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GSE Systems Announces Over $4 Million of New Work In the Non Nuclear Simulation Sector

Posted on: Wednesday, 11 June 2008, 12:00 CDT

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 million in new work in its conventional power plant simulation business sector.

Of major significance, the Company has signed a multi-million dollar contract to build two plant specific full scope coal fired power plant simulators for plants located in Germany. One simulator is for a new supercritical unit and the other is for a refurbished power plant.

The simulators will be delivered to KRAFTWERKSSCHULE E.V. / POWERTECH TRAINING CENTER (KWS) located in Essen, Germany. KWS is one of the largest centralized training centers in Europe serving numerous utilities in the fossil power plant sector both in Germany and in other European countries. It recently celebrated its 50th year of continuous operation. These new simulators will be used to train plant operators, engineers and managers.

In addition to the KWS simulators, the Company, in conjunction with one of our strategic partners, signed a contract to build a full scope coal fired power plant simulator for the 600 MWe Porcheville plant located in the country of France. The plant is currently undergoing a complete control room modernization replacing old analog controls with a state-of-the-art digital control system. This project represents the first award for GSE in the French market.

John V. Moran, GSE's Chief Executive Officer, commented, "We are honored to serve the European power plant community through such a prestigious organization as KWS. As the global expansion of both fossil and nuclear power generation capacity accelerates, there will be an ever increasing need and challenge to educate and train the thousands of workers required to man these facilities. GSE's industry leading technology and experience with high fidelity power generation modeling and simulation, combined with our experience in developing and implementing training curriculum, has us ideally positioned to participate in this large and growing opportunity. The simulators for the KWS training center are an example of customers desiring plant specific simulation versus our more generic simulation now in use at the Emirates Simulation Academy in Abu Dhabi and at the University of Strathclyde in Scotland. Both are representative of other opportunities advancing in our training and education center pipeline."

Moran continued, " I would also like make shareholders aware that we have recently posted a video clip of our state of the art Emirates Simulation Academy on our web site; http://www.gses.com. The clip was prepared by the Emirates Simulation Academy and can be accessed from our home page by clicking on the Emirates Simulation Academy link under the heading News."

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.

Source: Business Wire

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