COLUMBIA, Md., Sept. 18 /PRNewswire/ -- 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 that
it has filed a Registration Statement with the Securities and Exchange
Commission for a fixed price rights offering. The Company expects to raise
approximately $5.6 million of equity capital.
GSE Systems proposes to distribute to non-affiliated holders of its common
stock, at no cost, subscription rights to purchase additional shares of common
stock at a subscription price of $2.53 per share. The Company will issue
0.711 subscription rights for each share held by non-affiliated holders of its
common stock as of a record date to be announced on or around the date that
the Registration Statement becomes effective. The securities are being
offered by GSE Systems and represent new financing.
The Company expects the offering to be effective on or about October 31,
2001, upon SEC approval, and the offering will be open for approximately
thirty days from the effective date. GSE Systems will provide additional
information regarding the rights offering, including the expiration date, in a
news release issued on or about the record date. There will be significant
restrictions on the transferability of the rights.
A Registration Statement relating to these securities has been filed with
the Securities and Exchange Commission, but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to
the time the Registration Statement becomes effective. This press release
does not constitute an offer to sell or a solicitation of an offer to buy nor
shall there be any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such State.
Upon SEC approval, a written prospectus may be obtained by contacting:
GSE Systems, Inc., 9189 Red Branch Road, Columbia, Maryland 21045, Attn:
Gill Grady, or by calling (410) 772-3500, or e-mailing investor@gses.com .
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.
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 Info., Marilynn Meek,
+1-212-445-8451, or Analysts, Susan Garland, +1-212-445-8458,
both of The Financial Relations Board BSMG Worldwide
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