GIE announces record first quarter



    - Sales up 68% for the year
    - Gross profits up 147%
    - Net margins increased to 11.8%

    MONTREAL, Feb. 12 /CNW Telbec/ - GIE Environment Technologies Ltd. (TSXV:
GIE), a leading environmental decontamination company, today reported its
first quarter results ended December 31st, 2008. All sales are in Canadian
dollars unless otherwise indicated.
    For the first three months of fiscal 2009, revenues soared by 68% to a
staggering $404,840 versus $241,103 over the same period last year. Gross
profits climbed to $102,497 compared to $47,568, a 147% gross profit
improvement. As revenues soared and costs remained in check, gross profit
margins rose to 25% in the first three months of fiscal 2009 compared to 17% a
year ago. Quarter over Quarter EBITDA profits and margins remained enviable.
EBITDA profits were $57,383 versus a loss of $2,130 over the same period last
year. Net earnings, for the first quarter, followed suit and grew
significantly to $47,708 compared to a net loss of $4,608 a year earlier. Cost
control efforts enabled the company to surpass its annual fiscal 2008 net
profit margin of 10% and attain an unprecedented 11.8% in its first quarter of
the year.

    
                             Financial Highlights
                 (in Canadian dollars, ended December 31st)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                           First quarter

                                                        2008            2007
                                                 ----------------------------
                                                 ----------------------------
    Revenues                                         404,840         241,103
    Gross profit                                     102,497          41,568
    EBITDA                                            57,383          (2,103)
    Net Earnings                                      47,708          (4,608)

    Net Earnings per Share
      Basic                                          0.00239        (0.00023)
      Diluted                                        0.00145        (0.00014)

    Total Assets                                     255,425         197,429
    Basic number of outstanding shares            19,958,333      19,958,333


    "Traditionally the first three months of the fiscal year have been
challenging for GIE as sales lag and fix costs generate losses. That said,
this quarter was a turning point for GIE as the company's slowest quarter has
yielded unprecedented revenues and profits. GIE has, for the first time in
over eight quarters, surpassed the $400,000 mark in quarterly sales. In
addition, GIE's cost containment efforts have resulted in a 25% gross profit
margin and a net profit margin of close to 12%. In an economy filled with
challenges GIE has been able to muster opportunities that are yielding
impressive results quarter over quarter," said GIE Environment Technologies
President and CEO, Charles Abikhzer.

    QUARTERLY HIGHLIGHTS

    - First quarter sales increased by 68% as a result of GIE's relentless
      sales efforts.
    - Gross profits margins soared by 147% to $102,497 as a result of higher
      sales volumes.
    - Net margins improved to 11.8%.
    - First quarter results set the tone for another blockbuster year.

    OUTLOOK

    "Top and bottom line organic growth will remain the main objective for
fiscal 2009. GIE enters Fiscal 2009 on an ideal footing as sales and net
profits set the stage for another record performance. These latest results
continue to reiterate GIE's belief that its revenue outlook remains positive
even in the current economic context, as the company continues to enjoy
contract wins," concluded Mr. Abikhzer.

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    ABOUT GIE TECHNOLOGIES

    GIE Environment Technologies Ltd. ("GIE") is a Montreal based company
specialized in the treatment of petroleum and other organic soil and water
contaminants. The Company's proprietary technology, known as "bioremediation",
utilizes living organisms to remove pollutants from soil and water with
minimal disturbance to the environment. This eco-friendly and cost effect
decontamination process has been utilized by large and small companies and
municipalities in Canada.
    GIE Environment Technologies consolidated financial statements and the
MD&A for the first quarter ended December 31st 2008, are available on SEDAR
(www.sedar.com).

    CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

    Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of GIE Environment Technologies. These statements are based
on suppositions and uncertainties as well as on management's best possible
evaluation of future events. The business of the Company and these
forward-looking statements are subject to a number of risks and uncertainties
that could cause actual results to differ from expected results. A description
of risk factors are discussed in the Company's Annual MD&A and Annual
Information Form, filed with the securities regulatory authorities in Canada.
The Company's business, financial condition or operating results could be
materially adversely affected if any of these risks and uncertainties were to
materialize. Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of actual
results.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    
    %SEDAR: 00009884E




For further information:

For further information: Charles Abikhzer, President and CEO, GIE
Technologies Inc, (514) 284-6085, Facsimile: (514) 284-5229,
cabikhzer@gieinc.com; Moses Bendayan, CFA, Investor Relations Director,
moses@intelhub.com; www.IntelHub.com

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GIE ENVIRONMENT TECHNOLOGIES LTD.

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