GSE Systems, Inc. (“GSE” or “the Company”) (NYSE Amex: GVP), a global energy services solutions provider, today announced new contracts valued at approximately $10.1 million involving nuclear, fossil, and process simulation, 3D Visualization, training, and engineering services. Each of these projects was awarded during the fourth quarter of 2011. Jim Eberle, Chief Executive Officer of GSE, commented, “We believe that these awards validate our core operating thesis that, as energy demand continues to rise, the looming shortage of qualified energy operations professionals – many of whom are at or near retirement age - remains a growing industry concern. GSE’s diverse, and still evolving, portfolio of products and services support the global energy industry in addressing this constraint.” The $10.1 million in new projects are comprised of:
- $5.9 million in contracts for four new, conventional (non-nuclear) full-scope plant simulators at facilities in Saudi Arabia, the United States, and the United Kingdom. These projects will be executed over the next 12-24 months;
- $2.1 million in nuclear projects, including a major simulator modification for an existing domestic customer, the sale of 3D Visualization and VPanel solutions, and contracted training programs for domestic nuclear utilities;
- $0.8 million in contracts for the process industry, including computer based learning modules, as well as customized and generic simulators for petrochemical refining, and nuclear waste processing customers; and
- $1.3 million in engineering services and training contracts consisting of awards to GSE TAS Engineering Consultants by a variety of customers throughout Europe, and the sale of GSE’s Generic Pressurized Water Reactor (GPWR) and Instructor-led training services to a university in the UK and a US nuclear utility, respectively.
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; 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.