COLUMBIA, Md., March 27 /PRNewswire/ -- GSE Systems, Inc. (GSE)
(Amex: GVP), a leading global provider of real time simulation and process
control solutions, announced that Mr. Jerry Jen, age 52, Executive Vice
President and COO, has been named by the Board as President of the of the
Columbia, Maryland based firm. Mr. Jen has been with GSE and its predecessor
companies since 1980 in various engineering and senior management positions.
In 1997, Mr. Jen was promoted to Senior Vice President of the Power Business
Unit, and on November 14, 2000, he was named COO in charge of both the Power
and Process Control businesses. He brings a wealth of operational and
engineering background to the position. In his new capacity, Mr. Jen is
responsible for all operations of the company.
Additionally, the Company announced that effective immediately,
Christopher M. Carnavos has resigned as CEO and President to pursue other
interests. Mr. Carnavos joined the company in January 1997 as Vice President
in the Process Business Unit and was promoted several times, finally to CEO in
January 2000.
According to Mr. Jerome I. Feldman, GSE's Chairman of the Board, "Mr. Jen
has successfully undertaken increasing responsibilities and consistently
delivered profitable results. He has proven his leadership and management
capabilities and we are most pleased to make this appointment."
"We also thank Mr. Carnavos for his contributions to GSE and wish him
every success going forward," said Mr. Feldman.
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, 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:
Gill Grady, Senior Vice President of GSE
Systems, Inc., 443-436-7500; or General Info, Maura Gedid, or
Analysts, Susan Garland, of the Financial Relations Board BSMG
Worldwide, 212-661-8030
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