COLUMBIA, Md., May 8 /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, announces the award
of several contracts for its power simulation and process automation
businesses. Of the orders received through April of this year there were
several significant contracts coming from new and existing customers which
totaled just over $11 million.
GSE's Power Simulation business received new orders for a combination of
simulation and real-time information systems. These orders vary in scope and
span the globe including the U.S., Russia, Ukraine, Switzerland, United
Kingdom, Germany, and South Africa. Significant domestic awards included
contracts from Dominion Virginia Power, FirstEnergy Corporation and Entergy to
upgrade simulators at the Davis-Besse, Surry and Indian Point 2 Nuclear Power
Plants. The contracts call for upgrading the computing platforms as well as
the plant system models.
Overseas, GSE signed a contract with the Leningrad Nuclear Power Plant
(LNPP) to upgrade the simulator built by GSE in the early 1990s. Changes will
be made to reflect design modifications in the plant since the delivery of the
original simulator. In addition, GSE will provide state of the art classroom
simulators for the Unit 1 & 3 reactors so LNPP can bring the full scope
simulation capabilities into the classroom. Work on the project will begin in
September 2002.
GSE's Process Automation business received a contract from the Southwest
Automation Institute (SAI) of Sichuan, China to provide a D/3 control system
and SimSuite Pro process simulation software. The Institute is a new customer
for GSE and the relationship provides a great opportunity for the Company to
gain recognition of its technology in China.
Other significant awards for the Process Automation group included
contracts from Westinghouse Savannah River Company, Kellogg Canada Inc. and
Kyungsan CWT of Korea for new D/3 systems and upgrades for use in process
automation and training. Mr. Dion Freedman, Vice President of GSE's Process
Automation business said: "Between the SAI and Kyungsan CWT contracts, we
anticipate sales growth from Asian customers as they initiate manufacturing
automation processes and upgrade and expand their systems, which are tied to
critical infrastructure development programs."
GSE Systems, Inc. is a real-time simulation, process control, and
automation company with three decades of experience, over 500 applications,
and 200 customers in more than 30 countries. Our software, hardware and
integrated solutions leverage proven technologies to deliver real-world
business advantages to the process and power industries worldwide including
specialty chemical, food and beverage, petroleum refining, pharmaceutical, and
fossil and nuclear power generation. GSE Systems is headquartered in Columbia,
Maryland with offices throughout the United States. Our global locations
include offices in Japan and Sweden. Information about GSE Systems is
available via the Internet 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.
 back to top
Related links:
http://www.gses.com
CONTACT:
Gill R. Grady, Senior Vice President of GSE
Systems, Inc., +1-410-772-3500, or general, Marilynn Meek,
+1-212-445-8451, or analysts, Susan Garland, +1-212-445-8458,
both of FRB Weber Shandwick
|
