COLUMBIA, Md. –
GSE Systems, Inc. (“GSE” or “the Company”) (Nasdaq:GVP), a
leader in real-time high-fidelity simulation systems,
training/consulting and technology-enabled engineering solutions to the
power and process industries, today announced receipt of two contracts
from important Chinese customers. The two contracts will commence during
Q2 2018, and together have a total value that exceeds $4 million. The
projects will continue over the next two years.
Under one of the contracts, GSE will provide simulation technology and
engineering services for delivery of a full scope high-fidelity nuclear
power plant simulator. GSE has participated in the development and
delivery of two other simulators for this customer. GSE and its partner
will develop the simulator using GSE’s high-fidelity simulation platform
and JADE™ software modeling suite, THEATRe, and REMARK advanced models.
The simulator will be enhanced with severe accident simulation
capability supported by GSE’s PSA-HD™ modeling software. The JADE suite
has been used to effectively meet the highest standard of simulation in
the nuclear industry and used for simulators for all major nuclear plant
designs, including: Pressurized and Boiling Water Reactors, Advanced Gas
Reactors, Canadian CANDU Reactors, Russian VVER Reactors, High
Temperature Gas Reactors and Small Modular Reactors.
Under the other contract, GSE will provide its PSA-HD real-time severe
accident modeling technology for the customer to apply to their Chinese
designed CAP 1400 nuclear plant simulator at a nuclear power plant site.
GSE’s PSA-HD tool combines the Electric Power Research Institute’s
(EPRI’s) modular accident analysis code (MAAP*) with GSE’s real-time
High Definition Executive to enable training and analysis of beyond
design basis events, a focus for the industry since the March 2011
accident at Japan’s Fukushima Daiichi plant. The technology will improve
both operator and support staff coordination, procedure development and
response training in the unlikely event of an accident. PSA-HD, which
applies to full scope simulators, and GSE’s desktop version Design EP®,
have been implemented at more than 25 nuclear power and research
organizations around the world for a variety of reactor types.
Kyle Loudermilk, CEO and President of GSE said, “Our success in
providing leading simulation technology and engineering services for
several Chinese nuclear power plants have directly resulted in these
awards. The desire to continue working with GSE reflects an appreciation
for both our world-class technology and know-how. It also reflects the
customer commitment to state-of-the-art training and workforce
development. We are honored by the awards and the opportunity to
continue our relationship long into the future.”
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a leader in real-time high-fidelity simulation
systems, training/consulting and technology-enabled engineering
solutions to the power 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 Columbia, Maryland, Montrose,
Colorado, Navarre, Florida and Beijing, China. Information about GSE
Systems is available at www.gses.com.
*EPRI (www.epri.com)
conducts research and development relating to the generation, delivery
and use of electricity for the benefit of the public. An independent,
nonprofit organization, EPRI brings together its scientists and
engineers as well as experts from academia and industry to help address
challenges in electricity, including reliability, efficiency, health,
safety and the environment. EPRI does not endorse any 3rd party products
or services. Interested vendors may contact EPRI for a license to MAAP
5.0.
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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Company
GSE Systems, Inc.
Chris Sorrells, 410-970-7802
Chief
Operating Officer
or
The Equity Group Inc.
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