COLUMBIA, Md., March 1 /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 they will post a significant license revenue transaction in
the first quarter.
GSE Systems has supplied various software technologies to Avantium
Technologies valued at $2,895,000 (unaudited). GSE will provide the basis for
the informatics system that will automate and maximize the lab environment.
"GSE and Avantium will jointly build on this foundation of our core
products in Control and Simulation to advance the technology as necessary to
establish Avantium Technologies with the leading informatics system in the
industry," said Brian K. Southern, GSE Senior Vice President. "GSE has also
been designated to market the technology of Avantium as it becomes available."
As a related event, the Company announced the initiation of a market
development program targeted to bring the benefits of VirtualPlant(TM), plus
the products and services associated with GSE's recent affiliation with
Avantium Technologies to major customers around the world. The Company has
hired Mr. Bruce Manthey as Senior Vice President, Market Development to lead
this program.
Mr. Manthey was formerly Manager of Business Development for KPMG
Consulting and has held senior business and market development positions
within the advanced automation and simulation markets.
Avantium Technologies is a trademark of Avantium International. GSE
Systems, VirtualPlant, VirtualLab, 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, Korea, 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, 410-772-3588, general info, Doug DeLieto, analyst
info., Susan Jayson, or media info, Marty Gitlin of The Financial
Relations Board, 212-661-8030
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