Projects Span Major Energy Markets
GSE Systems Inc. (NYSE MKT:GVP) (“GSE” or the “Company”) a global energy
industry performance improvement company, today announced the receipt of
multiple contracts with an aggregate value of over $4.6 million. The new
awards include nuclear, fossil, and oil and gas projects primarily in
Asia and North America. These contracts were awarded since September 1,
2015, and are expected to be completed over the next six to twenty-four
months.
In the nuclear power market, GSE received over $4.0 million in new
awards for simulator upgrade and services projects. Simulator upgrade
projects include an upgrade for the Hanul 1 nuclear power plant
simulator in South Korea, and in China a project was awarded for the use
of GSE’s simulation technology and expert engineering services to aid
the verification and validation of the conventional island systems
design of the Chinese CAP 1400 nuclear power plants. Domestically, GSE
received a contract for an upgrade to a full scope simulator for a
southern utility as well as an additional on-site technical services
contract through its Hyperspring subsidiary for a US nuclear plant.
Additionally, GSE received an extension of on-going work in nuclear
waste reprocessing for a US national laboratory.
In the fossil power simulation market, GSE received awards exceeding
$300,000 for a collection of simulator upgrade services, maintenance
programs and software licenses.
In the oil and gas industry, GSE received contracts exceeding $360,000.
These include delivering the Company’s EnVisionTM tutorials
and simulators and simulator upgrades.
Kyle Loudermilk, President & Chief Executive Officer of GSE, said, “I am
pleased at the market recognition of our technology and value added
services. We are excited to serve our customers as a result of being
awarded this business for key engineering and training projects around
the globe.”
About GSE Systems Inc.
GSE Systems, Inc. is a world leader in real-time high-fidelity
simulation, providing a wide range of simulation, training and
engineering solutions to the power, energy and process industries. Its
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. The Company has over four decades of
experience, more than 1,100 installations, and hundreds of customers in
over 50 countries spanning the globe. GSE Systems is headquartered in
Sykesville (Baltimore), Maryland, with offices in St. Marys, Georgia;
Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; and Beijing,
China. Information about GSE Systems is available at 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.
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