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): July 16, 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 Numerous Contract Awards
Totaling over $11 Million
Columbia, Maryland July 16, 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 contracts
for power plant simulators. The total value of the contracts exceeds $8 million.
These contracts, along with over $3 million of process automation orders
received in the second quarter of 2003, increase the Company backlog to just
under $40 million.
The largest order is from the Mexican Utility CFE for a major simulator upgrade
to the Laguna Verde nuclear plant near Vera Cruz, Mexico. The project includes a
total replacement of the plant modeling software, and re-use of most of the
existing simulator control panels. This project will be completed in
approximately two years.
The Company also received orders for simulators for two fossil power plants.
Both awards are from a major fossil power plant DCS system vendor. The
simulators replicate fossil power plants located in New York and Wisconsin. The
simulators will be delivered in approximately 18 months. Contracts were also
received to upgrade two other nuclear plant simulators in the US.
GSE President and Chief Operating Officer, Jerry Jen said, "We are very pleased
to receive the Laguna Verde nuclear plant simulator project award. It raises our
backlog significantly, and represents a new customer for GSE. The fossil plant
awards also signify a rebound in that market segment, and the establishment of a
relationship with one of the strongest control system manufacturers in the
fossil power market."
Contact Gill Grady at 410-772-3604.
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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.