GP Strategies Anticipates Closing a New Three Year Revolving Credit Agreement

    NEW YORK--Dec. 18, 2001--GP Strategies Corporation announced today that the Company and certain of its wholly-owned subsidiaries anticipate entering into a new three year Revolving Credit Agreement no later than the expiration date of the Company's current Term Loan and Revolving Credit Agreement, which was extended to December 21, 2001.
    Scott Greenberg, President and Chief Financial Officer of GP Strategies said, "The successful conclusion of this new Credit Agreement will demonstrate confidence in the Company by lending institutions and will constitute further evidence that the Company is proceeding on the right path despite the difficult economic conditions."

    About GP Strategies Corporation

    GP Strategies, whose principal operating subsidiary is General Physics Corporation, is a NYSE listed company (GPX). General Physics is a workforce development company with more than 1,300 professionals and 60 offices worldwide. General Physics improves the effectiveness of organizations by providing training, management systems and engineering services to meet the specific needs of clients. Programs have been developed for service managers and executives, engineers, sales associates, plant operators, the maintenance and purchasing workforces and information technology professionals in the public and private sectors in North and South America, Europe and Asia. Clients include Fortune 1000 companies, manufacturing and process industries, electric power utilities and other commercial and government customers. Additional information about General Physics may be found at www.gpworldwide.com.

    The forward-looking statements contained herein reflect GP Strategies' management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of GP Strategies, including, but not limited to the risk that the new revolving credit agreement will not close and those risks and uncertainties detailed in GP Strategies' periodic reports and registration statements filed with the Securities and Exchange Commission.