-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FuI/wAM7kTOZKsaZ2MHGQAFMMDGBs132TknDrA/LZZRk4oxyiQmKVcroCQONA2QD BvSA1Z9oyifU49wVqhgLIg== 0000000000-09-044755.txt : 20090928 0000000000-09-044755.hdr.sgml : 20090928 20090814175936 ACCESSION NUMBER: 0000000000-09-044755 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20090814 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: GSE SYSTEMS INC CENTRAL INDEX KEY: 0000944480 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 521868008 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 1332 LONDONTOWN BLVD CITY: SYKESVILLE STATE: MD ZIP: 21784 BUSINESS PHONE: 4109707874 MAIL ADDRESS: STREET 1: 1332 LONDONTOWN BLVD CITY: SYKESVILLE STATE: MD ZIP: 21784 PUBLIC REFERENCE ACCESSION NUMBER: 0000944480-09-000011 LETTER 1 filename1.pdf begin 644 filename1.pdf M)5!$1BTQ+C0-)>+CS],-"C4S(#`@;V)J#3P\+TQI;F5AF4@-3,O5'EP92]84F5F/CYS=')E M86T-"GC:8F)B9&!B8&`<:A@@P``T20"-#0IE;F1S=')E86T-96YD;V)J#34T M(#`@;V)J#3P\+TUA'1'4W1A=&4\/"]'4S`@-C4@,"!2/CX^/B]4 M>7!E+U!A9V4^/@UE;F1O8FH--3<@,"!O8FH-/#PO4W5B='EP92]4H58-Z=)3.`R4F\3D$C\#,3/Z^OL`D M9&"F)8HV-IOEY>6UC6?QR/X&[][9J_G'!2!X_WZVF,/(GJ\1I)7L4#^HTF)D M?Y!=NVIDQS$"#'$VPD0_E2%"$*!PZKD0'T86C./_1LN5@CE!XQ8:P01/<0#Q M8B"3M)GQFX$,Y]4,]]4,[XG/%"'D09S"I+U]`/7:*F$YK`6_`]?S<2^(WP%Q M3B!."_*#)9`EC_#3N.!)_CC&1F.D,)%"(ZX6SI/\M@-S M"CMTR(D.40!&>-_3RE_7N[H2@-TK(`A%O7!1"Z=!HE#C-31\0^,3WQ?P8PHK M7B9%_[JC#@K"K3+S/:,9+!]I6@MV3^%KEK&4EOT@N`M"&I"-]6&]A/6Q$O0P M#JWJ"CX6Z13&M_&GYQCD'`,_Z:JX8,8M)A,[D?5G;H.,\5XWBMW4N;7+#RX-TPN0S9+P$ ML:=PPZHTR>%?FI2P++9T"PN:TL,O:0`':T^&_5/[$X^;S>6&Y1)VE93I7BKR M@L_QA=$O15(Z*S`H^!3P!+M!Z/7O7.BE`I[XKQ8PZ?H\.MM1@F#=&%LY%5)V7I=0TGM& M'X!G<%1-90*98WR0%%OY/$]4;L9R5NPJW:?!"FYLIL>.3C0B+6.71U:7TD^E M)A!9ZD\+(;&$M!FK0##=!;S0MJON:,KD/@.LJFI:09FPBFX'7$W9!D;F[J3`7.LQ"3QL,1G=JJ_>_*ACHN#"P=+AYQ/]G(A]3FD!$?!ON%S?@C;!SD@^/)SZ472?4C\-!4?:%N MFY%GZ?#H<8(I\'%V5#RU/&W``,`HA%M>0T*96YD7!E+U1R=654>7!E+T9O;G1$97-C M]W]IG[W/WV7N?M2X`)$\?+B\%E@(@F2?@ M!WHXTU>%1]"Q_0`&>(`!I@`P6>FIOD'NP4`D+S<7>KK("?R+W@P!2/R^9>CI M3Z>#_T_2K%2^``#(7\3F;$XZ2\3Y(D[*%*2*[3,BIL8DBAE&B9DO2E#$6\3BG%/9R6PQ]XAX>X:0(V+$1\0%&5Q.IHAOBU@S29C, M%?%;<6PRAYD.`(HDM@LXK'@1FXB8Q`\.=!'Q<@!PI+@O..8+%G"R!.)#N:2D M9O.YW(RDS@"@:$_DY7(Y+/I+BG)J4Q>-@"+9_XL&7%M MZ:(B6YI:6UH:FAF9?E&H_[KX-R7N[2*]"OC<,XC6]X?MK_Q2Z@!@S(IJL^L/ M6\Q^`#JV`B!W_P^;YB$`)$5]:[_QQ7EHXGF)%PA2;8R-,S,SC;@?!?W[KG")^)'.C?LP`OB!8!`.U@(6B`?) M@`\R02[8#`I`$=@%]H)*4`/J02-H`2=`!S@-+H#+X#JX">Z`!V`$C(/G8`:\ M`?,0!&$A,D2!Y"%52`LR@,P@!F0/N4$^4"`4#D5#<1`/$D*YT!:H""J%*J%: MJ!'Z%CH%78"N0@/0/6@4FH)^A=[#"$R"J;`RK`T;PPS8"?:&@^$UT(%U(+W(+&4&FD7U"W4 M*&H&]0E-1BNA#=`V:"_T*G0<.A-=@"Y'-Z#;T)?0=]#CZ#<8#(:&T<%883PQ MX9@$S#I,,>8`IA5S'C.`&:P!U@[KAV5B!=@"['[L,>PY["!V'/L6 M1\2IXLQP[K@('`^7ARO'->'.X@9Q$[AYO!1>"V^#]\.S\=GX$GP]O@M_`S^. MGR=($W0(=H1@0@)A,Z&"T$*X1'A(>$4D$M6)UL0`(I>XB5A!/$Z\0APEOB/) MD/1)+J1(DI"TDW2$=)YTC_2*3"9KDQW)$60!>2>YD7R1_)C\5H(B823A)<&6 MV"A1)=$N,2CQ0A(OJ27I)+E6,D>R7/*DY`W):2F\E+:4BQ13:H-4E=0IJ6&I M66F*M*FTGW2R=+%TD_15Z4D9K(RVC)L,6R9?YK#,19DQ"D+1H+A06)0ME'K* M)5X*5])4"E=8I'5;J4YI55E'V4$Y5 MWJ]\47E:A:;BJ)*@4J9R5F5*E:)JK\I5+5,]I_J,+DMWHB?1*^@]]!DU)35/ M-:%:K5J_VKRZCGJ(>IYZJ_HC#8(&0R-6HTRC6V-&4U735S-7LUGSOA9>BZ$5 MK[5/JU=K3EM'.TQ[FW:']J2.G(Z73HY.L\Y#7;*N@VZ:;IWN;3V,'D,O4>^` MWDU]6-]"/UZ_2O^&`6Q@:<`U.&`PL!2]U'HI;VG=TF%#DJ&3889AL^&H$XT\F%B9))O4F#TQE3%>8YIEVF?YJIF_&,JLRNVU. M-G:?YRF<$RSK*#R^Y:4"Q\+;99=%M\M+2RY%NV6$Y9:5I%6U5;#3.H M#']&,>.*-=K:V7JC]6GK=S:6-@*;$S:_V!K:)MHVV4XNUUG.65Z_?,Q.W8YI M5VLW8D^WC[8_9#_BH.;`=*AS>.*HXY;PKXNKA6NC:[R;C%N)6Z?;87=T]SKW9?<;#PF.=QWE/M*>WYV[/82]E M+Y97H]?,"JL5ZU?T>).\@[PKO9_XZ/OP?;I\8=\5OGM\'Z[46LE;V>$'_+S\ M]O@]\M?Q3_/_/@`3X!]0%?`TT#0P-[`WB!(4%=04]";8.;@D^$&(;H@PI#M4 M,C0RM#%T+LPUK#1L9)7QJO6KKH%)64K)2!5(/4@M21-)NTO6DS?&]^0SJ4OB:] M4T`5_4SU"76%6X6C&?8951EO,T,S3V9)9_&R^K+ULW=D3^2XYWR]#K6.M:X[ M5RUW<^[H>J?UM1N@#3$;NC=J;,S?.+[)8]/1S83-B9M_R#/)*\U[O25L2U>^ M=N[]]AOF/_CD^%[,)K129%Y44?BEG% MU[XR_:KBJX6=L3O[2RQ+#N["[.+M&MKML/MHJ71I3NG8'M\][67TLL*RUWNC M]EXM7U9>LX^P3[AOI,*GHG._YOY=^S]4QE?>J7*N:JU6JMY1/7>`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`#`/>$\_L*#0IE;F1S=')E86T-96YD;V)J#38R(#`@;V)J#3P\ M+U-T96U6(#$S-B]&;VYT3F%M92]4:6UE7!E+T5X=$=3=&%T92]302!F86QS92]3 M32`P+C`R/CX-96YD;V)J#3$@,"!O8FH-/#PO1FER-KDELENVS`0AOLH44*CSK&1(7$6P6),:0EMKPC#4F)3:UAO28-1"4]:0OK)&F$ M5I4EC25IH"M@2^CPJ`SB*]@"Y4&J$6P4K"_)1!3JB:F,@P^$E?`18BW\F**" M#YZS!46TEXH,>-YZLN`5.+@%K[".+'A%!1^\$A`+7EE69&,)@"-$5Z@CHB2* MCRFDAX_2%'J#HQB%NAQ2H'!R&A9UK:V)??18TJDXJ?O0#F=]"&CWTX6C\'/8 M#W>DQ&DW"X?U/(XB2L[NYD%,AGYYE72G73>(K5F]6"2-BIKU]9CC0J>`V.]D M-!O#QK)Q;#R;@DW))I44VYP,4PQ3#%,,4PQ3#%,,4PQ3#%,L4RQ3+%,L4RQ3 M+%,L4RQ3+%,L4QQ3'%-/G,,K3TEX[:]HP^5:CE[O-=-D'L=UW\ZUZOG*/ET.4B,F\;L5D>;FXZIOY ML'+GH7^\<':\@=<67KO)8CS-]]`M5]N8Y6;W4VPW/\11U]_6,W$B=MKKMAL" M%O"VBRD^>.?M=>@?LH.Z%[%[8K>O;T/"/"D=Z5G`QTT9+A3W6'&/%?=8<8\5 M]UAQCU7YT!@DO`H;-T/H27Z2J?*-63/%F8>Z'\0QNGL7S_6E;X:FG1YVUT$< M]&>7'+@9;KH^W$?NX1SMD%R<]I&78`_^7\ML_*NIM=-_2OYYN1B:F[M_[>"J M?#6ULV_7]+C]5KG?\K.FTKG_ETL93=X@OH+$UNK2VR>)R[K\?5FO;L(I.7__ MJW4?M(]?OO%:G:$U&5J;H7496C]":YXWKQ@=A/\7&<54.4/)FF#."%7.#%7. M$%7.%-68,=KGHU%C!NI>1!6CHR`>,U+_(D4U^CCX%LD,Q,RQ=MR9FIR9FIR9FI>7VFOP08`&@WKGD-"F5N9'-T M7!E+U!A9V5S+TMI9'-;-38@,"!273X^#65N9&]B:@TU(#`@;V)J#3P\+U-U M8G1Y<&4O6$U,+TQE;F=T:"`T,#4V+U1Y<&4O365T861A=&$^/G-TFMC.60B/SX*/'@Z>&UP;65T82!X;6QN#IX;7!T:STB061O8F4@6$U0($-O&UL;G,Z<&1F>#TB:'1T<#HO+VYS+F%D;V)E+F-O M;2]P9&9X+S$N,R\B/@H@("`@("`@("`\<&1F>#I#;VUP86YY/E-E8W5R:71I M97,@86YD($5X:&%N9V4@0V]M;6ES#I#;VUP86YY/@H@("`@ M("`@("`\<&1F>#I3;W5R8V5-;V1I9FEE9#Y$.C(P,#DP.#$T,C`R-30X/"]P M9&9X.E-O=7)C94UO9&EF:65D/@H@("`@("`\+W)D9CI$97-C&UL;G,Z>&%P/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(CX* M("`@("`@("`@/'AA<#I#&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\>&%P.DUO M9&EF>41A=&4^,C`P.2TP."TQ-%0Q-CHS-#HU,"TP-#HP,#PO>&%P.DUO9&EF M>41A=&4^"B`@("`@("`@(#QX87`Z0W)E871E1&%T93XR,#`Y+3`X+3$T5#$V M.C,T.C0S+3`T.C`P/"]X87`Z0W)E871E1&%T93X*("`@("`@("`@/'AA<#I- M971A9&%T841A=&4^,C`P.2TP."TQ-%0Q-CHS-#HU,"TP-#HP,#PO>&%P.DUE M=&%D871A1&%T93X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR M9&8Z1&5S8W)I<'1I;VX@&%P34TZ&%P34TZ&UP;65T83X*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@(`H\/WAP86-K970@96YD M/2)W(C\^#0IE;F1S=')E86T-96YD;V)J#38@,"!O8FH-/#PO0W)E871I;VY$ M871E*$0Z,C`P.3`X,30Q-C,T-#,M,#0G,#`G*2]!=71H;W(H52Y3+BDO0W)E M871O -----END PRIVACY-ENHANCED MESSAGE-----