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| 8-K - Orbital Energy Group, Inc. | v207200_8k.htm |
Exhibit
99.1
Waytronx,
Inc. Changes Name to CUI Global, Inc.
Continuing
its Transformation into a Platform and Technology Licensing Company; Waytronx is
Rebranding and Changing its Ticker Symbol to CUGI
TUALATIN,
Ore. – Tuesday, January 4, 2011 – CUI Global, Inc. (OTCBB: CUGI), previously
Waytronx, Inc., is the new name for the platform company dedicated to the
acquisition, development, and commercialization of new, innovative
technologies. Shareholders approved the name change during the
company’s 2010 Annual Meeting. The CUI Global name better reflects the company’s
strategic direction in advanced electronics and as a marketer and manufacturer
of electro-mechanical components for OEM manufacturers through its wholly owned
subsidiary, CUI Inc.
In
conjunction with this name change and the rebranding effort, CUI Global will
initiate its new website at www.cuiglobal.com on
Tuesday, January 4, 2011, as well.
“2010 was
a tremendously successful year in terms of debt reduction, increased revenue,
profitability, and the acquisition of some exciting new technologies,” stated
William Clough, president and chief executive officer of CUI
Global.
“For many
years, Waytronx focused on its thermal management technology and the company
name was fitting for that strategy. However, as we have acquired new
businesses and technologies we have transformed ourselves into a
multi-technology, platform company, and it has become evident that there are
larger and much broader opportunities for the company," Clough
continued.
“The
company’s long-term strategy is to become a world recognized acquirer and
developer of unique, high-end technologies addressing various markets and
industries. Accordingly, the name of the company now more accurately
reflects our new business focus,” explained Clough.
CUI
Global along with its subsidiaries have compiled and developed an extensive
technology portfolio, which currently includes the Novum Digital Power Line and
other proprietary technologies like the SEPIC-fed BUCK converter technology, and
the GasPT2 natural gas metering device – all of which are expected to be in the
market in 2011. CUI Global continues to seek a strategic partner to
develop its WayCool™ thermal management architecture and WayFast™ power and
communications architecture, as well.
CUI
Global successes over the past year include:
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Second
Quarter Revenue of $10,700,000 -- Up 77% Year-Over-Year with Earnings Per
Share (EPS) of $0.02;
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Third
Quarter Revenue of $10,500,000 -- Up 32% Year-Over-Year with Year-to-Date
(YTD) Earnings Per Share (EPS) of
$0.02;
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Significant
reduction of its acquisition debt from over $40,000,000 in 2008 to less
than $15,000,000 today;
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Transfer
of its entire banking relationship to Wells Fargo Bank, N.A. (NYSE: WFC), a national bank with the
resources, reputation, and strength to dramatically increase the
company’s ability to
expand its business and continue its aggressive growth
strategy;
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Acquisition
and development of exciting new technologies like the Novum Digital Power
Line, the SEPIC-fed BUCK converter technology, and the GasPT2
natural gas metering device, including receipt of full BASEEFA safety
certification for the GasPT2 device in late 2010;
and,
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The
first two consecutive profitable quarters in the company’s history with
the company’s YTD (as of the Third Quarter) Net Profit of $4,570,997
representing an increase from a Net Loss in the first nine months of 2009
and YTD (as of the Third Quarter) Operating Profit of $1,259,051
representing an increase from an Operating Loss in the first nine months
of 2009.
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The
company’s name change is accompanied by an aggressive brand marketing program to
ensure that the CUI Global technologies and associated companies remain as
leaders in the high-tech electronics industry, both domestically and
internationally.
“We
remain confident that this name change, the associated branding, along with the
acquisitions and initiatives we have implemented since May 2008 will continue to
produce positive results in revenue growth, profitability, and, thereby,
increase shareholder value into 2011 and beyond,” concluded Clough.
In
addition to changing its ticker symbol to OTCBB: CUGI, CUI Global is announcing
the activation of its new website at www.cuiglobal.com.
About
CUI Global, Inc.
CUI
Global is a publicly traded holding company dedicated to maximizing shareholder
value through the acquisition and development of innovative companies and
technologies. From its 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, 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.
CUI
Global also holds 49% of Comex, a Japanese DSP-based hardware and software
company that specializes in test and measurement equipment. It focuses on
applications that demand high speed multiple channel measurement. The Comex
product line ranges from 8 channel to 1032 channel systems. Comex works
primarily with research labs, universities, and large companies in Japan to
create its custom solutions.
For more
information, please visit www.cuiglobal.com and
www.cui.com.
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.
# #
#
| Media
Contact:
Maggie
Lefor
CUI
503-612-2300
press@cuiglobal.com
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Investor
Relations:
Fred Schultz
760-429-7775
760-855-8880
investors@cuiglobal.com
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WayCool,
WayFast, Waytronx and OnScreen are trademarks of CUI Global, Inc. Other names
and brands are the property of their respective
owners.