form8k072407.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported) July 24, 2007
GSE
SYSTEMS, INC.
----------------------
(Exact
name of registrant as specified in its charter)
Delaware 0-26494 52-1868008
------------ ------------ --------------
(State
or
other
jurisdiction (Commission
File
Number) (I.R.S.
Employer
of
incorporation) Identification
No.)
7133
Rutherford Rd., Suite 200, Baltimore, MD 21244
--------------------------------------------------------
(Address
of principal executive office and zip code)
(410)
277-3740
--------------------
Registrant's
telephone number, including area code
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation or the registrant under any of the following
provisions (see General Instructions A.2 below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d - 2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e - 4 (c))
Item
8.01 Other
Events
According
to published reports,
Westinghouse Electric Company, LLC (“Westinghouse”) and its consortium partner,
The Shaw Group Inc., signed definitive multi-million dollar contracts with
State
Nuclear Power Technology Corporation Ltd., Sanmen Nuclear Power Company Ltd.,
Shandong Nuclear Power Company Ltd., and China National Technical Import &
Export Corporation to provide four AP1000 nuclear power plants in
China. The four plants are to be constructed in pairs on
China’s eastern coast at Sanmen in Zhejiang province and Haiyang in Shandong
province. Power plant construction is expected to begin in 2009, with
the first plant coming on line in late 2013. The remaining
plants are expected to be operational in 2014 and 2015.
In
April
2005, GSE Systems, Inc. (“the Company”) announced the details of its agreement
with Westinghouse to cooperate in the development of simulators for the AP1000
design and assist Westinghouse in the verification and validation of the AP1000
Human Machine Interface. The Company’s simulation models have been
used to help Westinghouse successfully complete several phases of Human Machine
Interface testing with US regulators. The agreement further
identifies the Company as Westinghouse’s preferred vendor for future AP1000
plant simulators both internationally and domestically.
In
March
2007, the Company announced that it had been awarded a small contract by
Westinghouse for the initial work on the training simulators for the Chinese
AP-1000 nuclear power plants. The Company expects to have a
definitive contract with Westinghouse to complete the Chinese training
simulators in the near future.
SIGNATURES
Pursuant
to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report
to
be signed on its behalf by the undersigned hereunto duly
authorized.
GSE
SYSTEMS, INC.
Date:
July 24,
2007 /s/
Jeffery G. Hough
-----------------------
Jeffery
G. Hough
Senior
Vice President and Chief
Financial Officer
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