GSE Systems, Inc. (“GSE”) (NYSE MKT: GVP), a global energy services solutions provider, today announced that it has entered into an agreement with Electrobalt Holding (“Electrobalt”) of St. Petersburg, Russia to establish a jointly-owned company, General Simulation Engineering RUS LLC. The company will be known as GSE RUS. GSE RUS is designed to leverage Electrobalt’s industry position to introduce and jointly develop GSE’s simulation-based engineering, training and education solutions to the broad spectrum of the Russian energy industry, including non-nuclear power generation, oil & gas, chemical, and electrical transmission and distribution. Electrobalt is one of the leading manufacturers of electrical distribution and switching equipment in Russia.
Jim Eberle, CEO of GSE Systems, and Electrobalt General Director Vladimir Arashansky sign agreement to develop joint venture GSE RUS.
Jim Eberle, Chief Executive Officer of GSE, commented, “We believe that Russia is an ideal, largely untapped market for GSE’s portfolio of simulation, engineering and training solutions. Reflecting its focus on energy security, Russia is in the midst of upgrading its national energy assets. Addressing this opportunity requires a local presence, and a partner with understanding of the markets and a reputation for excellence. Electrobalt delivers on each of these requirements. We have worked with Electrobalt on a number of simulation projects, and we feel fortunate to be partnering with them on this new endeavor.”
Vladimir Arashansky, General Director of Electrobalt, commented, “Supporting the safety and efficacy of energy facilities is in the best interest of the global economy. This relationship combines our experience in the Russian energy industry with GSE’s knowledge of simulation, training and engineering. Together, we can deliver tailored solutions to Russia’s energy industry that allow for increased safety and efficiency, improved mechanisms for monitoring, and superior training programs that will help to eliminate human error as a cause of plant failures.”
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training and engineering solutions to the energy 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 St. Marys, Georgia; Madison, New Jersey; Cary, North Carolina; Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; Glasgow, UK; and Beijing, China. Information about GSE Systems is available at www.gses.com.
About CJSC Electrobalt Holding
CJSC Electrobalt Holding is one of the leading manufacturers of electrical distribution, control, and operations equipment for energy companies in Russia, as well as simulation hardware for hazardous facilities.
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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