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GSE Systems Announces Over $4.2 million of New Work in the Nuclear and Non Nuclear Simulation Sectors
BALTIMORE-(Business Wire)-February 19, 2008 - 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 recent award of over $4.2 million in new work in its nuclear and non-nuclear simulation business sectors.
Of special significance are the awards of a major upgrade to the Kozloduy nuclear power plant simulator in Bulgaria, the next phase of simulator development for the first-of-a-kind ultra super critical coal fired power plant in Korea, and an award from the Washington Savannah River Company to develop a simulator for processes associated with the vitrification of high level radioactive waste products. The total contract value of these and other awards recently received is over $4.2 million.
GSE has also received a contract from Westinghouse for the balance of the work associated with the AP 1000 full scope simulator for the Sanmen Nuclear Power Plant in China. In September 2007, the Company announced authorization to proceed with Stage 1 of the work and reflected only the Stage 1 amount in its contract backlog at that time. This contract is for the balance of the work, which constitutes the vast majority of the total project value which will be added to and reflected in the contract backlog for the quarter ending March 31, 2008. Work under this contract will commence immediately and require approximately three to four years to complete. During this period, the company will recognize the associated revenues using the percentage of completion method common for the company's large, multi year contracts. The Westinghouse contract referred to in this release is not part of the $4.2 million of new awards announced today, but was part of the $9 million of new nuclear business announced on September 4th.
John V. Moran, GSE's Chief Executive Officer commented, "The continued selection of GSE to provide its simulation technology for major first-of-a-kind designs like the ultra super critical power plant reflects the growing trend of our customers to use simulation in the early, pre-construction design process to validate and verify design and control system logic. We are also very pleased to report we are now moving full speed ahead with our first new full scope simulator under our agreement with Westinghouse. Planning continues on the next likely project with Westinghouse in China, the Haiyang nuclear plant simulator which is still anticipated to be formally contracted for and commenced later this year "
GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 343 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 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.
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