GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT: GVP)
, a global energy services solutions provider, today announced that it has received a $9.1 million change order from a customer in Slovakia with which GSE is contracted to provide a full-scope simulator for a two unit reactor plant. As previously announced, work on the simulator project was suspended in May 2012 due to regulatory changes in Slovakia requiring the customer to redesign certain aspects of the actual power plant.
The $9.1 million change order covers additional services associated with revisions to the design of the main plant, costs related to changes in control room hardware due to the redesign of the main plant, new work related to certain other building modifications, and costs incurred by GSE associated with the project’s delay. The customer also withdrew all outstanding claims for project delays it made against GSE.
Jim Eberle, Chief Executive Officer of GSE, commented, “We are very pleased to announce the resolution of all open issues associated with our project in Slovakia. Approximately $5.2 million of the $9.1 million change order will be allocated to the Siemens digital control system, with the balance primarily covering an expanded scope of project services. We expect to complete this project by December 31, 2013.”
ABOUT GSE SYSTEMS, INC
We are a next-generation simulation, training, and engineering services provider applying a world of experience to help you achieve the performance you imagine. GSE is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training and engineering solutions to the energy and process industries. Our comprehensive and modular solutions help customers achieve performance excellence in design, training and operations. GSE’s products and services are tailored to meet specific client requirements such as scope, budget and timeline. 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
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.