TUALATIN, Ore.--(BUSINESS WIRE)--CUI Global, Inc. (OTCBB:CUGI), a platform company dedicated to the acquisition, development, and commercialization of new, innovative technologies, today issued the following statement regarding its Japanese operations and the effect of the recent events in Japan:
CUI Global, Inc. extends its heartfelt condolences to the Japanese people in this tragic situation. We and our employees remain fully committed to supporting all of our customers in every way possible.
CUI Global, Inc. has no reports of injured or missing employees and its Japanese facilities remain intact and undamaged. The situation in Japan is still developing and the focus of Japanese authorities is, of course, on saving lives and supporting affected areas.
CUI Global is analyzing the broader effects on its industries and its business. While Comex and its Japanese operations are a relatively small component of CUI Global, Inc.’s total revenue, Japan is a large supplier to the global market for semiconductors and other components. The electronics industry, as well as many other industries, source components from Japan. It is reasonable to expect that the events in Japan will affect supply of components, but it is too early to say to what extent.
Business continuity plans and work to assess the impact, if any, on CUI Global, Inc. and mitigation activities has been ongoing since the event took place.
We will continue to closely monitor the situation in Japan to take further action where necessary. It is, however, too early to draw any further conclusions as the situation is still developing.
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, 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.
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.
WayCool, WayFast, Waytronx and OnScreen are trademarks of CUI Global, Inc. Other names and brands are the property of their respective owners.