May, 2002

GSE Systems Simulation Technology Assists RedStorm Scientific in Growing Biotechnology Market Columbia, Maryland, May 15, 2002-- GSE Systems, Inc. (GSE) (AMEX:GVP), a leading global provider of real-time simulation and process control solutions for the energy and process industries, today announced an agreement with RedStorm Scientific LLC for the use of GSE software in the drug discovery process.

RedStorm Scientific LLC is a privately held computational drug design company. Its technology (patents pending), known as Fyrestar^TM, utilizes bio-informatics and computer-aided molecular design to create lead compounds that are developed into successful new drugs. The technology greatly reduces the significant cost associated with screening thousands of potential compounds common in the drug development process.

Under the terms of the agreement, GSE will utilize its eSMART simulation software and graphical user interface to allow scientists to easily access and use the Fyrestar technology including graphically displaying results as the calculations take place. This will give scientists the opportunity to adjust their assumptions in real time, and further improve results.  

Jerry Jen, President of GSE, said: “Using our simulation technology with RedStorm Scientific validates our strategy to extend the utilization of our intellectual property beyond our traditional simulation applications. We also see the eSMART platform as the perfect solution for other companies, laboratories and universities running large engineering and scientific software code.

“We are excited about the potential of RedStorm Scientific’s solution for reducing drug discovery time, and have taken a minority position in the company through the investment of our simulation technology and a small cash contribution.”

Dr. Vince Hilser, President of RedStorm Scientific, said: “Utilizing the eSMART software platform to create an effective user interface for Fyrestar is the next logical step in commercializing our technology. In addition, we estimate that the real time feedback feature which GSE is incorporating will dramatically reduce the computational time required for each experiment.”

 GSE Systems, Inc. is a real-time simulation, process control, and automation company with three decades of experience, over 500 applications, and 200 customers in more than 30 countries. Our software, hardware and integrated solutions leverage proven technologies to deliver real-world business advantages to the process and power industries worldwide including specialty chemical, food and beverage, petroleum refining, pharmaceutical, and fossil and nuclear power generation. GSE Systems is headquartered in Columbia, Maryland with offices throughout the United States. Our global locations include offices in Japan and Sweden. Information about GSE Systems is available via the Internet at http://www.gses.com.

RedStorm Scientific LLC is currently a privately held computational drug design company. Founded in February 2000, in anticipation of the volume of information generated from the Human Genome Project, RedStorm has developed an innovative computational tool, Fyrestar, which allows pharmaceutical companies to generate lead compounds efficiently and economically, and with a greater probability of withstanding the rigors of the drug development process. Using Fyrestar, which was first conceived at the University of Texas Medical Branch at Galveston, RedStorm Scientific will generate lead compounds with optimal properties faster and at substantial cost savings. The company’s executive offices are located in New York City; its research facilities are based in Galveston, Texas. Visit RedStorm Scientific @ http://www.redstormscientific.com.

This news release contains forward-looking statements that involve risks and uncertainties. The actual future results of GSE Systems may differ materially due to a number of factors, including but not limited to delays in introduction of products or enhancements, size and timing of individual orders, rapid technological changes, market acceptance of new products and competition. These and other factors are more fully discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2001 as filed with the Securities and Exchange Commission.