GIE Announces Record Third Quarter



    - Sales up 26% for the year
    - EBITDA margins over 10%
    - Quarterly net profit margins up to 12%

    MONTREAL, Aug. 28 /CNW Telbec/ - GIE Environment Technologies Ltd.
(TSXV: GIE), a leading environmental decontamination company, reported its
third quarter results which ended June 30th, 2008. All sales are in Canadian
dollars unless otherwise indicated.
    Third quarter revenues more than doubled to $297,588 from $91,960 over
the same period last year. Net earnings followed suit at $35,894 compared to a
net loss of $72,750 for the same quarter last year. Cost control efforts
enabled the company to attain over 12% net profit margin over the quarter.
    For the nine month period, revenues are up 26.3% to $812,866 compared to
$643,464 for the same period last year. Net profits totaled $81,258 or
$0.00407 per share compared to a net loss of $47,505 or ($0.00246) per share
for the nine month period.

    
                             Financial Highlights
                   (in Canadian dollars, ended June 30th)
    -------------------------------------------------------------------------
                                      Third Quarter            Nine months
                                    2008        2007        2008        2007
                               ----------------------  ----------------------
    Revenues                     297,588      91,960     812,866     643,464
    EBITDA                        37,894     (76,161)     88,420     (39,021)
    Net Earnings                  35,894     (72,750)     81,258     (47,505)
    Net Earnings per Share
      Basic                      0.00179    (0.00365)    0.00407    (0.00238)
      Fully Diluted              0.00109    (0.00221)    0.00246    (0.00144)
    Total Assets                 381,660     223,330     381,660     223,330
    Basic number of
     outstanding shares       19,958,333  19,958,333  19,958,333  19,958,333
    

    "As a result of our relentless efforts we have already increased profits
by 177% to $81,258 in a nine month period compared a total profit of
$12,940 for all of fiscal 2007. Our business development initiatives have
produced significant results and enabled us to increase sales by 26%. One of
our major strategic initiatives over the last quarter was to move all of our
facilities to one central location thus increasing operational efficiency,
contact delivery and overall profit margins. All of these improvements were
implemented as to ensure GIE's continued success in the years to come," said
GIE Environment Technologies President and CEO, Charles Abikhzer.
    Mr. Abikhzer also noted: "This year is shaping up to be a blockbuster
year for GIE as we attain record revenues and profits. This achievement
represents a major milestone in the Company's evolution."

    
    THIRD QUARTER HIGHLIGHTS

    - Nine month sales were up by 26% as a result of strong contract
      deliveries in the third quarter.
    - EBITDA totaled $88,420 for the first nine months of the year and EBITDA
      margins increased to 10.9%. These EBITDA improvements were a direct
      result of increased sales volume and cost containment initiatives
      implemented in the first half of the year.
    - Third quarter result were strong with revenues up 224% and net profit
      margins soared to 12%.
    

    OUTLOOK

    "Our strategic costs saving initiatives continue to deliver tangible
benefits. Going forward, GIE will continue to focus on top line growth and
remain committed to increasing profitability. Our revenue outlook remains
strong as environmental pressures continue to fuel demand for your services.
This coupled with our new location we expect to enhance delivery and
efficiency resulting in further top line and bottom line growth," concluded
Mr. Abikhzer.

    -------------------------------------------------------------------------

    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 third quarter ended June 30th 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, GIE Technologies Inc,
President and CEO, (514) 284-6085, Facsimile: (514) 284-5229,
cabikhzer@gieinc.com

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GIE ENVIRONMENT TECHNOLOGIES LTD.

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