COLUMBIA, Md., Oct. 15 /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, announced today that
the record date for its rights offering will be October 26, 2001.
Holders of common stock of GSE Systems will receive 0.711 rights for each
share of common stock they hold as of the close of business on October 26,
2001. Each whole right will entitle the holder to purchase one share of
common stock for the subscription price of $2.53 per share.
Shareholders should receive a Prospectus in the mail during the first week
of November, and will have until the expiration date of December 14, 2001 to
subscribe to the offering. There will be significant restrictions on the
transferability of the rights. Rights holders who exercise their rights in
full will also have the opportunity to subscribe for additional shares of
common stock that are not purchased by other eligible rights holders.
The Registration Statement relating to these securities has been filed
with the Securities and Exchange Commission and GSE Systems expects that it
will become effective on or about the record date. These securities may not
be sold nor may offers to buy be accepted prior to the time the Registration
Statement becomes effective. This notice 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.
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. GSE Systems has
based these forward-looking statements on its current expectations and
projections about future events. Although GSE Systems believes that its
assumptions made in connection with the forward-looking statements are
reasonable, no assurances can be given that its assumptions and expectations
will prove to have been correct. These forward-looking statements are subject
to various risks, uncertainties and assumptions. GSE Systems undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. In light
of these risks, uncertainties and assumptions, the forward-looking events
discussed in this announcement might not occur.
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 Weber Shandwick
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