HOUSTON, Oct. 30, 2018
- Orbital to Host Technical Training Sessions on GasPTi -
HOUSTON, Oct. 30, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) (the "Company") announced today that its wholly-owned energy division, Orbital Gas Systems ("Orbital"), will host multiple technical training sessions in China for its distribution partner SAMSON AG ("SAMSON") to provide the SAMSON salesforce with the technical skills and knowledge to effectively position the Company's GasPTi technology to China-based natural gas transmission companies. Led by Tony Wimpenny, Head of International Product Sales at Orbital, the training sessions will be held at SAMSON's China headquarters in Beijing during the first week of November and will be followed by joint customer visits and additional business development activities.
Nicholas Clough, Business Development Lead for the Energy Division, stated, "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."
Mr. Wimpenny stated, "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."
According to the International Energy Agency ("IEA"), China produced 112 billion cubic meters of natural gas in 2013, making it the sixth largest gas producer in the world. Gas production more than doubled over the period 2005-2013. Despite that rapidly rising natural gas production, in 2013 China imported 52 billion cubic meters of natural gas, making it the world's fifth largest gas importer. Imports increased more than tenfold in the period 2008-2013. In 2013, China was the world's third-largest importer of LNG, behind Japan and Korea.
In its "Gas 2018" report, the IEA said Chinese demand for natural gas will rise by almost 60 per cent between 2017 and 2023 to 376 billion cubic meters ("bcm"), including a rise in its liquefied natural gas imports to 93 bcm by 2023.
CUI Global President and CEO, William Clough, stated, "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."
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT® platform targeting the energy sector, to CUI Inc.'s digital power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.
For more information please visit www.cuiglobal.com
About Orbital Gas Systems
Orbital Gas Systems, (Orbital) has offices in the United Kingdom and Houston, Texas. For over 30 years, Orbital has developed its portfolio of products, services and resources to offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries. Orbital's internationally recognized expertise in the natural gas industry, including bringing together the patented VE Technology® with the ground-breaking GasPT device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital is a wholly owned subsidiary of CUI Global, Inc.
For more information, please visit www.orbitalgas.com
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
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