TUALATIN, Ore., April 2, 2013 /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 received its first purchase order ("PO") for retail units of the Vergence® GasPT2 device for Snam Rete Gas S.P.A. ("Snam Rete") in Italy. The units, purchased by CUI Global's Italian distribution partner, Socrate S.P.A. ("Socrate"), for Snam Rete are scheduled to be installed at various locations on the Snam Rete grid for field trials against already installed gas chromatographs.
On Thursday, March 21, 2013, CUI Global's management met with representatives from Snam Rete and Socrate at Snam Rete's Headquarters in Milan, Italy. During the course of that meeting, Snam Rete confirmed that it would be seeking the Vergence® GasPT2 devices before the end of March. Snam Rete further confirmed that the units would be placed in a field trial across the Snam Rete natural gas network during April/ May 2013, so that results can be reported to the Italian Regulatory Authority and Dipartimento di Energia ("Energy Ministry") during meetings scheduled in May/June 2013.
Snam Rete further confirmed that this field trial, following the successful performance of the original test unit at their facility in Masera, Italy, is the final step before full implementation of the devices as set forth in the Piano di adeguamento tecnologico e di manutenzione degli impianti di metering e meter reading ("Level of technological upgrading and maintenance of metering and meter reading"), the comprehensive upgrade report/plan issued by Italian authorities on December 1, 2009 (According to the provisions of Article No. 8 of the acting Aeeg ARG/gas 184/09).The Socrate PO for five units, one demonstration unit, and four units for Snam Rete was received by the company on Friday, March 29, 2013. As explained by CUI Global's president & CEO, William Clough, "This purchase of units for field trials by Snam Rete, following the successful performance of our initial GasPT2 device for Snam Rete at its Masera Facility, further confirms the dynamic nature of our Vergence Technology." "We believe that these retail orders and field trials by such an industry stalwart, coupled with our upcoming acquisition of Orbital-UK, is just the beginning of our penetration into the Italian and, thereby, European natural gas market for the GasPT2 devices," Clough concluded.