Elkridge, MD. March 11, 2008 — Global performance improvement solutions provider General Physics Corporation (GP), the operating subsidiary of GP Strategies Corporation (NYSE: GPX), has been awarded a Pressure and Hazardous Material Systems (PHMS) Certification contract by the Department of the Air Force, Air Force Materiel Command, Arnold Engineering Development Center (AEDC), Arnold Air Force Base, Tennessee. This competitively awarded contract follows three previous PHMS Certification contracts awarded to GP dating back to 1989. The scope of work under this new contract has been expanded to include two additional facilities: AEDC’s Hypervelocity Tunnel 9 in White Oak, Maryland, and the National Full-Scale Aerodynamics Complex (NFAC) located at the National Aeronautics and Space Administration (NASA) Ames Research Center at Moffett Field, California.
The new contract has a base year and eight one-year options. If all options are exercised, the contract has a potential value of $22.9 million. This is a performance–based, award fee-type contract. GP has excelled in the performance of previous AEDC PHMS contracts, having received 100% scores in all 16 performance periods of the previous PHMS contract. The anticipated work will require performance by GP engineers, technicians, and specialists providing life extension services to AEDC’s aerospace test facilities. GP has been providing similar services to the Air Force, NASA, and aerospace community for more than 30 years.
About GP
General Physics Corporation is a global 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 about General Physics Corporation 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.
Contacts:
Scott N. Greenberg
Chief Executive Officer
(410) 379-3640
Sharon Esposito-Mayer
Chief Financial Officer
(410) 379-3636
Jamie Coffey
Director, Communications
(443) 255-3400