Elkridge, MD. September 25, 2007. Global performance improvement solutions provider General Physics Corporation (GP), a subsidiary of GP Strategies Corporation (NYSE: GPX), has received a contract modification from Westinghouse Anniston (WA), to continue providing services at the Anniston Chemical Agent Disposal Facility (ANCDF) through 2017. The modification is subject to annual funding and may be terminated prior to its scheduled expiration, but is potentially worth up to $54.7 million to GP if the current scope of work is fully funded through 2017.
GP has been providing training, operations, and maintenance support services to WA since 1996. GP initially supported WA during the construction and testing phases of the ANCDF and has been supporting operations since August 2003 when the facility destroyed the first M55 rocket filled with the Sarin nerve agent.
GP looks forward to continuing this partnership to help make the world a safer place by helping destroy the remaining chemical munitions stored at the Anniston Army Depot in a safe and environmentally responsible manner.
About Westinghouse Anniston
Westinghouse Anniston is a subsidiary of Washington Group International (NYSE: WNG). Washington Group International provides the talent, innovation, and proven performance to deliver integrated engineering, construction, and management solutions for businesses and governments worldwide. Headquartered in Boise, Idaho, with more than $3 billion in annual revenue, the company has approximately 25,000 people at work around the world providing solutions in power, environmental management, defense, oil and gas processing, mining, industrial facilities, transportation, and water resources. For more information, visit http://www.wgint.com.
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. Through its Sandy Corporation division, GP provides custom sales training solutions. 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