COLUMBIA, Md., Oct. 29,
2024 /PRNewswire/ -- GSE Solutions ("GSE
Systems, Inc." or "GSE") (Nasdaq: GVP), a leader in advanced
engineering solutions that supports the future of clean-energy
production and decarbonization initiatives of the power industry,
announced today that its stockholders overwhelmingly approved its
merger with an affiliate of Pelican Energy Partners ("Pelican").
Pursuant to the terms of the merger agreement, dated August 8, 2024 and amended October 20, 2024 ("Merger Agreement"), Pelican
will acquire all of the outstanding common stock of GSE for
$4.60 per share.
Of the votes cast today at GSE's stockholder meeting,
approximately 95.18% were in favor of the merger transaction. The
Company anticipates the merger will close on or about October 31, 2024, subject to the satisfaction of
the remaining closing conditions.
Ravi Khanna, Chief Executive
Officer and President of GSE, commented, "We are pleased to have
received the support of our stockholders to approve the merger of
GSE and Pelican. Our employees look forward to continuing to
support our many wonderful customers in the power industry for many
years to come."
ABOUT GSE SOLUTIONS
Proven by more than 50 years of experience in the nuclear power
industry, GSE knows what it takes to help customers deliver
carbon-free electricity safely and reliably. Today, GSE Solutions
leverages top talent, expertise, and technology to help energy
facilities achieve next-level power plant performance. GSE's
advanced Engineering offer highly specialized training, engineering
design, program compliance, and simulation to that reduce risk and
optimize plant operations. With more than 1,100 installations and
hundreds of customers in over 50 countries, GSE delivers
operational excellence. www.gses.com
Forward-Looking Statements and Information
This communication 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, or the Exchange Act. These statements are
often identified by the use of words such as "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "plan," "project," "will," "would" or the negative or plural
of these words or similar expressions or variations.
Forward-looking statements are made based upon management's current
expectations and beliefs and are not guarantees of future
performance. Such forward-looking statements are subject to a
number of risks, uncertainties, assumptions and other factors that
could cause actual results and the timing of certain events to
differ materially from future results expressed or implied by the
forward-looking statements. These factors include, among others:
completion of the merger is subject to various risks and
uncertainties related to, among other things, its terms, timing,
structure, benefits, costs and completion; the occurrence of any
event, change or other circumstances that could give rise to the
termination of the Merger Agreement; risks related to the
disruption of management's attention from GSE's ongoing business
operations due to the merger; and other risks set forth under the
heading "Risk Factors," of our Annual Report on Form 10-K for the
year ended December 31, 2023 and in
our subsequent filings with the SEC. You should not rely upon
forward-looking statements as predictions of future events.
Furthermore, such forward-looking statements speak only as of the
date of this report. Our actual results could differ materially
from the results described in or implied by such forward looking
statements. Forward-looking statements speak only as of the date
hereof, and, except as required by law, we undertake no obligation
to update or revise these forward-looking statements.
Media Contact
Sunny
DeMattio
GSE Solutions
Director of Marketing & Communications
sunny.demattio@gses.com
Direct: +1 410.970.7931
Investor Contact
Adam
Lowensteiner
Vice President
Lytham Partners
gvp@lythampartners.com
Direct: +1 646.829.9702
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SOURCE GSE Systems, Inc.