COLUMBIA, Md., Feb. 24 /PRNewswire/ -- GSE Systems, Inc. (Amex: GVP), a
leading global provider of real time simulation and process control solutions
to the chemical, pharmaceutical, energy, process and manufacturing industries,
today announced its participation in the founding of Avantium Technologies,
a high technology company that will employ high speed experimentation &
simulation (HSE&S) technologies in contract research and development in the
key area of new product development and process chemistry. GSE will be a
strategic partner in the future development of an HSE&S informatics system and
will be an equity shareholder, along with Shell International Chemical,
SmithKline Beecham, Technical University of Delft, Technical University of
Eindhoven, Twente University, Alpinvest, The Generics Group, and S.R.One, the
venture capital subsidiary of SmithKline Beecham.
GSE will provide the basis for the informatics system that will automate
and maximize the lab environment. In addition to providing GSE's core
technology in process control and simulation, GSE will be the resource
supplier to further advance the technology necessary to establish the leading
informatics system in the industry. This combination of leading-edge
technologies and world-class skills will create a powerful platform in this
new and dynamic field, for which there is already a strong customer base.
The new company, which will have a capitalization of EURO30 MM, will
deploy HSE&S techniques to rapidly discover and optimize new processes and
products of interest to the petrochemicals, fine chemicals and pharmaceutical
industries. The enhanced speed to market for such new processes and products
will bring high added value to both the shareholders and customers of
Avantium.
"Avantium will occupy facilities at a new business park in Amsterdam,
which will be fully equipped with state-of-the-art developments in
micro-reactors, robotic workstations and informatics software," stated
Dr. Ian E. Maxwell, CEO of Avantium Technologies. "Advanced Simulation and
Process Control technology will be a key element of our success, with GSE
Systems as the strategic partner."
GSE Systems will be utilizing its core simulation technologies to assist
in the optimization of experimentation as well as analysis of the resulting
data that will be created to establish a high-speed knowledge base.
Additionally, GSE's leading process control products will be the foundation of
a highly automated experimentation lab as well as a scaleable set of products
that can be utilized from the experiment through optimization of a production
facility.
"The formation of Avantium Technologies and GSE's selection as their
informatics strategic partner is a confirmation of our VirtualPlant(TM)
business strategy introduced in May, 1999," commented Christopher M. Carnavos,
CEO & President of GSE Systems. "GSE looks forward to a long and mutually
prosperous relationship with Avantium Technologies and each of its
shareholders."
"GSE Systems will be utilizing our world class products in D/3 DCS(TM),
VPbatch(TM), VPtv(TM), SimSuite(TM) and BatchCAD(TM) to create the most
advanced, highly flexible, high integrity Informatics System in the world
today," stated Brian K. Southern, Sr. Vice President, GSE Systems. "This
development effort will culminate in our VirtualLab(TM) Informatics System
that will provide knowledge from various sources of data for much better
collaboration across companies' development and operational functions."
Avantium Technologies is a trademark of Avantium International. GSE
Systems, VirtualPlant, VirtualLab, D/3 DCS, VPbatch, VPtv, BatchCAD, SimSuite
are trademarks of GSE Systems, Inc.
GSE Systems, Inc. develops and delivers business and technology solutions
by applying process control, data acquisition and simulation software, systems
and services to the pharmaceutical and chemical research & development,
energy, process and manufacturing industries worldwide. The Company's
products are used in the following industries: specialty chemical, food and
beverage, petroleum refining, pharmaceutical, fossil and nuclear power
generation, metals and water treatment. GSE Systems is headquartered in
Columbia, Maryland with offices in Georgia, Louisiana, Maryland, North and
South Carolina, Pennsylvania, and Texas, and its global locations include
offices in Belgium, Japan, the Netherlands, Sweden, Taiwan, and United
Kingdom. Information about GSE Systems is available via the Internet's World
Wide Web at http://www.whatisvirtualplant.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, 1998 as
filed with the Securities and Exchange Commission.
To receive additional information on GSE Systems, Inc. via fax at no
charge, dial 1-800-PRO-INFO and enter ticker symbol GVP.
SOURCE GSE Systems, Inc.
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Related links:
http://www.gses.com
CONTACT:
Brian K. Southern, Senior Vice President of
GSE Systems, Inc., 410-772-3588, or General info., Doug DeLieto,
Investor info., Susan Jayson, or Media info., Marty Gitlin, of
The Financial Relations Board, 212-661-8030
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