Message #15 From:
Stock News Bot Date: March 19, 2007 05:30:00 AM
GVP News GSE Receives Authorization to Proceed with Initial Work on Chinese AP1000 Projects
BALTIMORE--(BUSINESS WIRE)--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, has received from Westinghouse, authorization to proceed with the next phase of work that relates to China’s AP1000 reactor projects. This authorized work will also support Westinghouse’s continued development of the AP1000 reactor design for the US and other global market opportunities. Westinghouse announced on March 1, 2007 it had successfully negotiated a framework agreement to provide four AP1000 Nuclear Power Plants in China. The framework agreement confirmed the basic requirements and obligations of all involved parties, early engineering activities and early funding for long-lead materials including early stage work on the two planned simulators. This initial contract to GSE, though small in dollar terms, will lead to follow-on activities between GSE and Westinghouse until the final contracts are executed later in the year.
Mr. John Moran, Chief Executive Officer for GSE, said “We are very pleased to start our activities for the historical Sanmen and Haiyang projects in China. Both Westinghouse and the end customer recognize the importance of the simulator in the overall schedule leading to plant operations.”
Westinghouse, a group company of Toshiba Corporation, is the world's pioneering nuclear power company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.
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.
