TUALATIN, Ore., March 6, 2013 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative technologies, today announced it has signed a Shareholder Purchase Agreement ("SPA") to acquire 100% of the capital stock of Orbital Gas Systems Limited ("Orbital-UK"), a United Kingdom-based provider of natural gas infra-structure and advanced technology, including metering, odorization, remote telemetry units ("RTU") and a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries.
Effective upon completion of the acquisition, Orbital-UK will become a wholly owned subsidiary of CUI Global. Andrew Ridge will continue as the managing director of Orbital-UK. William Clough will remain as president and CEO of CUI Global, and assume the role of CEO of Orbital-UK. CUI Global does not expect any organizational changes to Orbital-UK's operations in the United Kingdom or elsewhere.
"We believe the acquisition offers significant synergies for revenue growth. Orbital-UK's internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology with the Vergence® device from CUI Global offer natural gas operators/users a comprehensive solution set for the next generation of energy metering systems," stated William Clough, CUI Global's president & CEO. While the Vergence Technology allows the natural gas operator to quickly and accurately obtain Calorific Value (CV), Wobbe Index (WI), Relative Density (RD), and Compression Factor (Z) in less than three seconds; that analysis takes place after an 8 to 10 minute delay in capturing the natural gas sample from the pipeline. The patented VE-Probe, on the other hand, allows the sample to be obtained from the pipeline in less than two seconds.
The Company will host a conference call to provide an overview of the transaction on Wednesday, March 6th at 11:00 am Eastern. Interested parties may call: 877-407-8029 or access the call on the internet via: http://www.investorcalendar.com/IC/CEPage.asp?ID=170641
A replay of the call will be available until April 6, 2013 by calling: 877-660-6853 and entering Conference ID #: 410185
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