COLUMBIA, Md., Oct. 22 /PRNewswire/ -- GSE Systems, Inc. (Nasdaq: GSES), a
leading global provider of real-time simulation and process control solutions
to the energy, process and manufacturing industries, today announced the
signing of a letter of intent whereby GSE Systems would exclusively license
all software from, assume substantially all customer contracts of and acquire
an option to purchase all of the outstanding stock of BatchCAD Limited, a
United Kingdom based supplier of batch chemical process development and design
consulting services and simulation software tools. The proposed transaction
subject to the execution of definitive agreements, which are anticipated to be
completed in December. No other terms of the proposed transaction were
announced.
BatchCAD, with its extensive consulting service capabilities, would enable
GSE Systems to expand their current application engineering services offering
in the process simulation and control industry. BatchCAD provides software
tools and services that assist customers at the product conceptualization
through product scale-up and feasibility phases of their product development
cycle.
"The addition of the BatchCAD team and software tools will be another step
towards achieving GSE Systems' vision of providing a complete life-cycle
approach with real-time simulation and process control systems," said Brian K.
Southern, Senior Vice President. "This will become an integral part of GSE
Systems' Rapid Technology Transfer System(TM)(RTTS), which is our suite of
software tools and services that assist GSE Systems in delivering applications
solutions in the process control industry."
GSE Systems, Inc. develops and delivers business and technology solutions
by applying process control, data acquisition and 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, oil and gas, pharmaceutical,
fossil and nuclear power generation, metals and water treatment. GSE Systems
is headquartered in Columbia, Maryland with offices in Georgia, Louisiana,
Maryland, North and South Carolina, Pennsylvania, and Texas, and its global
locations include offices in Belgium, Japan, Korea, Singapore, Sweden, and
Taiwan. 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, including statements regarding the expected consummation of
a transaction involving GSE Systems and BatchCAD and the future benefits GSE
Systems expects to derive as a result of such transaction. There are a number
of factors that could cause actual results to differ materially from those
indicated. Such factors include, without limitation, the possibility that
BatchCAD and GSE may be unable to agree on terms for a definitive agreement,
that such terms may be different than those currently anticipated, the
satisfaction of various customary closing conditions, and GSE Systems' success
in integrating BatchCAD into its own operations. 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, 1997 as filed with the Securities and Exchange Commission.
SOURCE GSE Systems, Inc.
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Related links:
http://www.gses.com
CONTACT:
Brian K. Southern, Senior Vice President of
GSE Systems, 410-772-3600; or Doug DeLieto, general, Marty
Gitlin, media, 212-661-8030, both of The Financial Relations
Board
NOTE TO EDITORS: To receive additional information on GSE
Systems, Inc., via fax at no charge, dial 1-800-PRO-INFO and
enter ticker symbol GSES
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