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June 18, 2012 /PRNewswire/ --
CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, today announced it has signed a Distribution Agreement with Blue Flame, a global distribution company formed by The Belleau Wood Group ("BWG") in
Dubai, United Arab Emirates (UAE). The Agreement calls for distribution of CUI Global's patented
Vergence™ Natural Gas Metering Device. Specifically, the agreement gives Blue Flame global distribution rights for sale of the device excluding the
Italy, and North America.
Among other provisions, the Agreement calls for a one-time payment of
$1,000,000 to CUI Global from BWG-Blue Flame as a "Distribution Fee." For its part, Blue Flame has already made initial penetration into various international energy markets in which it has either signed or is in the process of finalizing agreements that are expected to result in substantial sales of the product. These markets include
Turkey, and the recently announced testing agreement in the UAE.
CUI Global's President & CEO
William Clough commented, "This agreement with BWG/Blue Flame is yet another step towards full commercialization and international sales of our patented Vergence™ Technology. BWG, through its distribution company Blue Flame, is committed to rapidly placing our technology with various international energy leaders in both the government and private sectors. Their extensive network of energy professionals, end users, and regulatory authorities worldwide will enable us to present and sell our devices to a broader customer base in a highly strategic fashion."
Patrick F. Campos, BWG's CEO, stated, "We are delighted to be CUI Global's worldwide distribution partner for the groundbreaking Vergence™ Technology. We have clearly seen that the Vergence device receives a ready and enthusiastic reception in the international energy community. Through Blue Flame, we will be working hand-in-hand with CUI Global to rapidly open new distribution channels for this exciting product in the global energy markets."
"Execution of this agreement with BWG/Blue Flame, coupled with agreements already signed and announced with Orbital-UK in the
United Kingdom and Socrate s.p.a. in
Italy, means that we now have professional sales coverage and representation on a worldwide basis, leaving us to concentrate our efforts on penetrating the North American energy market. We will be addressing
North America, including
the United States and
Canada, over the next few weeks," explained Clough.
"In the meantime, we are quite confident that Blue Flame will begin to immediately introduce this ground breaking technology to new customers in the
Asia – all leading to increased revenues and, thereby, increased value for CUI Global and its Shareholders," concluded Clough.
About CUI Global, Inc.Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global is a publicly traded platform company dedicated to maximizing shareholder value through the acquisition and development of innovative companies and technologies. From its Vergence GasPT2 platform targeting the energy sector, to its subsidiary CUI Inc.'s industry leading digital power platform targeting the networking and telecom industries, CUI Global has 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. CUI Global prides itself on operating with the same level of integrity, respect, and philanthropic dedication that was put in place by CUI Inc.'s founder more than 20 years ago. It is these values that allow the company to make a difference in the lives of their customers, their community, their employees, and their investors. Recently, a move was made to merge and streamline resources with its subsidiary CUI Inc. in order to create a unified, international brand that now positions CUI Global for further strategic expansion.