Galvanic Applied Sciences Inc. announces year end results



    CALGARY, July 25 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V)
announces the following results for its year ended April 30, 2008 and
April 30, 2007.

    
                                                            For the
                                                     year ended April 30th

                                                      2008           2007
                                                        $              $
                                                  ---------------------------

    Revenue                                        12,964,821     17,348,297

    Gross margin                                    4,150,201      6,724,303

    Net (loss) earnings                            (1,768,845)     1,249,627

    Net (loss) earnings per share

    Basic and Fully Diluted                             (0.11)          0.08
    

    During fiscal 2008 the Company experienced a 25% decrease in consolidated
revenues to $12,965,000 from the $17,348,000 recorded in fiscal 2007. This
decrease in consolidated revenues was due to a combination of factors, which
included the completion of a major replacement program for electronic flow
products in the gas distribution industry, lower demand for the Company's high
value integrated analytical systems, increased competition and the impact of
the stronger Canadian dollar. As a result of the decline in consolidated
revenues, the resultant reduction in gross margins as a percentage of sales,
and unusual one-time charges, the Company recorded a net loss of $(1,769,000)
or $(0.11) per common share as compared to net earnings of $1,250,000 or $0.08
per common share in the corresponding fiscal year.
    Going forward the Company has developed strategies and an operating plan
that restores profitability to pre-fiscal 2008 levels. Major initiatives
include the development of two next generation analyzers, increased sales and
marketing resources to improve sales coverage, and cost reductions aimed at
decreasing product cost.

    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, and suspended solids and turbidity
analyzers for on-line liquid analysis.

    The full text of the Consolidated Financial Statements for the year-ended
April 30, 2008 and the Managements Discussion and Analysis, is posted on the
Company's website at www.galvanic.com and the SEDAR website at www.sedar.com

    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
believes 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.





For further information:

For further information: S. Grant Reeves, Interim Chief Executive
Officer, (403) 258-9709; or Helen Cornett, Chief Financial Officer, Executive
Vice-President, (403) 258-9704, Email: info@galvanic.com, Website:
www.galvanic.com

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Galvanic Applied Sciences Inc.

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