Galvanic Announces 2nd Quarter Results



    CALGARY, Dec. 17 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V)
announces the following results for its three and six month period ended
October 31, 2007 and October 31, 2006.

    
                             For the three month        For the six month
                           period ended October 31,  period ended October 31,
                              2007         2006         2007         2006
                                $            $            $            $
                           ------------------------  ------------------------

    Revenue                 3,851,326    4,624,437    6,683,895    8,737,317

    Gross margin            1,297,521    1,599,700    2,244,810    3,488,115

    Net (loss) earnings      (279,776)     237,781     (694,129)     763,142

    Net (loss) earnings
     per share
    Basic and diluted           (0.01)        0.02        (0.04)        0.05
    

    For the three-month period recorded revenues from instrument sales were
$3,851,000 compared with $4,624,000 for the comparative prior period. Revenues
were less than the comparable quarter as a result of lower instrument sales in
the period. Canadian operating segment revenues declined largely as a result
of fewer unit deliveries of the Gas Micro; and Lowell operating segment
revenues declined as a result of both reduced unit deliveries due to cyclical
ordering patterns, coupled with a decline in the average exchange rates
utilized to record revenues as a result of the strengthening of the Canadian
dollar.
    Despite an improvement in second quarter revenues, the company recorded a
loss of $280,000, compared with earnings of $238,000 in the comparative prior
period. This was largely due to foreign exchange losses recorded in the amount
of $322,000, as compared with $27,000 for the comparative prior period. As a
result, a loss of ($0.01) per common share was recorded compared with earnings
of $0.02 per common share in the prior period.

    Galvanic Applied Sciences Inc. is an innovative electronic technology
company that develops instrumentation and manufactures equipment for the
natural gas processing and distribution markets and liquids process markets.
Products include analyzers for sulfur and BTU measurement in gases, electronic
volume correctors and recorders used in combination with commercial natural
gas meters, and tytrators, viscometers, suspended solids and turbidity
analyzers for on-line liquid analysis.
    The full text of the consolidated financial statements as of October 31,
2007 along with Managements Discussion and Analysis, is posted on the
Company's website at www.galvanic.com and the SEDAR website at www.sedar.com

    Forward-looking statements - statements in this press release that are
not historical facts may be considered "forward-looking statements." All
estimates and statements that describe the Company's objectives, goals or
future plans are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties where actual results could differ
materially from those currently anticipated.





For further information:

For further information: Gerald J. Hipple, CEO, (403) 258-9790; or Helen
Cornett, CFO, (403) 258-9704

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Galvanic Applied Sciences Inc.

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