GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP)
, a global energy services solutions provider,
today announced that it received a $3.7 million payment from its customer, Slovenské elektrárne, a.s. (“SE”), with which GSE is providing a full scope simulator for a two unit reactor plant in Slovakia. At June 30, 2012, GSE had a $5.6 million outstanding invoice related to the SE project included in contracts receivable; this $3.7 million payment will be reflected in GSE’s financial statements for the third quarter ending September 30, 2012. SE has agreed to remit the $1.9 million balance at the project’s completion, which is currently estimated to be November 2013.
As previously disclosed, in May 2012 SE notified GSE of its decision to suspend work under the contract due to changes in the Slovakian regulation requiring SE to redesign certain aspects of the plant; this suspension was not related to work being performed by GSE. Since May 2012, at the request of SE, GSE has provided a two-person engineering team who are supporting the project during its suspension, which is currently expected to continue until May 2013. Both parties continue to discuss a number of amendments to the existing contract.
ABOUT GSE SYSTEMS, INC
GSE Systems, Inc. provides a wide range of simulation and training solutions to the global energy (nuclear and non-nuclear) industry, and is the world leader in nuclear simulation. The Company has over four decades of experience, more than 1,000 installations, and hundreds of customers in over 50 countries spanning the globe. Our software, hardware and integrated training solutions leverage proven technologies to deliver real-world business advantages to the energy, process, manufacturing and government sectors worldwide. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in St. Marys, Georgia; Tarrytown, New York; Madison, New Jersey; Cary, North Carolina; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; Glasgow, Scotland; and Beijing, China. Information about GSE Systems is available via the Internet at
FORWARD LOOKING STATEMENTS
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