Galvanic Applied Sciences Inc. announces 1st. quarter results



    CALGARY, Aug. 27 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V)
announces the following results for its period ended July 31, 2009 and July
31, 2008.

    
                                            Three Months
                                               Ended
                                              July 31,
                                      -------------------------
                                           2009        2008
                                      -------------------------

    Revenue                             2,863,089   3,177,844

    Gross margin                        1,172,470   1,129,817

    Net (loss) earnings                    (7,855)     60,109

    Net earnings per share                  $0.00       $0.00
    

    Due to the appreciation of the Canadian dollar in the fiscal quarter and
exchange losses in the amount of $166,000 as compared with exchange gains in
the amount of $57,000 the Company reported a net loss of $8,000 or $0.00 per
common share compared to net earnings of $60,000 or $0.00 per common share
recorded in the corresponding prior period. The decrease in consolidated
revenues in the fiscal quarter reflects the ongoing slowdown experienced in
domestic gas markets. Despite the decline in consolidated revenues operational
improvements are reflected in the improvement in gross margins and the
reduction in expenses.
    "The outlook for the second quarter of fiscal 2010 is anticipated to be
similar to the first quarter as a result of the ongoing recession and the weak
demand in the gas segment, combined with the appreciation of the Canadian
dollar" says Grant Reeves, Chief Executive. "While revenue growth has been
difficult during this recession the underlying fundamentals of the business
are well positioned to realize greater profitability when sales return to
traditional levels".

    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.

    This Press Release contains certain "forward-looking statements." All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation, statements
regarding financial and business prospects and financial outlook) are
forward-looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as "seek", "anticipated", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intent", "could", "might", "should", "believe" and
similar expressions.
    These forward-looking statements reflect the current expectations or
beliefs of the Company, based on information currently available to the
Company. Forward-looking statements are subject to a number of risks,
uncertainties and assumptions that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking statements
and, even if such actual results are realized or substantially realized, there
can be no assurance that they will have the expected consequences to, or
effects on the Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other things,
changes in general economic and market conditions, changes to regulations
affecting the Company's activities, and uncertainties relating to the
availability and costs of financing needed in the future. Any forward-looking
statement speaks only as at the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the Company
believe that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and, accordingly, undue reliance should not be put on such
statements due to the inherent uncertainty therein.
    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: S. Grant Reeves, Chief Executive Officer, (403)
258-9709 or Helen Cornett, Chief Financial Officer, (403) 258-9704, Email:
info@galvanic.com, Website: www.galvanic.com

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Galvanic Applied Sciences Inc.

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