Waytronx Changes Name to CUI Global
CUI Global, Inc., 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 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. 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."
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 â€“ 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.
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.