COLUMBIA, Md., Dec. 9 /PRNewswire/ -- GSE Systems, Inc.
(Nasdaq-NNM: GSES), announced today that its GSE Power Systems, Inc.
subsidiary has acquired RNI Technologies (formerly Ryan Nuclear), a leading
company in the modifications and services sector of the power plant simulation
market. In connection with the acquisition, the litigation pending between
the parties since January 1997 has been settled in a positive and mutually
beneficial manner.
As a result of the transaction, GSE increases its leadership as the
premier supplier of nuclear power plant simulators and associated services.
RNI is an emerging supplier of technology and services to this market and
customers can now access the additive strengths of both companies.
"We anticipate that the combination of technology and technical staffs
from both organizations will present immediate benefits to our customers,"
stated Jody L. Ryan, who will remain President of RNI Technologies under GSE
Power Systems' ownership. "We're anxious to get started."
"This transaction reflects GSE's commitment to remain the leader in power
plant simulation by acquiring the leader in simulation services," said Jerry
Jen, Sr. Vice President of GSE Power Systems. "Jody and his team provide GSE
with a cost-effective, energetic and innovative approach to the simulator
modifications and services market. We are excited about our future together
and how we can better serve our customer base by enhancing our service
offerings."
GSE Systems' products are used in over 700 applications, representing over
250 customers in 30 countries, in industrial and utility industries worldwide.
The Company's GSE Power Systems group is a world leader in full-scope
power plant simulation with over 145 full-scope nuclear and fossil plant
simulators delivered in over 20 countries worldwide.
This news release contains forward-looking statements that involve risks
and uncertainties. The actual future results of GSE Systems, Inc. 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 1O-K.
To receive additional information on GSE Systems, Inc., via fax at no
charge, dial 1-800-PRO-INFO and enter ticker symbol GSES.
SOURCE GSE Systems, Inc.
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CONTACT: Chris Carnavos, Senior Executive Vice President of GSE Systems, 410-312-3600; or Doug DeLieto, general, 212-661-8030, or Marty Gitlin, media, 212-661-8030, or Julie Creed, investors, 312-266-7800, all of The Financial Relations Board
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