COLUMBIA, Md., Aug. 2 /PRNewswire/ -- GSE Systems, Inc. (GSE) (Amex: GVP),
a leading global provider of real time simulation and process control
solutions for the energy and process controls industries, announced that at
today's special meeting, the Company's shareholders approved both proposals on
the agenda. As a result, the Company's Certificate of Incorporation will be
amended to increase the Company's authorized common stock from 8 million
shares to 18 million shares. In addition, the Company's Long-Term Incentive
Plan will be amended to increase the authorized number of shares available for
option grants.
In conjunction with the special meeting, and as stated in the Company's
most recent proxy statement, the Board confirmed its plans to conduct a public
offering of securities to its outside shareholders. The Company has initiated
the process to prepare a registration statement (including a prospectus) for
this rights offering, and intends to make its preliminary filing with the SEC
within ten days. The proposed record date for determining the shareholders
that can participate in the rights offering has not yet been set, but it will
be established shortly upon coordination with the SEC and American Stock
Exchange.
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, 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 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 The Financial Relations Board BSMG Worldwide
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