Elkridge, MD. October 17, 2008. Global performance improvement solutions provider General Physics Corporation (GP), a subsidiary of GP Strategies Corporation (NYSE: GPX), announced today the award of a competitively bid contract by Societatea Nationala Nuclearelectrica (Romania) to provide performance engineering services (thermodynamic modeling, performance testing, and plant thermal performance analyses) for the Cernavoda Nuclear (CNE) power plant. This is the second recent award to provide performance engineering services to CNE.
GP received the first award in February 2008, which is complete, to develop a technical specification for the implementation of a Thermal Performance Monitoring System (TPMS) at both Units 1 and 2 of the CNE power plant. The TPMS will monitor the performance of both units in an effort to identify capacity shortfalls, increase availability, and maximize performance.
The two projects are a key part of CNE’s effort to improve thermal performance and increase generating capacity of the CANDU 6 type nuclear units, each designed to have a gross electric power output of 706 MWe. Unit 1 has been in operation since December 1996, and Unit 2 since September 2007.
Joe Nasal, Senior VP of Energy Services, states, “We are pleased to be selected to provide these important services to CNE. GP has been proactively strengthening our nuclear power plant engineering and training capabilities in anticipation of upcoming demand as existing nuclear power plants renew operating licenses and new plants come on line. This is an ideal and logical expansion for us based on our corporate history of power generation performance improvement and training capabilities for all types of power generation sources. GP has provided training in the past to every nuclear power plant in the United States as well as plants in Canada, South Africa, Europe, Japan, Russia and Ukraine. GP’s future plans for the nuclear business unit include expansion of our world-leading performance modeling and monitoring system, EtaPRO™, to include nuclear plant cycles and the development of an online version of the Institute of Nuclear Plant Operations (INPO) ACAD Basic Curriculum for our GPiLearn™ WBT portal. The online training will provide an alternative avenue to help our customers train and qualify the next generation of nuclear plant operators.”
GP is the principal operating subsidiary of GP Strategies Corporation (NYSE: GPX). GP is a global performance improvement solutions provider of sales and technical training, 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.
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. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Scott N. Greenberg
Chief Executive Officer
Chief Financial Officer