GP Strategies Reports Private Equity Sales of $9.3 Million

    NEW YORK--May 6, 2002--GP Strategies Corporation , a leader in workforce development and technical and soft skills training, today announced it has received an aggregate of $9.3 million from private placements of its equity securities.
    Investors include an affiliate of Equity Group Investments, L.L.C. ("EGI"), a Chicago-based private investment firm headed by Sam Zell, which purchased 300,000 shares of Class B Stock and 1,000,000 shares of Common stock for $4.8 million, and Bedford Oak Partners, L.P., a New York investment partnership, which purchased 1,200,000 shares of Common Stock for $4.2 million. The proceeds of the equity sales will be used to reduce the Company's bank debt.
    Jerome Feldman, Chairman and Chief Executive Officer of the Company, stated: "We are pleased to have EGI as a strategic partner, and we look forward to working with EGI to maximize stockholder value. We are also pleased that Bedford Oak Partners has demonstrated continued confidence in the Company by increasing its ownership in the Company to 300,000 shares of Class B Stock and 2,131,500 shares of Common Stock."
    Mark Radzik of EGI will be nominated to join the Company's Board of Directors at the 2002 Annual Meeting of Stockholders. Mr. Radzik joined EGI in 1998. Before joining EGI, he was a vice president of the Merchant Banking Group of Banque Paribas in Chicago, Illinois where he originated, structured, and executed leveraged cash flow senior financings and equity investments.

    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 that 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 500 companies, manufacturing, process and energy industries, 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 those risks and uncertainties detailed in GP Strategies' periodic reports and registration statements filed with the Securities and Exchange Commission.