GasPT2 Technology Receives ABS Certification
CUI Global Inc.’s Unique GasPT2 Technology Receives ABS Certification for Offshore & Marine Use
Company to deliver four GasPT2 units to Cryostar for use aboard its natural gas tanker fleet
TUALATIN, OR – April 29, 2014 – CUI Global, Inc. (NASDAQ: CUI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative products and technologies, today announced that, effective March 4, 2014, it has received certification for use of its revolutionary GasPT2 technology for use offshore and in the marine industry, specifically for use aboard natural gas tankers, from the American Bureau of Shipping (“ABS”). The certification can be found on the ABS website (www.eagle.org) and via Certificate No. 13-LD1105876-PDA.
The certified GasPT2 system was designed in close collaboration with The Cryostar Group (www.cryostar.com) and ABS. It is intended to take a sample of pressurised natural boil-off gas (“NBOG”) and provide composition data, which is then fed into the ship’s Distribution Control System (“DCS”). The data is used to optimise the performance of the re-liquification process, it incorporates specialized cryogenic equipment and CUI Global’s wholly-owned subsidiary, Orbital Gas Systems Ltd’s (“Orbital-UK”), in-house bespoke engineering of critical components to satisfy the key challenges for the marine environment, whilst ensuring operator and system safety.
For its part, Cryostar is a recognized expert in advanced technologies for industrial gas, clean energy, Liquid Natural Gas (“LNG”) and hydrocarbon applications. In a recent project, Cryostar was looking to enhance the control of its proprietary EcoRel re-liquefaction plants. These plants are typically used on LNG carriers fitted with 2-stroke slow speed diesel engines which do not consume the NBOG and therefore require a means to maintain safe cargo tank conditions and re-liquefy the NBOG utilizing the data provided by the GasPT2 to optimise the performance of the re-liquefaction process.
Cryostar was attracted by the robust and “fit and forget” nature of the GasPT2 design, as the ships crews may not have the specialized technical knowledge to maintain other types of analysers, especially those requiring periodic re-calibration.
Based on receipt of this ABS certification, Orbital-UK is now in the process of delivering to Cryostar the first four systems for use on-board new LNG carriers.
CUI Global’s president & CEO, William Clough, stated that, “receiving this certification from such an iconic organization as ABS, allows the company to aggressively enter yet another market with its unique natural gas technology. Meanwhile, our immediate delivery of units to Cryostar and its adoption of the GasPT2 solution ensure our credibility and viability in the growing marine and offshore natural gas markets.”
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 GasPT2 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
Orbital-UK is the largest natural gas systems integrator in the U.K. For over 25 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-UK’s internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology with the ground-breaking GasPTi device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems.
For more information, please visit www.orbital-uk.com.
About Yokogawa Electric Corporation
Yokogawa's global network of 88 companies spans 55 countries. Founded in 1915, the $4.0 billion (USD) company conducts cutting-edge research and innovation. With its more than 19,000 employees worldwide, Yokogawa is engaged in the industrial automation and control (IA), test and measurement, and other businesses segments. The IA segment plays a vital role in a wide range of industries including oil, chemicals, natural gas, power, iron and steel, pulp and paper, pharmaceuticals, and food.
For more information, please visit www.yokogawa.com.
From its foundation in 1862, promoting maritime safety has been the core commitment of the American Bureau of Shipping (ABS).
Today, ABS strives to be the most efficient provider of marine and offshore classification services. It is achieving that goal through the innovative thinking, enthusiasm and professionalism of its talented and highly respected staff.
At ABS, setting standards of excellence in marine and offshore classification is more than a motto - it is the way we conduct business.
For more information, please visit www.eagle.org.
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. Forward-looking statements, including statements regarding the company’s acquisition of Orbital-UK, the integration of Orbital-UK, the anticipated financial results of the combined company and the combined company’s anticipated marketing and sales efforts, are all 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, completion of the pending acquisition of Orbital-UK and the successful integration of the two businesses, 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, including the most recent annual report on Form 10-K.
CUI Global, Inc.
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