SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 10, 2003
GSE Systems, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-26494 52-1868008
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
9189 Red Branch Road, Columbia, MD 21045
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (410) 772-3500
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(Former name or former address, if changed since last report)
Item 5. Other Events
http://www.gses.com
AT THE COMPANY AT FRB/WEBER SHANDWICK
Gill R. Grady Marilynn Meek Susan Garland
Senior Vice President (general info) (analyst info)
410-772-3500 212-445-8451 212-445-8458
FOR IMMEDIATE RELEASE
GSE Systems Announces Simulation Orders
(Value Exceeds $4 Million)
Columbia, Maryland April 10, 2003 - 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 the receipt of several
new contracts, including a new simulator, simulator modifications, and services
totaling over $ 4 million in value.
GSE's RNI Division won a contract at the Nine Mile Point nuclear plant to
provide full time engineering support of the Unit 1 and 2 simulators. The RNI
Division also received a contract for the Vogtle nuclear plant to upgrade the
existing simulator with the THOR and S3R thermo-hydraulic and reactor core
models, as well as, to upgrade the plant containment model.
In addition, GSE received an order to build a simulator for a nuclear plant
overseas. The simulator will take about two years to complete and will be
designed using GSE's newly released Java Advanced Development Environment
(JADE(TM)) simulation toolkit. The customer has requested the specific plant and
location be withheld.
GSE's President and Chief Operating Officer, Jerry Jen, said: "We are very
pleased to receive another of the orders delayed from last year, as well as some
of the new orders in our plan for 2003. Our RNI Division continues to win the
majority of US simulator upgrade projects, and is well poised to serve the
growing US services market."
Contact Gill Grady at 410.772.3501.
GSE Systems, Inc. is a real-time simulation, process control, and automation
company with three decades of experience, over 500 applications, and 200
customers in more than 30 countries. Our software, hardware and integrated
solutions leverage proven technologies to deliver real-world business advantages
to the process and power industries worldwide including specialty chemical, food
and beverage, petroleum refining, pharmaceutical, and fossil and nuclear power
generation. GSE Systems is headquartered in Columbia, Maryland with offices
throughout the United States. Our global locations include offices in Japan and
Sweden. Information about GSE Systems is available via the Internet 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, 2002 as
filed with the Securities and Exchange Commission.