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GP Strategies Shareholders Approve Elimination of Holding Company Structure and Renaming of General Physics Corporation
Date:12/15/2011

ELKRIDGE, Md., Dec. 15, 2011 /PRNewswire/ -- GP Strategies Corporation (NYSE: GPX), announced today that its shareholders approved the merger of GP Strategies Corporation with and into its wholly-owned subsidiary, General Physics Corporation, eliminating the current holding company structure. General Physics, which is the sole operating subsidiary of GP Strategies, will be the surviving legal corporation and will be renamed GP Strategies Corporation when the merger becomes effective, which is expected to be on or before January 1, 2012. Following the merger, the financial position, business operations, state of incorporation, directors, executive officers and management of the newly combined company will be substantially identical to those of GP Strategies before the merger. GP Strategies will continue to be listed on the New York Stock Exchange under the ticker symbol GPX. Each share of GP Strategies common stock will automatically be converted into an equivalent number of shares in the surviving company. Holders of common stock will not be required to surrender their share certificates for purposes of the merger, and new certificates will not be issued in connection with the merger.

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Scott N. Greenberg, Chief Executive Officer of GP Strategies, commented, "The elimination of the current holding company structure should simplify corporate administration, reduce certain expenses, and result in less confusion among investors, customers, suppliers and others regarding the relationship between GP Strategies and General Physics. General Physics got its start in the 1960's providing training for the U.S. nuclear energy industry.  Since then, General Physics has grown both organically and through acquisition of compleme
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