Total Value $1.9 Million
COLUMBIA, Md., Sept. 5 /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
several recent contract awards for its Power Simulation business. The
contracts are to implement advanced technologies into simulators previously
built by GSE and other vendors.
In the U.S., the Company received a contract from Duke Energy to provide
advanced thermo-hydraulic, neutronic and containment models for its Catawba
nuclear power simulator. GSE also received a contract from Southern Nuclear
Company for its Vogtle nuclear power plant to rehost the training simulator
onto a Windows XP computer using GSE's versatile OpenSim environment. In
addition GSE will supply an Advanced Instructor Station with XtremeView
graphic tools. Internationally, KernKraftwerk Leibstadt AG (KKL) ordered
advanced thermo-hydraulic and neutronic models for its Leibstadt plant
simulator located in Switzerland. These three projects total approximately
$1.4 million and will be implemented by GSE's RNI Technologies division.
These projects, when combined with other major awards this year, bring the
total value of contracts signed by RNI to over $5 million in 2002.
GSE's Power AB subsidiary in Sweden has been awarded a contract from
Siemens Osakeyhtio to upgrade the Full Scope Training Simulator at
Teollisuuden Voima Oy's (TVO) Olkiluoto Nuclear Power Plant in Eurajoki in
Finland. The simulator project is a part of a major upgrade to the Turbine
Plant Automation System that will be performed by Siemens. GSE will be
responsible for integration and necessary modifications to the simulator in
order to integrate an emulated version of Siemens TELEPERM XP. The emulated
system is being provided under separate contract by Power Technology's
Powergen simulation division. The simulator will be used to verify the design
of the new turbine automation system as well as training of the operator
before installation in the actual plant. The simulator upgrade will be
delivered one year before the new control system becomes operational in the
real plant. The original simulator was delivered by GSE in 1990. The value
of this new contract is approximately $500,000.
Jerry Jen, GSE's President and Chief Operating Officer said: "Our
customers continue to recognize the benefits of improved technology in their
training systems. The advancement of simulation technology is allowing
customers to expand the use of the simulator beyond its training value to
become true engineering tools. This is evident in TVO's use of its simulator
to validate 'real' plant changes before they are implemented. This ensures a
faster plant startup and generation of revenue. This speaks volumes about the
level of engineering detail included in our simulators. These new upgrade
projects demonstrate GSE's firm commitment to its existing customers and is an
important step for future I&C upgrades to simulators delivered by GSE
(totaling 142 nuclear simulators world-wide) as well as simulators delivered
by other vendors."
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, Analysts, Susan Garland, +1-212-445-8458, both
of FRB Weber Shandwick
|
