GSE Systems Announces Agreement to Develop Joint Venture with Electrobalt Holding
Companies to provide simulation, engineering and training products and services to Russian energy market
Sykesville, MD – May 29, 2013 – 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, 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.”
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