COLUMBIA, Md., Nov. 12 /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 it has
completed the sale and assignment of substantially all assets of its Oil & Gas
business unit to Valmet Automation (USA), Inc. for cash, plus the assumption
of certain identified liabilities. The transaction also provides that GSE
remain responsible for certain cost overruns, claims and unassumed
liabilities.
Included in the sale is an assignment to Valmet of all GSE's rights to the
S/3 SCADA(TM), a license for Valmet to use GSE's SimSuite Pipeline(TM)
product, and an assignment of GSE's rights and obligations under certain
customer contracts, maintenance and support arrangements. With the completion
of this sale, GSE Systems will concentrate on its core businesses of control
and simulation.
"This transaction aims to properly transfer GSE's Oil & Gas technology,
staff and customer relationships to Valmet," said Chris Carnavos, President of
GSE Systems. "This virtually completes GSE's restructuring initiatives, and
we can now focus on building and improving our core businesses."
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, Md. 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. 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,
410-772-3600, GSE Systems, Inc.; or General Info, Doug DeLieto,
or Media, Marty Gitlin, or Analyst, Klea Theoharis, 212-661-8030,
all of The Financial Relations Board
NOTE TO EDITORS: To receive additional information on GSE
Systems, Inc., via fax at no charge, dial 800-PRO-INFO and enter
ticker symbol GSES
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