GIE Starts the Year on a Positive Note, First Quarter Sales Up 20%



    MONTREAL, Feb. 29 /CNW Telbec/ - GIE Environment Technologies Ltd. (TSXV:
GIE), a leading environmental decontamination company, today reported its
first quarter results which ended December 31, 2007. All sales are in Canadian
dollars unless otherwise indicated.
    First quarter sales climbed by 20% to $241,103 compared to $200,533 for
the same period last year. Net losses were reduced to $4,608 or $0.00023 per
share compared to $10,979 or $0.00055 per share for the same quarter last
year.

    
                             Financial Highlights
                   (in Canadian dollars, ended December 31)
        --------------------------------------------------------------
                                                   2007         2006
        --------------------------------------------------------------
        Revenue                                 241,103      200,533
        Net Earnings (loss)                      (4,608)     (10,979)
        Net Earnings per Share
          Basic                                (0.00023)    (0.00055)
          Fully Diluted                        (0.00014)    (0.00033)
        Total Assets                             197,29      223,330
        Basic number of outstanding shares   19,958,333   19,958,333

    "This quarter we increased our sales by 20% and we plan to build on this
sales momentum. Over the years we have worked hard to build a brand name that
inspires trust and confidence in our ability to decontaminate soil and water.
As environmental concerns continue to increase we are wel positioned to
capitalize on that evolving trend," said GIE Environment Technologies
President and CEO Charles Abikhzer.

    OUTLOOK

    "We are looking at another profitable year with the acquisition of
significant contracts. This year, we plan on reducing our cost and improving
operational efficiencies by re-grouping al of our operations under one roof.
That said, the Company's new location should be ready by mid-2008 and the full
benefits of this move will only be partial reflected in fiscal 2008,"
concluded Mr. Abikhzer.

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

     ABOUT GIE TECHNOLOGIES

    GIE Environmental 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 pol utants 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 2007, 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
material y 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,
c.abikhzer@gietech.com

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GIE ENVIRONMENT TECHNOLOGIES LTD.

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