GIE rolls out a new stock option plan

MONTREAL, Feb. 26 /CNW Telbec/ - GIE Environment Technologies Ltd. (TSXV: GIE), a leading Quebec based environmental decontamination company, today announced that the options approved for grant by GIE's Board of directors on November 18, 2009, namely 1,690,000 options, have not and will not be granted as previously anticipated, as such number of options exceeds the options available for grant under GIE's current stock option plan. GIE is in the process of implementing a new "rolling" stock option plan, which implementation remains subject to the prior approval of regulatory authorities including the TSX Venture Exchange as well as shareholders of GIE. The grant of any options going forward will be granted pursuant to the new "rolling" stock option plan.

GIE also wishes to correct a statement included in its 2005, 2006, 2007 and 2008 annual financial statements which indicated GIE had implemented a 10% "rolling" stock option plan. In fact, although the plan was approved by shareholders, it was never implemented by GIE nor approved by the TSX Venture Exchange.

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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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as this term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE GIE ENVIRONMENT TECHNOLOGIES LTD.

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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