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Georgia Tech and GSE Systems to Collaborate on Advancing GSE's Worldwide ''Education Through Simulation'' InitiativesBALTIMORE --(Business Wire)-- June 16, 2006 -- The Georgia Institute of Technology and Maryland-based GSE Systems Inc. (GSE)(Amex:GVP) have signed an agreement to collaborate on research, development, education and training in advanced simulation systems. GSE is a leading provider of real-time simulation and training services for the power, process, manufacturing and government sectors worldwide. The new collaboration will help advance the company's goal of "education through simulation," a concept it believes will transform education and training by helping students better visualize the operation of complex systems. As part of its intended collaboration with Georgia Tech, GSE wants to advance its understanding of cognitive factors involved in decision-making processes, and develop new visualization tools and diagnostic techniques. The company expects to work with Georgia Tech's College of Computing, the Strategic Energy Institute, the National Electric Energy Testing Research and Applications Center (NEETRAC) and the Global Learning Center. "As today's technical staff retires, the electric power generation industry faces a critical human resources issue of how to provide the skilled personnel needed to operate and maintain increasingly complex facilities," said Hal Paris, senior vice president of GSE. "The industry also needs personnel who can become productive quickly, without a long training period. We think that education through simulation offers a real opportunity to address these issues." John Moran, the company's chief executive officer, said GSE sees the collaboration as a win-win opportunity that benefits both organizations. "What impressed me at Georgia Tech is the outstanding level of innovation and creativity," Moran said. "Georgia Tech thinks differently about simulation and its applications. That has enormous implications for companies like ours, and creates a force multiplier for both of our organizations." Beyond collaboration in the development of new technology and approaches to education and training, the company also wants to attract Georgia Tech students to the industry sectors it serves by providing internships and cooperative education opportunities at its simulation training centers currently underway or planned. At a recent ceremony, company representatives were welcomed by four Georgia Tech officials: Wayne Hodges, vice provost in the Enterprise Innovation Institute; Jilda Garton, associate vice provost and president of the Georgia Tech Research Corporation; Thom McLean, director of technology services in the College of Computing, and Roger Webb, interim director of the Strategic Energy Institute. "This project involves an array of activities across campus from research to academics, and from training to the development of Georgia Tech students in co-op programs," said Hodges. "Georgia Tech helps enterprises be more innovative in solving problems using science and technology. We are particularly interested in connecting companies to Georgia Tech resources so we can work together to create new opportunities and new products." The collaboration will complement what the College of Computing is already doing to transform interdisciplinary computer science education, McLean explained. "GSE is a world leader in simulation and the company has decades of experience applying that technology to meet the training and education needs of large-scale industrial facilities," he said. "We look forward to helping GSE Systems transform the way people are prepared to manage and operate the world's industrial infrastructure. This collaboration offers our students an opportunity to understand real-world issues, develop an international perspective, and to play a role in creating the next generation of simulation, training and worker assistance technology." McLean also announced that GSE will become the newest member of the College's Industrial Partner Association. Roger Webb, interim director of the Strategic Energy Institute, noted that the energy industry must address significant human resource needs in the years ahead. "One of the major challenges in the energy business is developing the next generation of workers," he said. "That goes beyond existing infrastructure and energy supply issues." GSE Systems is expanding into the Middle East, and recently won a contract from the Emirates Simulation Academy, LLC. to develop a simulation training center in the United Arab Emirates. The facility will include real-time, high fidelity simulators for a gas turbine power plant, a desalination plant, a combined cycle plant, a petroleum refinery and an oil platform. A similar concept is being finalized with the University of Strathclyde for a simulation training and diagnostic center in the United Kingdom. GSE Systems is a real-time simulation company with more than three decades of experience, more than 265 applications and 100 customers in more than 25 countries. GSE's software, hardware and integrated solutions provide applications to the energy, process, manufacturing and government sectors worldwide. The company headquartered in Baltimore, Maryland. Our global locations include offices in St. Mary's, 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. |
