COLUMBIA, Md., Jan. 9 /PRNewswire/ -- GSE Systems, Inc. (GSE) (Amex: GVP),
a leading global provider of real-time simulation and process control
solutions for the energy and process industries, announced that non-affiliated
shareholders have purchased an additional 522,611 shares of common stock
through GSE's rights offering.
The additional shares equate to over $1.3 million in cash for the company,
before deducting expenses. This transaction, which will be completed in
January 2002, when combined with the reduction of debt to ManTech in the
amount of $3.9 million, as announced on December 5, 2001, and results from
operations, will enable GSE Systems to cut its total long-term debt by over
40% compared to December 31, 2000.
Jerry Jen, President and Chief Operating Officer, said, "The proceeds of
the rights offering will further reduce our debt and interest expenses and
free up cash for growing the company. We know that general economic
conditions and the events of September 11 have caused investors to be more
cautious. Therefore, we appreciate the support of the non-affiliated
shareholders who participated in the rights offering, including those who
oversubscribed, and of course we appreciate the continued support that we
receive from ManTech International.
"We are laying out our plans to leverage our real-time plant information
and plant access control security technology. The rights offering gives us
more options to fund those growth activities.
"We are also pleased that The Washington Post-Bloomberg Regional Stock
Index recognized GSE as one of the best-performing local stocks with a 125.45%
return for 2001."
GSE Systems, Inc. develops and delivers business and technology solutions
by applying process control, simulation software, systems and services to the
energy, process and manufacturing industries worldwide. The Company's
products are used in the following industries: specialty chemical, food and
beverage, petroleum refining, pharmaceutical, and fossil and nuclear power
generation. GSE Systems is headquartered in Columbia, Maryland with offices
in Alabama, Georgia, Louisiana, Maryland, North and South Carolina,
Pennsylvania, and Texas, and its global locations include offices in Japan and
Sweden. Information about GSE Systems is available via the Internet's World
Wide Web at http://www.gses.com .
This news release contains forward-looking statements that involve risks
and uncertainties. The actual future results of GSE Systems may differ
materially due to a number of factors, including but not limited to delays in
introduction of products or enhancements, size and timing of individual
orders, rapid technological changes, market acceptance of new products and
competition. These and other factors are more fully discussed in the
Company's annual report on Form 10-K for the year ended December 31, 2000 as
filed with the Securities and Exchange Commission.
SOURCE GSE Systems, Inc.
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Related links:
http://www.gses.com
CONTACT:
Gill R. Grady, Senior Vice President of GSE
Systems, +1-410-772-3500; or general info, Marilynn Meek,
+1-212-445-8451, or analyst info, Susan Garland, +1-212-445-8458,
both of FRB Weber Shandwick
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