COLUMBIA, Md., March 12 /PRNewswire/ -- GSE Systems, Inc (AMEX: GVP), a
leading global provider of real time simulation and process control solutions,
today announced it has completed the sale of certain assets of VirtualPlant to
Avantium International ("Avantium") resulting in GSE becoming a significant
shareholder in Avantium.
Avantium is an international private high technology company focused on
high-speed experimentation and simulation technologies in research and
development in the area of new product development and process chemistry. The
Avantium shareholders are leading international chemical and pharmaceutical
companies, including Shell International Chemicals, WR Grace, Glaxo
SmithKline, Akzo Nobel Chemicals, and Pfizer; GSE Systems; as well as the
venture capital companies S.R. One, NIB Capital, and Funds managed by Generics
Asset Management. Also participating are three Dutch universities; Delft
University of Technology, Eindhoven University of Technology, and the
University of Twente.
As announced last November, GSE and Avantium have been working together
for a year and have concluded that a combination of the relevant interest of
the two companies would significantly increase the potential of both
organizations.
"GSE and Avantium will continue to work together to deliver a suite of
products and services which will overall significantly reduce a process
industry customer's time-to-market," commented Jerome I. Feldman, Chairman of
the Board of GSE Systems. "At the same time, we expect that GSE is profitable
going forward in the Power and Process businesses."
Avantium Technologies is a trademark of Avantium International
GSE Systems and VirtualPlant 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, the Netherlands, Sweden, Taiwan, and United Kindgom.
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, 1999 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:
Christopher M. Carnavos, CEO of GSE Systems,
Inc., 410-772-3601, or General, Maura Gedid, Analysts, Susan
Garland, of The Financial Relations Board BSMG Worldwide,
212-661-8030
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