COLUMBIA, Md., May 3 /PRNewswire/ -- GSE Systems, Inc (Amex: GVP), a
leading global provider of process control solutions and real time simulation,
announced today the recent contract awards from American Electric Power,(AEP),
for two full-scope fossil training simulators. The training simulators will
replicate the 235 MW Clinch River Unit #2 power plant located in Virginia and
the 200 MW Kanawha River Unit #1 power plant located in West Virginia. The
contract also includes licenses for the simulation technology for additional
fossil and nuclear power plants within the AEP electrical generating system.
These contracts are a culmination of efforts by GSE to expand its
leadership in nuclear simulation technology to the fossil simulation
marketplace. In the past year GSE has released its "G-Suite" software tools
which target fossil simulation applications. These new tools elevate the
level of simulation beyond traditional training to allow the operator to
optimize plant performance. Following a concerted global marketing effort,
GSE has been awarded over $9 million of new orders for six fossil simulators
in the United States and India in the last twelve months. Training simulators
have gained national prominence in recent months as the electric generating
community has increased their focus on the need for reliable and available
electricity in a deregulated environment.
Jerry Jen, President of GSE Systems stated, "Last year we recognized that
deregulation and competitive market forces would increase the importance tools
that train operators to maximize plant availability and to optimize plant
performance. As we have stated in the past, expanding our offering to the
fossil simulation community is a key part of our growth strategy for the Power
Business Unit, and to achieve this we adapted our technology and market
approach to take advantage of these industry changes. Our new business wins
are the result of the dedication and commitment of GSE's technical and
marketing employees. It is our intention to become the leader in this
industry as we have in nuclear simulation for the last twenty years."
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 the Sweden and Japan.
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.
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, Sr. Vice President of GSE
Systems, Inc., 410-772-3500; general info, Maura Gedid, analysts,
Susan Garland, 212-661-8030, both of The Financial Relations
Board
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