COLUMBIA, Md., May 6 /PRNewswire-FirstCall/ -- GSE Systems, Inc. (GSE)
(Amex: GVP), a leading global provider of real-time simulation and process
control solutions for the energy and process industries, announced today that
the Company's full scope simulator, which was developed for the Khmelnitsky
Nuclear Power Plant in the Ukraine received an award from the Committee of the
Supreme Soviet of Ukraine on Fuel and Energy. The award is given annually to
the best investment project in Ukraine.
The Khmelnitsky plant simulator was built by GSE with its Russian and
Ukrainian partners, Lakrom and Energotraining. The project was selected for
the award over twenty other projects under consideration.
U.S. Senator Mitch McConnell (R-KY), ranking member on the Senate
Appropriations Subcommittee on Foreign Operations has led efforts in Congress
to provide funding for nuclear safety in the states of the former Soviet
Union. The Khmelnitsky project was funded by the U.S. Department of Energy
(DOE) and was the first of a series of simulators sponsored by the
Department's International Nuclear Safety Program. DOE through its Battelle
operated Pacific Northwest National Laboratory and Brookhaven National
Laboratory has funded simulator and safety related projects for numerous
plants in the Ukraine and Russia. GSE has been the supplier of the simulators
and simulation technology for plants throughout Eastern Europe.
Full scope simulators dramatically increase the proficiency of plant
operators to help ensure that minor events do not progress to more serious
incidents. In addition, the simulators are used to validate new Emergency
Operating Procedures and, to discover and help correct plant instrumentation
and control problems.
Mr. Bob Kershner, GSE's Vice President in charge of Eastern European
Simulation business said, "The award acknowledges not only the hard work and
dedication of the team which included key contributions from several
organizations within the Ukraine and the United States, but also the
significance that simulation brings to improving both the safety and
efficiency of a plant. The simulator programs are regarded as a highly
effective and successful component of DOE's efforts to improve the safety of
Russian-designed power plants in Eastern Europe, and GSE is proud to be a part
of the program."
GSE has currently completed four other full scope simulators for power
plants in the Ukraine and is working on two additional full-scope nuclear
plant simulation projects as a part of DOE's program.
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, 2001 as
filed with the Securities and Exchange Commission.
SOURCE GSE Systems, Inc.
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Related links:
http://www.gses.com
CONTACT:
Gill R. Grady, Senior Vice President of GSE
Systems, Inc., +1-410-772-3500, or general info, Marilynn Meek,
+1-212-445-8451, or analyst info, Susan Garland, +1-212-445-8458,
both of FRB Weber Shandwick
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