GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP), a global energy services solutions provider, today announced a foreign military contract under which GSE will provide initial staff training on complex power plant functions and fundamentals. The 18-week course commenced recently at GSE’s Headquarters in Sykesville, Maryland. The contract has a total value to GSE of approximately $650,000.
This pilot program will utilize GSE’s established training curriculum, 3D visualization training tools, and VPanel technologies, and include fundamentals training in areas such as physics, mechanical, electrical and thermo-hydraulic engineering required to understand plant operations. Following the fundamentals training, students will study the typical design of major plant systems and how they operate. Finally, students will be taught control room operations, including the unique communications and conduct required for effective teamwork in the control room environment.
In addition to traditional classroom training, GSE will utilize its advanced learning technologies throughout the course, such as:
GSE’s Virtual Flow Loop Trainer, which will augment the theory, fundamentals and plant systems training; andGSE’s VPanel simulation platform, which will enable the students to learn the basics of control room conduct of operations through hands-on operations and teamwork. Jim Eberle, Chief Executive Officer of GSE, commented, “As militaries throughout the world continue the development of new technologies, having a well-trained staff on shipboard power plant systems is critical. We will leverage the content and structure of the very successful Operator JumpStart Program that GSE deployed for the US power industry, and apply new advanced learning technologies that we pioneered, particularly our 3D visualization products and VPanel technologies to help shorten training time and increase student comprehension. We believe this pilot project will lead to more global military opportunities for GSE.” 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 http://www.gses.com FORWARD LOOKING STATEMENTS We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.