TUALATIN, Ore., June 5, 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 placed a Vergence™ GasPT2 device in a Canadian test facility operated by NOVA Chemicals. The test will be done at TransCanada's Didsbury compressor site some 50km north of Calgary and is being sponsored by TransCanada Pipeline Division.
In a separate, but related event, the company reports that GL Noble Denton, the multi-national energy consulting company from which it acquired its Vergence™ Technology, has notified its more than 3,000 consultants worldwide via intra-net regarding the commercialization of the technology and GL Noble Denton's intention to provide "consultancy services for the ongoing maintenance and implementation of Vergence GasPT2 devices ... "
For its part, NOVA Chemicals will run some 18 different gas samples through the unit, reporting the results back to TransCanada. The Canadian National Standard for natural gas requires a calorific value (CV) error-rate of better than +/- 0.5%. Initial test results of the Vergence device have far exceeded that Canadian National Standard.
Having more than 60 years of experience in energy infrastructure, TransCanada owns and operates more than 35,000 miles of pipeline; maintains almost 380 billion cubic feet (Bcf) of natural gas storage (making it the third largest natural gas storage provider in North America); either partially or wholly owns 19 power generation plants, capable of providing more than 10,500 megawatts (MW) of energy; and is one of the leading energy infrastructure companies in North America, with a strong focus on pipelines and power generation. For further information, see http://transcanada.com.
NOVA Chemicals provides highly skilled resources and capabilities which collectively aim to maximize value for its customers. NOVA Chemicals' Testing Services Laboratories in Calgary have a broad range of capabilities to assist its customers in identifying innovative technical solutions for their business. The laboratories are fully equipped and staffed to provide timely, cost-effective, accurate, and reliable testing.
Moreover, NOVA Chemicals' laboratories at its Technical Centre are approved by various regulatory bodies to generate the appropriate data required for certification, thereby reducing the time it takes to qualify and commercialize new products. For further information, see www.novachem.com.
As explained by CUI Global's president & CEO, William Clough, "Testing our technology in North America, potentially the largest single market for our device, is a significant milestone for CUI Global and our Vergence Technology. Having that testing performed by a company as respected as NOVA Chemicals in conjunction with an industry leader like TransCanada, further confirms the viability of our Vergence Technology and allows us to enter the North American market with one of the largest energy infrastructure companies in that market."
"That initial testing coupled with the acknowledgement by our partner GL Noble Denton to its more than 3,000 consultants that the device is now ready for marketing through its worldwide energy consulting network creates yet more opportunity for CUI Global to see significant orders and resulting revenues from this exciting new technology," Clough continued.
According to its intra-net notice, GL Noble Denton confirmed that the "Vergence GasPT2 has been licensed as the next generation of GL Noble Denton's original GasPT technology, which was developed by the Oil and Gas Consulting team in Loughborough, UK, and has been used by key industry players such as BP, National Grid, Tokyo Gas and GE ... GasPT2 provides fast, accurate, close-to-real-time measurements of physical gas properties such as thermal conductivity, speed of sound and carbon dioxide content. The device allows natural gas system operators to make instant decisions about the actions they should take to maintain the quality of the gas in their pipelines."
Stephen J. Taylor, GL Noble Denton's Senior Commercial Manager for Technology Licensing, stated that, "This notice to our consultants confirms our acknowledgment that the Vergence GasPT2 device is now ready for worldwide sales and distribution and will allow our customers to have the confidence of knowing that GL Noble Denton is fully ready, willing, and able to provide ongoing maintenance and implementation of the devices as part of our licensing agreement with CUI Global, Inc." For further information, see www.gl-nobledenton.com.
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, products, 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.
About CUI Inc
CUI Inc is a technology company dedicated to the development, commercialization, and distribution of new, innovative electro-mechanical products. Over the past 20 years, CUI has become a recognized name in electronic components worldwide in the areas of power, interconnect, motion control, and sound. CUI's solid customer commitment and honest corporate message are a hallmark in the industry. CUI is a wholly owned subsidiary of CUI Global, Inc.
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.
SOURCE CUI Global, Inc.
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