COLUMBIA, Md., Aug. 29 /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, today announced a
recent agreement with the Russian Research Center's "Kurchatov Institute"
located in Moscow, Russia, to license and distribute the Institute's SimPort
simulation technology. Under the agreement, GSE has the exclusive rights to
use and sublicense SimPort in the United States, and the primary right to use
and sublicense SimPort worldwide.
GSE has worked with the prestigious Kurchatov Institute on several
simulation projects over the years. SimPort was originally developed by the
Institute and marketed through its INTERDCM Corp., a commercial enterprise
formed by the Kurchatov Institute in 1989. SimPort is a robust, Microsoft
Windows(R)-based, real-time simulation environment used primarily for power
plant simulators. GSE has agreed to help the Kurchatov Institute expand the
use of SimPort, primarily through GSE's fossil offerings.
A software license agreement is a part of a broader agreement to market
advanced engineering technologies created by the Kurchatov Institute, which
includes virtual reality simulation and integrated industry resource modeling.
"SimPort is based on a different approach to simulation than GSE's other
offerings. We believe including SimPort as an option for our customers,
especially in the fossil market, gives them the ability to choose the
technology that best fits their needs," said Jerry Jen, President and Chief
Operating Officer of GSE Systems.
Professor Semen Malkin, Chief of Department, Dynamics, Control and
Modeling of Kurchatov Institute said, "We are very pleased with the
partnership we have developed with our long time friends at GSE. This
agreement is the first formal relationship we have entered into for our
SimPort technology, and we look forward to great success as a result. SimPort
has been successfully implemented in numerous fossil and nuclear power plant
simulators throughout the world. However, GSE's excellent reputation and
market position provides greater opportunity to expand the use of SimPort and
other technology developed by the Kurchatov Institute."
Microsoft Windows is a registered trademark of the Microsoft Corporation.
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 .
At the Company, Contact Gill Grady, Sr. Vice President, at 410-772-3604.
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, General, Marilynn Meek,
+1-212-445-8451, Analysts, Susan Garland, +1-212-445-8458, both
of FRB Weber Shandwick
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