COLUMBIA, Md., June 9 /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 that its
Board of Directors of GSE Systems, Inc. has elected Christopher M. Carnavos,
President, to the additional position of Chief Executive Officer.
"GSE has made a significant turn-around over the past 18 months under the
direction of Chris Carnavos as it refocused its business strategy back to the
core business of Process Control and Simulation where GSE is a worldwide
market leader," said Mr. Jerome I. Feldman, Chairman of the Board of GSE
Systems. "Additionally, Mr. Carnavos orchestrated the sale of several
non-core businesses and GSE has now had 3 consecutive quarters of operating
profitability.
"Mr. Carnavos has also been the principal architect of the company's new
VirtualPlant(TM) offering which allows customers to use simulation and control
in new ways to enhance time-to-market and production processes. As part of
this strategy, GSE also closed two recent acquisitions under Mr. Carnavos'
direction, acquiring both the assets of BatchCAD Limited and the assets of
Mitech Corporation. The Board believes that he has brought a new vision and
focus to the Company," Mr. Feldman concluded.
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, 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 Belgium, Japan, Sweden, and United Kingdom.
Information about GSE Systems is available via the Internet's World Wide Web
at http://www.gses.com. Information about BatchCAD Limited is available via
GSE Systems Web site or 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, Marty Gitlin, or analyst info, Elisa Mailman, 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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