COLUMBIA, Md., May 4 /PRNewswire/ -- GSE Systems, Inc. (Amex: GVP), a
leading global provider of real-time simulation and process control solutions
to the energy, process and manufacturing industries, today announced it has
acquired all proprietary technology and software assets from, and assumed
substantially all customer contracts of, Mitech(TM) Corporation, a privately
held Chelmsford, Massachusetts based supplier of Event and Alarm management
and reporting software tools. Specific terms of the transaction were not
released.
The assets acquired include CLAMP(TM), a Closed Loop Analysis, Monitoring
and Reporting tool; M/Power(TM), an Event tracking and reporting system, plant
alarm management system, and real-time transaction processing engine for
automatic detection and ESI Power/Links(TM), an interface software tool to
connect with various control systems, information management systems and data
historians. These tools were developed to layer with most industry DCS
platforms, including GSE's D/3(TM).
"This purchase strengthens GSE's capability to provide advanced decision
support to process manufacturing companies on a variety of hardware and
software platforms," said Christopher M. Carnavos, President. "These tools
allow better automatic detection, analysis, and reaction to process and system
performance abnormalities."
GSE Systems, Inc. develops and delivers business and technology solutions
by applying process control, data acquisition and 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, fossil and
nuclear power generation, and metals. 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, Sweden, and United Kingdom. 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, 1998 as
filed with the Securities and Exchange Commission.
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. 443-436-7500; or General Info, Doug DeLieto,
Media Info, Martin Gitlin, or Analyst Info, Elisa Mailman, all of
The Financial Relations Board, 212-661-8030
NOTE TO EDITORS: To receive additional information on GSE
Systems, Inc., via fax at no charge, dial 1-800-PRO-INFO and
enter ticker symbol GVP
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