From Earlier: CUI Global Signs Agreement to Sell 100 Vergence GasPT2 Devices; Valued at $2.5M
CUI Global, Inc. (NASDAQ: CUI) today announced it has signed a Memorandum of Understanding with The Belleau Wood Group in Dubai for distribution of its patented Vergence™ Natural Gas Metering Device in the Gulf Cooperation Council (GCC) region. Specifically, the agreement gives BWG distribution rights for sale of the devices in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, the Kingdom of Bahrain, Kuwait, the Sultanate of Oman, and the Republic of Yemen.
The Agreement obligates BWG to purchase a "minimum initial order" of 100 units, valued at $2,500,000 (based on MSRP), following the successful completion of a thirty (30) day test of one device at a site to be selected by BWG and CUI Global. In order to pass the test, the device must meet the +/-0.5% accuracy standard set forth in the American Gas Association (AGA) Section 5 Standard, a standard the device has met or exceeded in all previous testing.
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