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GSE Systems Announces Over $5 million of New Work in the Nuclear Power Plant Simulation Sector

^{Published on 2009-01-06 05:24:18, Last Modified on 2009-01-06 05:24:55 - Market Wire}
 

SYKESVILLE, Md.--([ 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, announced today that in late December it was awarded over $5 million of nuclear simulator upgrade projects for existing facilities.

Specifically, the Company received contracts in Europe and Asia to upgrade three full scope nuclear simulators. Of particular note, in Germany the Company was awarded contracts to upgrade two full scope nuclear simulators at the world's largest nuclear training facility. At this facility, GSE originally supplied one of the two simulators to be upgraded. The second simulator was originally supplied by a competitor. The upgrades include providing GSE's latest thermal hydraulic and reactor core physics models, among other advancements.

John V. Moran, GSE's Chief Executive Officer commented, "We continue to see a steady stream of new and existing customers investing in our latest technology to enhance their existing full scope simulators. It is particularly gratifying when a customer chooses GSE to upgrade a simulator originally provided by a competitor as is the case with one of the German units. These contracts include upgrading existing simulators with some of our latest and most advanced simulation modeling tools as well as implementing our advanced real-time solution for thermal-hydraulic analysis – RELAP5. Our RELAP5 modeling tool is generally regarded as the "gold standard" in the field of real time simulation. We anticipate that the industry trend of upgrading older and outdated simulators with these currently available advancements will continue throughout 2009 and beyond providing attractive growth opportunities for GSE to capitalize on."

GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 349 installations, and 100 customers in more than 40 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 Sykesville, Maryland. Our global locations include offices in St. Marys, Georgia; Atlanta, Georgia; Sweden; and China. Information about GSE Systems is available via the Internet at [ http://www.gses.com ].