology acquisitions and new product introductions that disrupt markets," he added. "CUI and Virtual Power Systems share a common vision and approach to delivering on the promise of software-defined-power, its immense value to customers, and the transformation of power utilization in data centers. Underscoring this vision, our investment supports VPS' efforts to expand the application of SDP solutions to include hyper-converged SDP infrastructure, thereby creating additional avenues of growth for CUI."

BIG PICTURE: CUI Global on path to realizing growth potential, says CEO

The agreement also calls for an automatic renewal provision and enhanced protections around CUI's intellectual property as it relates to ICE Block and ICE Switch, the industry's first SDP ICE compatible devices based on Virtual Power System’s ICE software platform.

The company said that CUI's ICE-compatible devices, when combined with Virtual Power System’s ICE software, provides data center operators with the ability to “increase power density at the rack level” while consolidating racks in the data center 2:1 by tapping into "stranded unutilized power capacity."

Adding Energy Efficiency

Building on the amended partnership, CUI Global's investment in Virtual Power Systems supports the development of hyper-converged power infrastructure solutions, and ultimately, orchestration of power and IT loads across multiple data centers.

Hyper-converged infrastructure is a software-defined solution that simplifies the deployment and management of data center resources – compute, storage, networking and power. According to a January 2018 report by market research firm Statistics MRC, the global hyper-converged infrastructure market is tipped to expand to US$17bn in 2023 from US$1.5bn in 2016.

"The relationship between CUI and Virtual Power Systems has produced incredibly innovative integrated hardware and software solutions and accelerated market acceptance of software-defined power," said Virtual Power Systems CEO Steve Houck. "We share a vision of developing new unique hyper-converged SDP infrastructure, while also working together to accelerate the integration of industry standard power infrastructure from all the major power component manufacturers into the software-defined data center."

CUI Global shares rose slightly to US$3.01 in pre-market trade Tuesday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Tue, 10 Jul 2018 08:51:00 -0400 https://www.proactiveinvestors.com/companies/news/200489/cui-global-subsidiary-and-virtual-power-systems-strengthen-partnership-in-software-defined-power-200489.html
<![CDATA[News - CUI Global Inc's energy subsidiary Orbital Gas Systems presents its products at the 27th World Gas Conference ]]> https://www.proactiveinvestors.com/companies/news/199807/cui-global-inc-s-energy-subsidiary-orbital-gas-systems-presents-its-products-at-the-27th-world-gas-conference-199807.html CUI Global Inc (NASDAQ:CUI) announced Thursday that its wholly-owned energy subsidiary, Orbital Gas Systems, is offering a presentation of its line-up of products at the 27th World Gas Conference in Washington, DC, which continues through Friday.

The company’s focus at the conference will be on its two flagship products.

The first is Orbital’s GasPT platform, which allows for better gas analysis by creating a revolutionary method to almost instantly and accurately determine the quality of natural gas. The second is its VE technology, which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

“At this event, we have seen an extremely high level of attendance and interest due to great positioning and a compelling booth display, including demonstration equipment for our GasPT and VE Technologies,” said Nicholas Clough, president of Orbital Gas Systems, North America.

Read: CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem

Attendees are invited to stop by Orbital's booth #3739 or attend its two panel sessions at the conference.

Today’s presentation, entitled “Modern Management and Metering of Gas Transmission Systems”, takes place at 11:40 am EDT. Tomorrow’s talk at 10:20 am, meanwhile, is entitled “What’s Hot in Gas Research: Utilization Technology and Environmental Footprint”.  

The 27th World Gas Conference kicked off on Monday and ends Friday.

CUI Global shares inched down 1.2% in early trade to US$2.96

Contact Ellen Kelleher: ellen@proactiveinvestors.com

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Thu, 28 Jun 2018 09:39:00 -0400 https://www.proactiveinvestors.com/companies/news/199807/cui-global-inc-s-energy-subsidiary-orbital-gas-systems-presents-its-products-at-the-27th-world-gas-conference-199807.html
<![CDATA[News - CUI Global subsidiary collaborating with Keele University to develop new technologies for gas networks ]]> https://www.proactiveinvestors.com/companies/news/199136/cui-global-subsidiary-collaborating-with-keele-university-to-develop-new-technologies-for-gas-networks-199136.html CUI Global Inc. (NASDAQ:CUI) announced Tuesday that its wholly owned energy subsidiary, Orbital Gas Systems, is collaborating with Keele University to develop advanced technologies for gas networks.

Orbital will open a satellite research & development facility at the Keele University Science and Innovation Park to work closely with the Smart Energy Network Demonstrator (SEND) project to develop new sensor technologies to support "green gas" monitoring and control.

Keele University is turning its West Midlands campus in the UK into Europe's first “at-scale” smart energy living laboratory. The university is deploying the SEND project on its campus to test “real world” energy infrastructure and technologies on site. 

READ: CUI Global's UK energy subsidiary wins third contract for biomethane-to-grid units

"Orbital is ideally situated to Keele, both geographically and technologically, to provide the technology, expertise, support and exposure to the global gas industry throughout participation in the SEND project. We are excited about the benefits we can leverage from this collaboration," said Tony Wimpenny, Orbital's head of R&D.

SEND is working with business and industry to test low-carbon technologies and the efficiency of new technologies in terms of energy reduction, cost and carbon emissions.

"We are thrilled to work with Orbital to develop new technologies suitable for future gas networks. Orbital's engagement with SEND is a fantastic example of innovation delivering really tangible results for Keele University, industry and the broader UK economy,” said Dr. Ian Madley, head of partnership development at Keele University.

“It puts Keele and our campus at the forefront of the new and more sustainable energy landscape," he added.

CUI Global CEO William Clough said the collaboration with Keele University and the SEND project fitted “perfectly with Europe's strategy” to cultivate “alternative energy sources.”

“Our participation will enable us to further develop our Future Billing Methodology Project, biomethane-to-grid solutions and other environmentally-friendly energy solutions throughout the U.K. and Western Europe,” said Clough.

The CEO expected the Keele University collaboration to enhance the company’s relationship with some of Europe's largest pipeline operators and energy providers, all of whom are looking for ways to “efficiently, accurately and effectively” deliver more 'green gas' alternatives.

“We are very excited about the recognition this relationship will bring us and to further enhance our technology advantage in the marketplace," said Clough.

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Tue, 19 Jun 2018 08:15:00 -0400 https://www.proactiveinvestors.com/companies/news/199136/cui-global-subsidiary-collaborating-with-keele-university-to-develop-new-technologies-for-gas-networks-199136.html
<![CDATA[News - CUI Global's UK energy subsidiary wins third contract for biomethane-to-grid units ]]> https://www.proactiveinvestors.com/companies/news/197931/cui-global-s-uk-energy-subsidiary-wins-third-contract-for-biomethane-to-grid-units-197931.html Orbital Gas Systems, the UK energy subsidiary of CUI Global Inc. (NASDAQ:CUI), announced today that it has been granted a third contract worth about US$1.8mln for three biomethane-to-grid units by a major European industrial company.

The deal, which also includes Orbital’s GasPT analyzer, follows the recent passage of a favorable UK government initiative under which tariff rates for biomethane generation have been increased.

Last week, the UK introduced its program to encourage the uptake of renewable heat called the Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. This government scheme makes biomethane generation a more attractive proposition as it encourages energy efficiency as a way to meet the UK's 2020 renewable energy target.

“The UK’s new RHI incents biomethane generation and underscores the changing regulatory and CAPEX environments in Western Europe that is serving as a tailwind for our energy business,” said William Clough, CUI Global’s president and chief executive.

READ: CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem

“With the recent certification of our GasPT by Ofgem, together with Orbital’s world-class engineering capabilities, we are on the path to greater Energy sales,” he added.

A huge amount of industry interest in biomethane has also been sparked by Orbital UK’s unique GasPT Technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity markets (Ofgem) this month.

Orbital’s GasPT platform, which allows for better gas analysis, creates a revolutionary method to almost instantly and accurately determine the quality of natural gas.

CUI Global’s shares traded 1% higher at US$2.91 in Wednesday’s pre-market trading session.

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Wed, 30 May 2018 08:12:00 -0400 https://www.proactiveinvestors.com/companies/news/197931/cui-global-s-uk-energy-subsidiary-wins-third-contract-for-biomethane-to-grid-units-197931.html
<![CDATA[News - CUI Global's UK energy subsidiary wins second contract for biomethane-to-grid unit ]]> https://www.proactiveinvestors.com/companies/news/197204/cui-global-s-uk-energy-subsidiary-wins-second-contract-for-biomethane-to-grid-unit-197204.html Orbital Gas Systems, the U.K. energy subsidiary of CUI Global Inc. (NASDAQ:CUI), has been granted a second contract worth more than $500,000 for a biomethane-to-grid unit by a major European industrial company.

The deal, which calls for the delivery of one biomethane-to-grid unit this year, follows an earlier contract in February of 2017 from the same company which operates biomethane-to-grid plants across Europe.

A huge amount of industry interest in biomethane has been sparked by Orbital U.K.’s unique GasPT Technology receiving regulatory board approval from the UK’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), this month.

The GasPT platform, which allows for better gas analysis, was the focus of a workshop earlier this month, put on by Orbital UK and attended by Britain’s largest pipeline transmission and distribution operators, regulatory representatives and consulting groups.

READ: CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem

After a tour of Orbital’s facility, the participants saw a full demo of Orbital’s patented GasPT analyzer and VE technology which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Orbital’s integrated GasPTi solution creates a revolutionary method to almost instantly and accurately determine the quality of natural gas. At the workshop, the company showcased how its technology platform provides real-time monitoring of natural gas quality without the need for in-field calibration.

From the 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.

Three months ago, the Orbital Gas Systems subsidiary won a competition from French pipeline operator ENGIE to find innovative biomethane analysis solutions.

CUI Global Inc closed down slightly at US$2.64 on Wednesday.

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Thu, 17 May 2018 08:24:00 -0400 https://www.proactiveinvestors.com/companies/news/197204/cui-global-s-uk-energy-subsidiary-wins-second-contract-for-biomethane-to-grid-unit-197204.html
<![CDATA[News - CUI Global’s GasPT Technology attracts industry interest after being approved by UK's energy regulator Ofgem ]]> https://www.proactiveinvestors.com/companies/news/197020/cui-globals-gaspt-technology-attracts-industry-interest-after-being-approved-by-uk-s-energy-regulator-ofgem-197020.html CUI Global Inc. (NASDAQ:CUI) announced on Tuesday that its unique GasPT Technology has received regulatory board approval from the U.K.’s energy regulator Ofgem and sparked a huge amount of industry interest.

The group's energy subsidiary, Orbital Gas Systems commonly referred to as Orbital U.K., is behind the GasPT platform, which allows for better gas analysis. On May 10, Orbital U.K. hosted a workshop attended by Britain’s largest pipeline transmission and distribution operators, regulatory representatives and consulting groups.

“We were very pleased with the 100% attendance of invitees to our workshop. Participants were impressed with the device’s maintenance-free performance and price point,” said Orbital U.K. President Paul D. White.

“Now that it’s certified and approved for use at all directed metering points in the U.K., we saw strong lead generation at our event that should result in additional sales opportunities for our unique technology,” he added. 

Better gas analysis

After tour Orbital’s facility, the participants saw a full demo of Orbital’s patented GasPT analyzer and VE technology which employs specialized sampling probes to take smaller, more consistent and cleaner gas samples.

Orbital’s integrated GasPTi solution creates a revolutionary method to almost instantly and accurately determine the quality of natural gas. The company showcased how its technology platform provides real-time monitoring of natural gas quality without the need for in-field calibration.

The CEO said the approval from U.K’s energy regulator enabled CUI Global to “promote the technology to the full spectrum of energy producers and transporters” in the U.K.

“The enthusiasm expressed by the workshop participants and the success of our demonstration evidences the need for our device in the marketplace,” said CUI Global CEO William Clough.

Britain’s energy regulator, the Office of Gas and Electricity Markets (Ofgem), recently approved Orbital’s GasPT Technology.

From the 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.

Three months ago, the Orbital Gas Systems subsidiary won a competition from French pipeline operator ENGIE to find innovative biomethane analysis solutions.

CUI Global shares were up 2.97% at $2.77.

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Tue, 15 May 2018 09:03:00 -0400 https://www.proactiveinvestors.com/companies/news/197020/cui-globals-gaspt-technology-attracts-industry-interest-after-being-approved-by-uk-s-energy-regulator-ofgem-197020.html
<![CDATA[Media files - CUI Global looking to be profitable in the second half of 2018 ]]> https://www.proactiveinvestors.com/companies/stocktube/9283/cui-global-looking-to-be-profitable-in-the-second-half-of-2018-9283.html Mon, 14 May 2018 15:46:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/9283/cui-global-looking-to-be-profitable-in-the-second-half-of-2018-9283.html <![CDATA[News - CUI Global to participate in B. Riley FBR’s investor conference in California ]]> https://www.proactiveinvestors.com/companies/news/196746/cui-global-to-participate-in-b-riley-fbrs-investor-conference-in-california-196746.html CUI Global Inc. (NASDAQ:CUI) announced on Thursday that it will participate in the 19th annual B. Riley FBR Institutional Investor Conference in Santa Monica, California.

CUI Global CEO William Clough will showcase the company’s story at 1.30 pm ET on May 24 in front of over 1,000 institutional investors, corporate clients and high net worth individuals.

Clough and Daniel Ford, CUI Global's CFO will have one-on-one meetings with investors on the sidelines of the conference.

Separately, Ford who is also the chief operating officer of the high-growth energy division will meet with investors at the 15th annual Craig-Hallum Institutional Investor Conference in Minneapolis, Minnesota.

The Oregon-based electro-mechanical and power components manufacturer posted earnings on Monday that beat Wall Street revenue expectations.

READ: CUI Global subsidiary Orbital Gas Systems North America unit wins orders from top petrochemical and gas company

Revenue expanded to US$22.0mln compared to US$17.8mln on a year-over-year basis, handily beating consensus estimates of US$20.04mln.

“Strong revenue and record backlog in the first quarter reflect continued execution on our strategy to leverage our industry-disrupting technologies to build demand with new customers and across new geographies,” said Clough.

Last week, CUI Global’s subsidiary Orbital Gas Systems North America unit received orders for its gas sampling technology from what it described as "several Fortune 100 energy companies in the oil-and-gas industry based in Houston, Texas."

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Thu, 10 May 2018 08:23:00 -0400 https://www.proactiveinvestors.com/companies/news/196746/cui-global-to-participate-in-b-riley-fbrs-investor-conference-in-california-196746.html
<![CDATA[News - CUI Global subsidiary Orbital Gas Systems North America unit wins orders from top petrochemical and gas company ]]> https://www.proactiveinvestors.com/companies/news/196561/cui-global-subsidiary-orbital-gas-systems-north-america-unit-wins-orders-from-top-petrochemical-and-gas-company-196561.html CUI Global Inc. (NASDAQ:CUI) announced on Tuesday that its Orbital Gas Systems North America subsidiary received an order from a petrochemical and natural gas major for its proprietary VE (vortex elimination) technology sample probe combined with a custom analytical integration system.

The order was placed after Orbital made the preferred suppliers’ shortlist for sample probes and analytical integration projects.

“Having secured preferred supplier status, we can now bid on this customer’s large dollar-value Houston Gulf Coast analytical integration projects, as well as its global sample probe and conditioning systems opportunities,” said Orbital N.A. President Nicholas J. Clough in a statement.

The order is for a “complex sampling and analytical system” to be installed at a facility in the Upper Gulf Coast region of Texas, where the customer has had trouble in obtaining reliable samples for several years.

READ: CUI Global on path to realising growth potential - chief executive

“We are moving to secure similar status with other large energy producers to create a path for additional sales from the sampling and integration sector in North America,” said Clough.

Last week, Orbital Gas Systems received orders for its gas sampling technology from what it described as "several Fortune 100 energy companies in the oil-and-gas industry based in Houston, Texas."

The Oregon-based electro-mechanical and power components manufacturer posted earnings on Monday that beat Wall Street revenue expectations.

Revenue expanded to US$22.0mln compared to US$17.8mln on a year-over-year basis, handily beating consensus estimates of US$20.04mln.

“Strong revenue and record backlog in the first quarter reflect continued execution on our strategy to leverage our industry-disrupting technologies to build demand with new customers and across new geographies,” said Clough.

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Tue, 08 May 2018 07:55:00 -0400 https://www.proactiveinvestors.com/companies/news/196561/cui-global-subsidiary-orbital-gas-systems-north-america-unit-wins-orders-from-top-petrochemical-and-gas-company-196561.html
<![CDATA[News - CUI Global 1Q earnings show revenue bump on strong energy orders ]]> https://www.proactiveinvestors.com/companies/news/196475/cui-global-1q-earnings-show-revenue-bump-on-strong-energy-orders-196475.html Oregon-based electro-mechanical and power components manufacturer, CUI Global Inc. (NASDAQ: CUI), posted earnings on Monday that beat Wall Street revenue expectations.

Revenue expanded to US$22.0mln compared to US$17.8mln on a year-over-year basis, handily beating consensus estimates of US$20.04mln.

“Strong revenue and record backlog in the first quarter reflect continued execution on our strategy to leverage our industry-disrupting technologies to build demand with new customers and across new geographies,” said CUI Global CEO William Clough, in a statement.

For the quarter ended March 31, the company posted a loss of US$0.11 per share.

CUI Global’s power and electromechanical (P&EM) segment had an unaudited backlog of $26.1mln on March 31, 2018, up from US$20.2mln in the December quarter.

“Our P&EM segment continues to benefit from new and expanded distributor relationships supplemented this quarter by initial ICE technology sales. In our energy segment, with a new, larger facility in Houston we are winning higher dollar integration projects from leading energy providers in North America,” said Clough.

The company indicated it was hopeful about resuming a large energy product contract with a longtime customer in Italy. 

“Looking ahead, we are well positioned to drive volume and sales growth and improve the profitability of our sales mix,” said Clough.

Read: CUI Global's Orbital Gas Systems North America unit wins orders from several energy firms

CUI Global announced on Monday that its Orbital-UK subsidiary secured contracts totaling US$4.58mln from U.K.’s gas transmission network.

CUI Inc. recently inked a tie-up with Master Electronics, a large California-based distributor, to sell and market CUI’s full suite of power and electro-mechanical parts, audio and USB connectors, rotary encoders, as well as speakers and microphones.

Partnering with Master Electronics allows the firm to introduce its products to new customers. CUI Inc. recently received an order for its ICE Block units and ICE Switches worth US$2.9mln. The order is for 400 ICE Blocks and additional ICE Switches, which are expected to be delivered to the unnamed customer in the fourth-quarter of 2018.

In April, B. Riley FBR analyst Liam Burke recommended CUI Global stock and issued a 12-month US$6 price target.

“The engineered, applications-specific nature of CUI’s products enables the company to reduce the pressure on gross margins that is often caused by product commoditization,” wrote Burke in the research note.

The analyst also highlighted “catalysts” that would boost profits.     

“The company’s strategy is to drive revenue and margin growth by building on its base of core products and to expand its product offerings through innovation, new applications for existing technologies, and selective acquisitions. We see a clear catalyst ahead, as we believe that significant rollouts of the GasPT analyzer and ICE systems should have a positive effect on the balance sheet and share price,” wrote Burke.

CUI Global maximizes shareholder value through the acquisition and commercialization of new technologies. The company has built a diversified portfolio of technologies through its many subsidiaries.

Shares were flat in pre-market trading.

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Mon, 07 May 2018 08:54:00 -0400 https://www.proactiveinvestors.com/companies/news/196475/cui-global-1q-earnings-show-revenue-bump-on-strong-energy-orders-196475.html
<![CDATA[News - CUI Global's Orbital Gas Systems North America unit wins orders from several energy firms ]]> https://www.proactiveinvestors.com/companies/news/196143/cui-global-s-orbital-gas-systems-north-america-unit-wins-orders-from-several-energy-firms-196143.html CUI Global Inc. (NASDAQ:CUI) has said its Orbital Gas Systems North America subsidiary recently received orders for its gas sampling technology from what it described as "several Fortune 100 energy companies in the oil-and-gas industry based in Houston, Texas."

CUI Global did not identify the companies or the size of the orders, which it said was for Orbital's VE (vortex elimination) technology product line and "comprised 45 probes across 11 new, innovative projects."

The orders include 19 VE sample probes; one VE retractable thermowell; four VE custom sample probes; three VE sample systems; one portable mercury detection system; and one custom sample system, including VE probe.

Nicholas Clough, president of Orbital North American, said marketing initiatives "and targeted sales efforts to broaden awareness of our disruptive VE Technology in North America are converting to orders."

Tom Knight, Orbital North America vice president of business development and global products, added: "These new sales to North American energy market leaders will enable us to replicate the success we have experienced in the UK and Western Europe, where once an operator gets to experience the increased performance, lower costs, and operating efficiencies created by our unique technologies, they invariably purchase more of the products as well as our larger integrated solutions."

Shares are down 1.6% to US$2.70 early in afternoon trading.

--Updates for share price--

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Tue, 01 May 2018 07:22:00 -0400 https://www.proactiveinvestors.com/companies/news/196143/cui-global-s-orbital-gas-systems-north-america-unit-wins-orders-from-several-energy-firms-196143.html
<![CDATA[News - CUI Global’s Orbital Gas Systems subsidiary secures new certification for GasPT analyzer from UK regulators ]]> https://www.proactiveinvestors.com/companies/news/195674/cui-globals-orbital-gas-systems-subsidiary-secures-new-certification-for-gaspt-analyzer-from-uk-regulators-195674.html CUI Global Inc’s (NASDAQ:CUI) UK-based energy subsidiary, Orbital Gas Systems, has received a new certification from UK regulators for its GasPT analyzer and software.

GasPT can measure the properties of a gas, helping energy operators to optimize their operational performance.

The new certification means the device can now be deployed throughout the UK and other Western European countries that adhere to Ofgem’s regulations.

WATCH: How GasPT works

In the UK, such certification is necessary for the continued implementation of the Future Billing Methodology, biomethane applications, and many other projects that can now employ this unique analytic solution, CUI said in a statement.

“With this certification, we can pursue our go-to-market strategy across both the UK and Western European natural gas markets in a much more vigorous manner,” said Orbital’s UK President Paul White.

“Our track record of achievement, world class facilities and innovative technologies continue to keep us at the forefront of the natural gas industry, including analytic and sampling technologies.”

READ: CUI pops as analyst initiates with Buy

CUI Chief Executive William Clough added: “We can now move forward in our efforts in FBM, biomethane, and other projects designed to help UK energy operators find new ways of optimizing operational performance; maximizing the use of renewable resources; and mitigating the effects of climate change.”

With the certification now secured, Orbital has invited representatives from various gas network operators and energy producers in the UK to a ‘GasPT Ofgem Approval Workshop’.

CUI shares closed at US$2.64 on Monday.

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Tue, 24 Apr 2018 08:27:00 -0400 https://www.proactiveinvestors.com/companies/news/195674/cui-globals-orbital-gas-systems-subsidiary-secures-new-certification-for-gaspt-analyzer-from-uk-regulators-195674.html
<![CDATA[News - CUI pops after analyst initiates coverage with Buy rating, sets price target ]]> https://www.proactiveinvestors.com/companies/news/195187/cui-pops-after-analyst-initiates-coverage-with-buy-rating-sets-price-target-195187.html Boutique investment bank B. Riley FBR initiated coverage Tuesday on CUI Inc. (NASDAQ: CUI), the Oregon-based electro-mechanical and power components manufacturer, with a Buy rating and soaring price target.

B. Riley FBR analyst Liam Burke recommended the stock and issued a 12-month US$6 price target.

CUI Global shares jumped over 3% to US$2.71 in midday trading.

“The engineered, applications-specific nature of CUI’s products enables the company to reduce the pressure on gross margins that is often caused by product commoditization,” wrote Burke in the research note.

The analyst also highlighted “catalysts” that would boost profits.     

“The company’s strategy is to drive revenue and margin growth by building on its base of core products and to expand its product offerings through innovation, new applications for existing technologies, and selective acquisitions. We see a clear catalyst ahead, as we believe that significant rollouts of the GasPT analyzer and ICE systems should have a positive effect on the balance sheet and share price,” wrote Burke.

The analyst noted that "a solid base" of traditional products and the ramp-up of both ICE and the GasPT analyzer would translate into more consistent earnings growth. Burke added that the firm’s valuation reflected “a sustainable business model” with above-average revenue and earnings growth, “increasing operating margins, steady free cash flow generation, and improving return on invested capital.”

Read: CUI Global set for strong 2018 as Brexit troubles subside

Two weeks ago, CUI Inc. inked a tie-up with Master Electronics, a large California-based distributor, to sell and market CUI’s full suite of power and electro-mechanical parts, audio and USB connectors, rotary encoders, as well as speakers and microphones.

Partnering with Master Electronics allows the firm to introduce its products to new customers.

CUI Inc. recently received an order for its ICE Block units and ICE Switches worth US$2.9mln. The order is for 400 ICE Blocks and additional ICE Switches, which are expected to be delivered to the unnamed customer in the fourth-quarter of 2018.

Last month, uncertainty about Britain’s exit from the European Union hit the revenues and profits of CUI Global Inc., CUI Inc’s parent company, as it reported that its revenues fell to US$83.3mln, from US$86.5mln a year earlier, for the 12 months ended Dec. 31, 2017.

A dip in margins to 33.5% from 37.3% a year ago weighed on profits, which dropped to US$27.9mln from US$32.3mln a year earlier.

-- Correction: The story has been updated to correct the price target to US$6 per share.

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Tue, 17 Apr 2018 12:10:00 -0400 https://www.proactiveinvestors.com/companies/news/195187/cui-pops-after-analyst-initiates-coverage-with-buy-rating-sets-price-target-195187.html
<![CDATA[News - CUI reaches distribution deal with Master Electronics ]]> https://www.proactiveinvestors.com/companies/news/194270/cui-reaches-distribution-deal-with-master-electronics-194270.html CUI Inc. (NASDAQ: CUI), the Oregon-based electro-mechanical and power components manufacturer, is shaking things up by agreeing to a tie-up with Master Electronics, a large California-based distributor.

Under the partnership’s terms, Master Electronics, which is based in Santa Monica, California, and has been in business since 1967, will sell and market CUI’s full suite of power and electro-mechanical parts, audio and USB connectors, rotary encoders, as well as speakers and microphones.

Matt McKenzie, president of CUI Inc., said in a statement: "We are continually striving to innovate so our customers will benefit. Partnering with Master Electronics allows us to continue these efforts while introducing our company’s products to many new customers.”

CUI Inc. recently received an order for its ICE Block units and ICE Switches worth US$2.9mln. The order is for 400 ICE Blocks and additional ICE Switches, which are expected to be delivered to the unnamed customer in the fourth-quarter of 2018.

The ICE Block, employing lithium-ion battery storage, supplies power for peak load events in data centers and automatically recaptures power during low-utilization periods.

CUI’s ICE Switch, meanwhile, is a power monitoring and switching system. It unlocks additional power by allowing data centers to use that stranded power for non-critical servers, and can still provide cover if a failure occurs.

Last month, uncertainty about Britain’s exit from the European Union hit the revenues and profits of CUI Global Inc., CUI Inc’s parent company, as it reported that its revenues fell to US$83.3mln,  from US$86.5mln a year earlier,  for the 12 months ended December 31, 2017.

A dip in margins to 33.5% from 37.3% a year ago weighed on profits, which dropped to US$27.9mln from US$32.3mln a year earlier.

Shares in CUI Global rose 1.2% to US$2.61 in mid-morning trade in New York.

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Wed, 04 Apr 2018 11:33:00 -0400 https://www.proactiveinvestors.com/companies/news/194270/cui-reaches-distribution-deal-with-master-electronics-194270.html
<![CDATA[News - CUI Global set for strong 2018 as Brexit troubles subside ]]> https://www.proactiveinvestors.com/companies/news/193169/cui-global-set-for-strong-2018-as-brexit-troubles-subside-193169.html Uncertainty around Britain’s exit from the European Union hit CUI Global Inc’s (NASDAQ:CUI) revenues and profits last year, but the Oregon-based group expects to bounce back with a bang in 2018.

In a statement Wednesday, CUI said revenues fell to US$83.3mln (2016: US$86.5mln) in the 12 months ended 31 December 2017.

US$3.2mln goodwill impairment

A dip in margins to 33.5% (2016: 37.3%) weighed on gross profits, which dropped to US$27.9mln from US$32.3mln a year earlier.

Overall, CUI posted a consolidated net loss of US$12.6mln, or 56 US cents, for 2017 – wider than the US$7.3mln, or 35 US cents, it recorded last time around.

The company – which has two subsidiaries; CUI Inc and Orbital Gas Systems – said the full-year results included a US$3.2mln goodwill impairment from Orbital’s UK business.

That one-time charge was to reflect the longer-than-expected temporary halt in shipping of GasPT devices to the national gas transmission company in Italy and “softness” in the UK market which CUI put down to “post-Brexit uncertainty”.

Solid fourth quarter

Business showed signs of picking up again in the fourth quarter though, with revenues rising year-on-year to US$21.1mln in the three months through December 31 (Q4 2016: US$19.4mln).

The final quarter of the year also saw CUI receive the first major order for its ICE Switch technology, which is aimed at unlocking capacity in data centres.

READ: First major order for ICE Switch

The order for 950 units was placed by a customer in China in October, with CUI delivering them in January.

“As we enter fiscal 2018, we have ahead of us multiple paths for growth in both segments of our business,” said president and chief executive William Clough.

“With our new, larger facility in Houston in operation, we now have access to larger integration opportunities from energy operators in the region, while in Europe we see the return of large projects that had been put on hold following the Brexit vote.”

Momentum rolls into 2018

The momentum built up towards the end of 2017 has rolled over into the New Year, and Orbital has won almost US$7mln worth of energy projects so far in the year-to-date.

Over at CUI Inc, that division recently secured key safety certification for its ICE Block technology which should help to drive sales growth going forward, while it also received a chunky US$2.9mln order at the end of February.

Earnings call

“Our strategy [is] to drive demand for our solutions across both of our business segments in fiscal 2017 is yielding multiple paths for faster growth in fiscal 2018,” Clough said in an earnings call with analysts.

“We expect continued strong performance in our power business, with the introduction of the new ICE solution, serving the key driver of growth in our power and electromechanical segment.

“In our energy segment, we are seeing forward movement in integration projects previously suspended in Western Europe; that together with potentially larger dollar value opportunities out of our new Houston facility and the steps we’ve taken to seed the market for additional energy product sales across multiple geographies, put us on a growth path in our energy segment.”

Shares closed down 14.1% to US$2.79 

--Updates for share price and additional CEO quotes--

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Wed, 14 Mar 2018 09:02:00 -0400 https://www.proactiveinvestors.com/companies/news/193169/cui-global-set-for-strong-2018-as-brexit-troubles-subside-193169.html
<![CDATA[News - CUI Global's Orbital Gas Systems unit wins four contracts totalling US$4.58mln from UK firm ]]> https://www.proactiveinvestors.com/companies/news/193077/cui-global-s-orbital-gas-systems-unit-wins-four-contracts-totalling-us458mln-from-uk-firm-193077.html CUI Global Inc. (Nasdaq: CUI) said its Orbital Gas Systems Ltd. subsidiary has been awarded four contracts totalling US$4.58mln (£3.3mln) by what it described as a "Tier 1 engineering, procurement and construction firm" in the UK.

CUI Global said its Orbital UK unit won the contracts from the unidentified company "following many months of technical and commercial engagement that enabled the client to attain significant value from Orbital UK's world-class in-house capabilities, including integrating multiple packages and reducing client project delivery, technical and commercial risks."

The overall scope of the work "is for eight off-skids, including filtration, flow control, fiscal metering, supervisory PLC metering, gas quality measurement, electric heat exchangers-control and specialist lube oil to fuel gas heat exchangers providing pre-heated natural gas to the solar gas turbines driving combustion efficiency," the company said.

Orbital UK will deliver multiple high-pressure temperature measurements using its proprietary VE Technology Thermowells together with its GasPT Integrated Calorific Value Determination analysers to "ensure minimal overall response times while also eliminating sample blending and enhancing safety, thereby resulting in unrivalled energy measurement," CUI said in a statement.

Feather in Orbital's cap

Orbital UK President Paul White said that the award of this project "from such a large and well-respected Tier 1 contractor after a months-long competitive bidding process that included presentations, negotiations, and due diligence, confirms Orbital UK's ability to deliver the highest-quality integration services together with its unique and proprietary VE and GasPT technologies that are simply unavailable from other sources."

CUI Global President and CEO William Clough added that the awards "for a milestone project from this calibre of customer is a testament to Orbital UK, Paul, and his entire team, especially given the level of competition they faced from other industry participants."

"This project further underscores Orbital UK's capabilities and the disruptive technological nature of our GasPT and VE technologies in the marketplace," Clough said.

Shares in New York eased 0.15% to US$3.24 each. 

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Tue, 13 Mar 2018 08:03:00 -0400 https://www.proactiveinvestors.com/companies/news/193077/cui-global-s-orbital-gas-systems-unit-wins-four-contracts-totalling-us458mln-from-uk-firm-193077.html
<![CDATA[News - CUI Global receives key safety certification for ICE Block data center technology ]]> https://www.proactiveinvestors.com/companies/news/192995/cui-global-receives-key-safety-certification-for-ice-block-data-center-technology-192995.html CUI Global Inc. (NASDAQ:CUI) said its CUI Inc. subsidiary has received UL 9540 certification for its Intelligent Control of Energy (ICE) Block technology, an event that the company called "an important milestone".

CUI Global said the ICE Block, employing lithium-ion battery storage, shaves peaks by supplying power for peak load events and automatically recaptures power during low-utilization periods. The Oregon-based firm said its ICE Block hardware and software, when paired with ICE software of partner Virtual Power Systems, "combine to deliver more power within data centers by elasticizing it as a resource, resulting in lower operating costs and less redundant power supply capacity."

READ: CUI Global's Orbital Gas Systems unit wins US$2.1 million project

UL 9540 requirements, which cover energy storage systems and equipment that are intended to receive, store, and provide electric energy for various uses, were one of the last remaining hurdles for the ICE Block technology before releasing it to market. They also cover several sub-standards, including UL 1741 for inverters, UL 1998 and UL 991 for functional safety, and UL 1973 for battery control modules.

"As an energy storage device containing lithium-ion batteries, the ICE Block's safety in critical environments is of the utmost importance, and this UL 9540 certification reinforces the safety of this industry-first design," Mark Adams, CUI's senior vice president, said.

"This was certainly a long and complex process stretching more than a year due to the fact that UL had never before tested a technology of this nature," Adams said. "However, our ICE Block hardware proved itself safe and reliable throughout the rigorous UL testing and we are thrilled to begin shipping these units to customers with UL certification now in hand."

Partner hails 'major accomplishment'

Karimulla Shaikh, chief technology officer of Virtual Power Systems, called receipt of the certification a "major accomplishment."

"Software Defined Power (SDP) for the modern data center is now a reality," Shaikh said. "As an early VPS partner and collaborator, CUI has embedded VPS' ICE technology in their digital power platform.  When deployed in conjunction with VPS' software control plane, customers optimize energy utilization while reducing infrastructure cost and risk. Power-capacity constraints are a major limiting factor in today's data center environments. Our partnership with CUI has been very successful; together we continue to redefine power utilization in the modern data center with Software Defined Power solutions."

William Clough, president and CEO of CUI Global, said completion of the UL certification on its ICE Block technology "is a significant achievement for CUI."

"CUI and VPS have been pioneers in the development of SDP solutions for data centers, and now that we have obtained full UL compliance, we can confidently market this unique and compelling technology to a significant segment of this ever-expanding market," Clough said.

CUI Global was up 4.5% in trading last Friday, March 9, and finished the day at US$3.02 a share.

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Mon, 12 Mar 2018 08:10:00 -0400 https://www.proactiveinvestors.com/companies/news/192995/cui-global-receives-key-safety-certification-for-ice-block-data-center-technology-192995.html
<![CDATA[News - CUI Global's Orbital Gas Systems unit wins US$2.1 million project ]]> https://www.proactiveinvestors.com/companies/news/192609/cui-global-s-orbital-gas-systems-unit-wins-us21-million-project-192609.html CUI Global Inc. (NASDAQ:CUI) said its Orbital Gas Systems North America subsidiary has been awarded a US$2.1 million integration project from what it called a "large U.S.-based Energy, Procurement and Construction firm" that it did not identify.

CUI Global said it will be the sole-source integrator for the project. It said Orbital will provide "engineering services, VE Sample System probes and fabrication of several analyzer shelters for a fractionation unit under construction by the EPC in Baytown, Texas, for one of North America's leading power and energy producers."

"As demonstrated by this project, Orbital's third from this EPC customer in 18 months, Orbital's expertise and growing reputation for project excellence, reliable performance and quality engineering is translating to more work," William Clough, president and CEO, said.

"This award also marks a first for Orbital's new production facility. The opening of this substantially larger facility removes a significant barrier to much bigger opportunities with the region's largest gas operators"

Orbital Gas Systems' new facility opened last December and will host its official open house on March 8. CUI Global said with crane-access across the 35,000-square-foot production facility, Orbital now can execute multiple large projects simultaneously.

Orbital Gas Systems is involved in environmental monitoring, gas metering, process control, telemetry and gas sampling.

CUI shares closed at US$2.85 on Friday.

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Mon, 05 Mar 2018 08:32:00 -0500 https://www.proactiveinvestors.com/companies/news/192609/cui-global-s-orbital-gas-systems-unit-wins-us21-million-project-192609.html