Elkridge, MD. January 11, 2007. Global performance improvement solutions provider General Physics Corporation (GP), a subsidiary of GP Strategies Corporation (NYSE: GPX), was recently awarded a five-year contract by the State of Tennessee, Department of Environment and Conservation (TDEC) to provide Leaking Underground Storage Tank (LUST) services. These services will include the investigation, containment and remediation at sites where petroleum products have leaked from underground storage tanks. The work will be funded by the LUST Trust Fund which provides money to states for overseeing and enforcing corrective action and cleanups at UST sites.
Additionally, GP will provide emergency response services to mitigate the potential risks to human health and the environment caused by leaking underground storage tanks. GP was competitively awarded these services in Tennessee Regions 3 & 4. GP was the incumbent contractor for Region 3. The value of the contract for these two regions over the next 5 years is estimated at $2,000,000.
GP’s Tennessee office, located in Tullahoma, has been performing similar services for the commercial petroleum industry in Central Tennessee for more than 15 years. GP is a State approved Corrective Action Contractor for environmental services.
GP is the principal operating subsidiary of GP Strategies Corporation (NYSE: GPX). GP is a global performance improvement solutions provider of training and e-Learning solutions, management consulting and engineering services. GP’s solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at www.gpworldwide.com.
This report contains 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, as amended. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements. Forward–looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. We use words such as “expects”, “intends”, “believes”, “may”, “will” and “anticipates” to indicate forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, but not limited to, those factors set forth under Item 1A , Risk Factors , in our Annual Report on Form 10-K and those other risks and uncertainties detailed in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission. We caution that these risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors emerge from time to time. We cannot predict these new risk factors, nor can we assess the effect, if any, of the new risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ from those expressed or implied by these forward-looking statements.
Scott N. Greenberg
Chief Executive Officer
Chief Financial Officer