GSE Systems Announces $3.0 Million of New Contracts in the Fossil Fuel Power Generation Sector ; $5.9 Million of New Fossil Power Related Contracts Recently Announced
BALTIMORE--GSE Systems, Inc. (GSE) (AMEX:GVP), a leading global provider of real-time simulation and training solutions to the energy, process, manufacturing and government sectors, announced the award of approximately $3.0 million in new contracts in the fossil fuel power market in the US and Europe.
Of special significance is a major award to develop simulators for three new coal fired power plants under construction in the Southwest Region of the US. These new plants will utilize state-of-the- art control systems and technology. The simulators will be used both during the design stage for control system validation as well as for training operators, maintenance technicians, engineers and management.
John V Moran, GSE's Chief Executive Officer commented, "I am again pleased to announce that another series of new fossil fuel power generation contracts have recently been awarded to us. Our industry leading technology and experience with high fidelity fossil fuel power generation models and simulation capabilities are continuing to drive significant growth for us in this large and expanding market sector. In 2006, GSE logged fossil fuel power related orders of over $5.3 million. Thus far in 2007, we have already logged orders for over $7.6 million."
"The increasing need for highly accurate simulation models is being driven by the ever increasing complexities of the global movement to new, cleaner technology plants, control room modernizations from analog to digital technologies and operator training needs. GSE's simulation models are increasingly being used to validate control room and control system designs, engineering analysis and plant modification studies prior to making or implementing the changes in the plant. This can save time and money by helping to ensure on-time plant start-up as well as reduce the risk of unsafe designs for the utility. After commissioning, the same tools and models can be used to increase plant efficiencies and optimize plant performance for the life of the facility."
GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 321 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; Atlanta, 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.
Contacts
GSE Systems, Inc.
At the Company:
John V. Moran, Chief Executive Officer, 410-277-3741
or
Investor Relations Contact:
Feagans Consulting Inc.
Neal Feagans, 303-449-1184
Of special significance is a major award to develop simulators for three new coal fired power plants under construction in the Southwest Region of the US. These new plants will utilize state-of-the- art control systems and technology. The simulators will be used both during the design stage for control system validation as well as for training operators, maintenance technicians, engineers and management.
John V Moran, GSE's Chief Executive Officer commented, "I am again pleased to announce that another series of new fossil fuel power generation contracts have recently been awarded to us. Our industry leading technology and experience with high fidelity fossil fuel power generation models and simulation capabilities are continuing to drive significant growth for us in this large and expanding market sector. In 2006, GSE logged fossil fuel power related orders of over $5.3 million. Thus far in 2007, we have already logged orders for over $7.6 million."
"The increasing need for highly accurate simulation models is being driven by the ever increasing complexities of the global movement to new, cleaner technology plants, control room modernizations from analog to digital technologies and operator training needs. GSE's simulation models are increasingly being used to validate control room and control system designs, engineering analysis and plant modification studies prior to making or implementing the changes in the plant. This can save time and money by helping to ensure on-time plant start-up as well as reduce the risk of unsafe designs for the utility. After commissioning, the same tools and models can be used to increase plant efficiencies and optimize plant performance for the life of the facility."
GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 321 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; Atlanta, 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.
Contacts
GSE Systems, Inc.
At the Company:
John V. Moran, Chief Executive Officer, 410-277-3741
or
Investor Relations Contact:
Feagans Consulting Inc.
Neal Feagans, 303-449-1184
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.