TUALATIN, Ore., Dec. 3, 2019 /PRNewswire/ -- CUI Global, Inc.
(NASDAQ: CUI), (the "Company") today announced the completion of
the sale of the majority of its Power business to Bel Fuse (Nasdaq:
BELFA and Nasdaq: BELFB) for $32.0
million in cash, subject to post-closing adjustments. The
Company expects to utilize the proceeds from the sale to implement
its strategy to build an infrastructure services company and for
general corporate purposes.
"With this sale and our previously announced divestiture of our
Electromechanical components business, CUI Global has largely
exited its former Power & Electromechanical segment businesses.
These asset sales were a critical part of our
transformation and served to strengthen our balance sheet as we
move forward in executing on our Energy-centric growth strategy,"
stated Jim O'Neil, chief executive
officer of CUI Global.
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 to create a diversified energy
services platform. CUI Global's Energy business, Orbital Gas
Systems is a leader in innovative gas solutions with more than 30
years of experience in design, installation and the commissioning
of industrial gas sampling, measurement and delivery systems
providing solutions to the energy, power and processing
markets. Orbital Gas Systems manufactures and delivers a
broad range of technologies including environmental monitoring, gas
metering, process control, telemetry, gas sampling and BioMethane.
As a publicly traded company, shareholders can participate in the
opportunities, revenues, and profits generated by the products,
technologies, and market channels of CUI Global and its
subsidiaries. But most important, 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: http://www.cuiglobal.com
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.
CUI Global Investor Relations Counsel:
LHA Investor
Relations
Sanjay M. Hurry
T: 212-838-3777
cuiglobal@lhai.com
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SOURCE CUI Global, Inc.