GSE Systems Announces New Contracts in the Oil Production, Petrochemical and Nuclear Power Sectors.
BALTIMORE -- GSE Systems, Inc. (GSE) (Amex:GVP), a leading global provider of real-time simulation and training solutions to the power, process, manufacturing and Government sectors, announced the award of multiple contracts for major upgrades to the Company's existing simulation facilities at the Bayernoil Vohburg refinery in Germany and at the 850,000 metric ton Ibn Sina Methanol Plant in Saudi Arabia. In addition, the Company also delivered new simulator models to Statoil's Mongstad refinery, the largest refinery complex in Norway, that will simulate the facility's delayed coking process and complement other GSE simulation models currently being utilized at the site.
In the nuclear power sector, the Company received a notice to proceed to simulate the "off gas" system for several nuclear power plants in Japan.
The total value of these new contracts, including the notice to proceed, exceeds $850,000.
Also in Japan, the Company recently delivered a full scope nuclear power plant simulator to the Kansai Electric Power Company, Inc. for their Takahama Unit 2, 862MWe Pressurized Water Reactor plant. The customer is currently training power plant operators on the simulator. Kansi commissioned the Takahama 2 plant in 1975, and awarded GSE a contract to build the full scope simulator in 2003. GSE is also working on a second full scope nuclear simulator for the Ohi 1 plant which it expects to deliver in February 2007.
Some industry experts report that Japan plans to build as many as 14 new nuclear plants over the next 20 years.
Mr. John Moran, Chief Executive Officer for GSE, said, "Our refining and petrochemical customers initially purchase simulators for their most complex and high value processes. As they discover the power and benefits of these simulators, we are seeing increased interest to expand simulation into other unit operations of their refineries. We are also seeing interest from potential first time simulation users in the refining and petrochemical industries focused on improving safety within their plants in addition to the economic benefits simulation can provide. The oil production, petrochemical and refining industries offer substantial growth opportunities for GSE both domestically and abroad in addition to our large and expanding presence in the nuclear sector."
GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 265 installations, and 100 customers in more than 25 countries. 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 Baltimore, Maryland. Our global locations include offices in St. Marys, Georgia, Sweden, and China. Information about GSE Systems is available via the Internet at http://www.gses.com.
This news release contains forward-looking statements that involve risks and uncertainties. We use words such as "expects", "intends" and "anticipates" to indicate forward looking statements. The actual future results of GSE Systems may differ materially due to a number of factors, including but not limited to, delays in introduction of products or enhancements, size and timing of individual orders, rapid technological changes, market acceptance of new products and competition. These and other factors are more fully discussed in the Company's annual report, and in statements filed with the Securities and Exchange Commission.
If any one or more of these expectations and assumptions proves incorrect, actual results will likely differ materially from those contemplated by the forward-looking statements. Even if all of the foregoing assumptions and expectations prove correct, actual results may still differ materially from those expressed in the forward-looking statements as a result of factors we may not anticipate or that may be beyond our control. While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. We do not undertake to update any forward-looking statements made by us.
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|Date:||Nov 30, 2006|
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