GLV Inc. Posts a Significant Improvement in Profitability and Exceeds Expectations for the Fourth Quarter and Fiscal Year Ended March 31, 2009



    
           Despite the economic slowdown, both groups improve their
    profitability through the diversification of their global operations,
     manufacturing outsourcing, further focus on value-added business and
                               cost reduction.

    FOURTH QUARTER

    - Normalized EBITDA(1) of $13.3 M (8.9% profit margin as a percentage of
      revenues), compared with $1.3 M (0.9% margin) in 2008, of which:
      - $7.0 M (8.5% margin) for the Water Treatment Group; and
      - $9.0 M (14.3% margin) for the Pulp and Paper Group.
    - Net earnings of $5.6 M or $0.21 per share (basic and diluted), compared
      with a net loss of $1.9 M or $0.07 per share in the same quarter of the
      previous year;
    - Normalized net earnings(3) of $6.2 M or $0.23 per share (basic and
      diluted), compared with a normalized net loss of $1.0 M or $0.04 per
      share in 2008.

    2009 FISCAL YEAR

    - Net earnings of $11.1 M or $0.42 per share (basic and diluted),
      compared with a net loss of $3.6 M or $0.14 per share for fiscal 2008;
    - Normalized net earnings(3) of $16.0 M or $0.60 per share (basic and
      diluted), compared with normalized net earnings of $1.5 M or $0.06 per
      share in 2008;
    - Normalized EBITDA(1) of $36.1 M (6.0% profit margin), versus $18.0 M
      (3.4% margin) in 2008, of which:
      - $18.8 M for the Water Treatment Group (6.5% margin), up 77.4% over
        2008; and
      - $28.0 M for the Pulp and Paper Group (9.6% margin), up 79.2%.
    - Annual revenues of $598.9 M, for a 13.8% growth (including a 6.6%
      organic growth at constant exchange rates);
    - Free cash flows (4) of $22.5 M or $0.85 per share;
    - 30% reduction in total net debt: 18.3% debt ratio as at March 31, 2009.

    2010 OVERVIEW

    - Order backlog of $272.7 M as at March 31, 2009, reflecting a 7.7%
      decrease (at constant exchange rates) from December 31, 2008, due to
      the Pulp and Paper Group' difficult business environment and completion
      of large-scale contracts, and to the Water Treatment Group's
      recognition of significant revenues in the fourth quarter;
    - Management looks forward to a healthy performance for the Water
      Treatment Group during fiscal 2010. Although cautious as to the pulp
      and paper industry's outlook, management anticipates a gradual
      improvement in market conditions for the Pulp and Paper Group,
      especially in the second half of the year;
    - The cost-reduction measures implemented in 2009 and at the beginning of
      fiscal 2010 will yield recurring annual savings of close to $10 M.
    

    MONTREAL, June 11 /CNW Telbec/ - (All amounts are in Canadian dollars
unless otherwise indicated.) Management of GLV Inc. ("GLV" or the "Company";
ticker symbols GLV.A, GLV.B/TSX) is pleased to announce that financial results
exceeded expectations for the fourth quarter and fiscal year ended March 31,
2009. In the fourth quarter, in particular, GLV benefited from:

    
    - the growing benefits of the restructuring of the Water Treatment
      Group's U.S. operations carried out at the end of the previous year;
    - the Pulp and Paper Group's healthy performance in the spare parts
      niche, combined with its efficient execution of large-scale contracts
      in the chemical pulp preparation field; and
    - the initial benefits of the cost-reduction measures introduced in the
      third quarter.
    

    Results of GLV
    --------------

    In the fourth quarter, GLV's revenues totalled $149.9 M, compared with
$147.5 M in the same quarter of 2008. At constant exchange rates, they
reflected a 7.3% decrease attributable to the weakening of global economic
conditions which especially affected the Pulp and Paper Group's revenues and
new order bookings. For its part, the Water Treatment Group grew its revenues
by 8.7% at constant exchange rates, driven mainly by the development of its
worldwide presence in the industrial niches of energy production and food and
beverage processing. Despite difficult economic conditions, GLV achieved a
significant improvement in profitability.

    
    - its quarterly gross margin reached 28.4% compared with 19.7% in the
      same quarter of 2008, a performance to which both groups contributed;
    - excluding the $0.6 M restructuring costs incurred by the Water
      Treatment Group, GLV recorded a tenfold increase in its normalized
      EBITDA(1) which rose to $13.3 M, from $1.3 M the previous year. Its
      normalized EBITDA(1) margin as a percentage of revenues thus rose from
      0.9% in the fourth quarter of 2008 to 8.9% in 2009;
    - GLV posted normalized net earnings(3) of $6.2 M or $0.23 per share
      (basic and diluted), compared with a normalized net loss of $1.0 M or
      $0.04 per share in the same period of 2008.
    

    The same factors combined with a 13.8% growth (9.3% growth at constant
exchange rates) in GLV's annual revenues which reached $598.9 M, explain the
overall improvement in results for fiscal 2009 as a whole:

    
    - the gross margin increased from 20.7% in 2008 to 23.7% in 2009, an
      improvement to which both groups contributed;
    - excluding non-recurring expenses totalling $6.3 M, primarily in the
      Pulp and Paper Group, normalized EBITDA(1) more than doubled to
      $36.1 M, up from $18.0 M the previous year, whereas the normalized
      EBITDA(1) margin rose from 3.4% in 2008 to 6.0% in 2009;
    - GLV recorded normalized net earnings(3) of $16.0 M or $0.60 per share
      (basic and diluted), compared with normalized net earnings of $1.5 M or
      $0.06 per share the previous year;
    - the Company generated free cash flows(4) of $22.5 M or $0.85 per share.
      Combined with the reinforcement of accounts receivable collection and a
      reduction in capital expenditures in response to the economic context,
      these cash flows contributed to lower the total net debt by $18.7 M or
      30.0%. It amounted to $43.6 M as at March 31, 2009, representing 18.3%
      of total invested capital versus 28.3% a year earlier.
    

    Results and Outlook for the Water Treatment Group
    -------------------------------------------------

    In the fourth quarter, this group's revenues grew by $12.1 M or 17.3% due
to a 4.6% organic growth (at constant exchange rates) achieved primarily in
the global energy and water intake screening sector, the additional
contribution of AJM Environmental Services Pty Ltd. ("AJM") acquired in March
2008 and currency fluctuations. The group incurred non-recurring restructuring
costs of $0.6 M related primarily to a reduction in the personnel of certain
units in North America and England, consistent with GLV's determination to
adjust its cost structure to the situation in its markets. Excluding
restructuring costs, the group recorded normalized EBITDA(1) of $7.0 M,
compared with $0.2 M in the same quarter of 2008, whereas its normalized
EBITDA(1) margin reached 8.5%. This good performance, which met management's
expectations, is primarily attributable to a greater focus of the Salt Lake
City (Utah) division's operations on higher value-added contracts, consistent
with the restructuring plan implemented toward the end of the previous year.
    For fiscal 2009, the Water Treatment Group's revenues grew by $33.0 M or
12.8%, due to a 4.5% organic growth (at constant exchange rates), AJM's solid
contribution and the favourable impact of currency fluctuations. On a
segmented basis, revenues recorded with industrial customers grew by more than
34%. This segment therefore accounted for 34% of the group's total revenues in
2009 versus 29% in 2008, due to:

    
    - the strengthening of the group's global presence and reputation in the
      energy sector, to which it offers a selection of water intake screening
      solutions ranking among the top-performing and most ecological
      worldwide;
    - the integration of AJM's technologies, mainly designed for the food and
      beverage processing sector; and
    - the expansion of its sales network in Southeast Asia and Europe.
    

    The group also had an active year in the U.S. municipal market where, in
addition to targeting higher value-added contracts, Eimco Water Technologies
successfully banked on its strengths in the upgrading of existing equipment to
increase its business in this niche where demand remains good. Conversely, the
municipal market in England suffered a sharp decline in demand, to which the
group reacted promptly by reducing the expenses associated with this market,
forming a team dedicated to the marketing of integrated solutions and
redeploying part of its England-based personnel toward more dynamic markets,
namely Eastern Europe, Northern Ireland and the Middle East. This strategy
earned the group major contracts in its newly targeted territories.
    Excluding restructuring costs totalling $0.8 M for fiscal 2009, the
group's normalized EBITDA(1) grew by $8.2 M or 77.4% to $18.8 M. Its
normalized EBITDA(1) margin thus rose from 4.1% to 6.5%. This is mainly
attributable to an increased focus on higher value-added contracts and more
efficient contract execution. Consistent with management's expectations, the
benefits of the restructuring started to materialize in the second half of
fiscal 2009. In fact, the group's normalized EBITDA(1) margin averaged 8.0%
for the last six months of the fiscal year.
    GLV's management looks forward to a good performance for the Water
Treatment Group during fiscal 2010, for the following main reasons:

    
    - its significant order backlog as at March 31, 2009;
    - the inroads achieved in 2009 in integrating new technologies and
      penetrating new segmented and geographic markets;
    - increased business activity in certain markets including the global
      energy sector and the U.S. municipal market, which should notably
      benefit from the incentive measures implemented by the U.S. federal
      administration;
    - the recurring savings of approximately $2.5 M put in place in 2009;
    - the benefits, for the entire year, of the restructuring of the Salt
      Lake City division; and
    - the execution underway of a restructuring plan for the Canadian
      division, the results of which fell short of management's expectations
      in 2009.
    

    As at March 31, 2009, the Water Treatment Group's order backlog stood at
$191.6 M. At constant exchange rates, it reflected decreases of 2.2% from
December 31, 2008 and 6.2% from March 31, 2008. This decline is mostly
attributable to the U.S. municipal market, where a particularly strong volume
of revenue was recognized during the fourth quarter. However, Eimco Water
Technologies was awarded several major contracts in recent weeks, primarily
for infrastructure upgrading projects. Management looks forward to an active
year in this market due, notably, to the economic stimulus funds made
available by the U.S. federal administration. In addition, Eimco Water
Technologies is well positioned to meet this demand as it benefits from
conventional technologies adapted to equipment upgrading and replacement
needs, along with the latest-generation technologies designed for new
infrastructure projects or improving the performance of existing systems, such
as MBR submerged membrane bioreactors. As demand in the municipal market in
England remains weak, the group will carry on and intensify the strategy
successfully implemented in 2009, based on geographic diversification and the
marketing of integrated solutions. The Water Treatment Group's market outlook
is favourable in the industrial segment, especially in the energy sector where
it benefits from an increased order backlog for its water intake screening
solutions. This niche should remain one of the group's primary sources of
revenue growth in 2010, notably in regard to nuclear power plant and refinery
upgrading projects in North America, as well as the construction or upgrading
of power stations and desalination plants in the Middle East, India, China,
Thailand and Africa. In addition, the group has significantly increased its
operational base in the food and beverage processing segment, where its sales
network now extends into Australia and New Zealand, Southeast Asia, Europe
and, since recently, North America through the joint venture Global Water &
Energy, LLC ("GW&E").
    During fiscal 2010, while further improving its profitability, the Water
Treatment Group intends to leverage the technologies integrated in 2009
through its international engineering and sales network, to develop the GW&E
new joint venture and to integrate new technologies, notably for process water
treatment.

    Results and Outlook for the Pulp and Paper Group
    ------------------------------------------------

    In the fourth quarter, this group's revenues decreased by $11.5 M or
15.4% (24.2% decrease at constant exchange rates) as a result of the
significant slowdown in the global demand in the current economic context.
However, the group more than doubled its EBITDA, which reached $9.0 M compared
with $4.4 M in the same quarter of 2008. Its profit margin thus rose to 14.3%
from 5.9% the previous year, due to the following main factors:

    
    - the more efficient than expected completion of certain large-scale
      contracts. Given the nature of these projects involving new
      technologies, the group had recorded reserves as to the "installation"
      component of such contracts. Sustained improvement in the group's
      project management expertise allowed for optimal execution of the
      installation phase, thereby meeting both the customers' expectations
      and GLV's profitability objectives;
    - the strengthening of international outsourcing networks in low-cost
      regions, especially in China and India, where GLV has also recently
      opened a product engineering and assembly site;
    - a good performance in the aftermarket which accounted for 55.2% of the
      group's fourth-quarter revenues versus 47.4% the previous year,
      combined with a more profitable spare parts sales mix; and
    - a $2.0 M decrease in selling and administrative expenses, reflecting
      the initial benefits of the cost-reduction measures implemented in the
      third quarter.
    

    For fiscal 2009, the Pulp and Paper Group's revenues grew by $32.8 M or
12.7% (6.8% growth at constant exchange rates). This exclusively organic
growth can be explained by this group's significant order backlog at the
beginning of the year, the efficient execution of large-scale contracts in the
chemical pulping niche, a sustained performance in the aftermarket and the
favourable impact of currency fluctuations.
    In response to the difficult conditions facing its customer base, this
group recorded non-recurring expenses of $5.5 M in the third quarter,
including a $1.9 M special doubtful accounts expense and restructuring costs
of $3.6 M. (In April 2009, this group implemented further streamlining
measures in the United Kingdom that entailed restructuring costs of $0.6 M to
be recognized in financial results for the first quarter of fiscal 2010. These
measures will yield additional recurring savings of approximately $1.6 M
annually). Excluding these items, the Pulp and Paper Group's annual normalized
EBITDA(1) grew by $12.4 M or 79.2% to $28.0 M. Its normalized EBITDA(1) margin
thus improved from 6.1% in 2008 to 9.6% in 2009. This performance is
attributable to the same factors as those described in the summary of results
for the fourth quarter.
    As at March 31, 2009, the Pulp and Paper Group's order backlog stood at
$74.2 M. At constant exchange rates, it reflected decreases of 16.5% from
December 31, 2008 and 53.4% from March 31, 2008. In addition to the slowdown
in the pulp and paper industry, this decline is partly explained by the
completion of a $60 M contract in Portugal. Management therefore expects the
first half of fiscal 2010 to be more difficult for this group. However, it has
been witnessing some positive signs in the worldwide pulp and paper market in
recent weeks, including a strengthening of pulp prices and a certain recovery
of investment activity in China, which allows it to believe that order
bookings will pick up in the second half of fiscal 2010.
    While GLV is cautious as to the Pulp and Paper Group's outlook for fiscal
2010, certain factors leads management that it will maintain an acceptable
level of profitability, including:

    
    - the cost-reduction measures implemented in 2009 and at the beginning of
      fiscal 2010, which should yield recurring savings of more than $7 M
      annually;
    - the steady reinforcement of its global organization and business model,
      more particularly in respect to its project management, the development
      of its international outsourcing network and the optimization of its
      operations in the global aftermarket, including in the spare parts
      niche;
    - the development underway of a product engineering and assembly centre
      in India that will contribute to further improve its operating
      profitability; and
    - the group's demonstration in fiscal 2009 that it can achieve an EBITDA
      margin of 10% and over with revenues of some $300 M.
    

    Overall Outlook of GLV
    ----------------------

    As at March 31, 2009, GLV's order backlog stood at $272.7 M. At constant
exchange rates, it reflected decreases of 7.7% from December 31, 2008 and
27.6% from March 31, 2008. These changes are primarily attributable to the
significant slowdown in the global pulp and paper industry.
    Although management remains cautious in light of the current economic
context particularly affecting the pulp and paper sector, it is confident as
to GLV's financial outlook for fiscal 2010 due, notably, to the significant
inroads achieved last year by both groups in:

    
    - developing and diversifying their presence in their targeted segmented
      and geographic market niches;
    - optimizing their operations and business models through an increased
      focus on higher value-added technologies, products and services and the
      reinforcement of their international outsourcing networks; and
    - adjusting their cost structure to the current economic context and
      market reality, which will yield recurring savings of close to $10 M
      annually.
    

    On the corporate level, the Company will also benefit from the following
initiatives and factors:

    
    - GLV has tightened its liquidity and risk management, especially in
      regard to project-related credit risks.
    - GLV's management intends to continue closely monitoring global economic
      conditions and will promptly react, if deemed appropriate based on its
      reading of market trends, by implementing additional cost-reduction
      measures. It should be pointed out in this regard that GLV's
      manufacturing outsourcing strategy provides it with the flexibility to
      rapidly adjust its cost structure to the market reality.
    - With a total net debt ratio of 18.3% as at March 31, 2009, GLV benefits
      from a healthy financial position, especially since its current credit
      facilities are being used exclusively to finance its working capital.
      This positions the Company favourably not only to continue weathering
      the global recession and to finance its ongoing working capital
      requirements, but also to take advantage of acquisition opportunities
      in its key markets that the current economic context could create.
    

    About GLV Inc.
    --------------

    GLV is a leading global provider of technological solutions used in water
treatment, recycling and purification, as well as in pulp and paper
production. The Water Treatment Group (also known worldwide as "Eimco Water
Technologies") specializes in the design and international marketing of
solutions and high-performance, economical and eco-friendly processes for the
treatment and recycling of municipal and industrial wastewater and water used
in various industrial processes. It also offers water intake screening
solutions for power stations, refineries and desalination plants. With its
extensive technological portfolio, the group is positioned to provide
comprehensive solutions for the filtration, clarification, treatment and
purification of water that will either be returned into the environment, or be
re-used in various industrial processes or for domestic purposes. The Pulp and
Paper Group specializes in the design and global marketing of equipment and
systems used in various stages of pulp and paper production, notably chemical
pulping, pulp preparation and sheet formation and finishing. This group ranks
among the foremost players in its industry and is a recognized leader in
rebuilding, upgrading and optimization services for existing equipment, as
well as the sale of spare parts. It also stands apart for the superior
performance of several of its key products and technologies, notably in terms
of energy savings. GLV is present in some 30 countries and has approximately
1,600 employees.

    
    Consolidated and Segmented Results, Cash Flows and Balance Sheet
    -------------------------------------------------------------------------
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                                                                Change
    (in thousands of $, except                Three months        2009
    percentages, per share data                      ended      versus
    and number of shares)                         March 30,       2008
    -------------------------------------------------------------------------
                                          2009        2008           %
    -------------------------------------------------------------------------
    Revenues:
      Water Treatment                   81,908      69,840        17.3%
      Pulp and Paper                    63,342      74,859       (15.4%)
      Other and eliminations             4,604       2,849        61.6%
    -------------------------------------------------------------------------
    Total                              149,854     147,548         1.6%
    -------------------------------------------------------------------------
    Gross margin                        42,547      29,063        46.4%
    Selling and administrative
     expenses                           29,283      27,798         5.3%
    EBITDA                              12,677         200     6,238.5%
    Restructuring costs and special
     doubtful accounts expense
      Water Treatment                      587         409        43.5%
      Pulp and Paper                         -           -           -
      Other and eliminations                 -         439           -
    -------------------------------------------------------------------------
    Total                                  587         848       (30.8%)
    -------------------------------------------------------------------------
    Costs related to the Arrangement
      Water Treatment                        -           -           -
      Pulp and Paper                         -           -           -
      Other and eliminations                 -         217           -
    -------------------------------------------------------------------------
    Total                                    -         217           -
    -------------------------------------------------------------------------
    Normalized EBITDA(1):
      Water Treatment                    6,966         155     4,394.2%
      Pulp and Paper                     9,044       4,383       106.3%
      Other and eliminations            (2,746)     (3,273)      (16.1%)
    -------------------------------------------------------------------------
    Total                               13,264       1,265       948.5%
    -------------------------------------------------------------------------
    Depreciation and amortization:
      Water Treatment                    1,377       1,150        19.7%
      Pulp and Paper                       804         745         7.9%
      Other and eliminations               794         742         7.0%
    -------------------------------------------------------------------------
    Total                                2,975       2,637        12.8%
    -------------------------------------------------------------------------
    Normalized EBIT(2):
      Water Treatment                    5,589        (995)          -
      Pulp and Paper                     8,240       3,638       126.5%
      Other and eliminations            (3,540)     (4,015)      (11.8%)
    -------------------------------------------------------------------------
    Total                               10,289      (1,372)          -
    -------------------------------------------------------------------------
    Financial expenses                   2,073         386       437.0%
    Income taxes                         2,042        (921)          -
      Effective tax rate                  26.8%       32.6%       -5.9% pts
    -------------------------------------------------------------------------
    Net earnings (loss)                  5,587      (1,902)          -
      per share (basic and diluted)(*)    0.21       (0.07)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Normalized net earnings(3)           6,231      (1,021)          -
      per share (basic and diluted)(*)    0.23       (0.04)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number
     of participating shares
     outstanding (in thousands):
      basic and diluted                 26,544      25,389         4.5%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Margins as a percentage
     of revenues:
      Gross margin                        28.4%       19.7%
      Normalized EBITDA                    8.9%        0.9%
      Normalized EBIT                      6.9%       (0.9%)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Free cash flow(4)                    6,973      (3,448)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Order backlogs:                   March 31,    Dec. 31,   Sept. 30,
                                          2009        2008        2008
    -------------------------------------------------------------------------
      Water Treatment                  191,640     192,293     202,243
      Pulp and Paper                    74,157      88,152     123,791
      Manufacturing Unit                 6,882      10,521       9,616
    -------------------------------------------------------------------------
    Total                              272,679     290,966     335,650
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                                Change
    (in thousands of $, except               Twelve months        2009
    percentages, per share data                      ended      versus
    and number of shares)                         March 31,       2008
    -------------------------------------------------------------------------
                                          2009        2008           %
    -------------------------------------------------------------------------
    Revenues:
      Water Treatment                  291,495     258,456        12.8%
      Pulp and Paper                   290,257     257,505        12.7%
      Other and eliminations            17,111      10,432        64.0%
    -------------------------------------------------------------------------
    Total                              598,863     526,393        13.8%
    -------------------------------------------------------------------------
    Gross margin                       142,024     108,979        30.3%
    Selling and administrative
     expenses                          105,961      90,994        16.4%
    EBITDA                              29,772      10,125       194.0%
    Restructuring costs and special
     doubtful accounts expense
      Water Treatment                      823         837        (1.7%)
      Pulp and Paper                     5,468           -           -
      Other and eliminations                 -         514           -
    -------------------------------------------------------------------------
    Total                                6,291       1,351       365.7%
    -------------------------------------------------------------------------
    Costs related to the Arrangement
      Water Treatment                        -         173           -
      Pulp and Paper                         -         536           -
      Other and eliminations                 -       5,800           -
    -------------------------------------------------------------------------
    Total                                    -       6,509           -
    -------------------------------------------------------------------------
    Normalized EBITDA(1):
      Water Treatment                   18,816      10,608        77.4%
      Pulp and Paper                    28,002      15,624        79.2%
      Other and eliminations           (10,755)     (8,247)       30.4%
    -------------------------------------------------------------------------
    Total                               36,063      17,985       100.5%
    -------------------------------------------------------------------------
    Depreciation and amortization:
      Water Treatment                    5,782       5,205        11.1%
      Pulp and Paper                     3,015       2,998         0.6%
      Other and eliminations             3,065       2,869         6.8%
    -------------------------------------------------------------------------
    Total                               11,862      11,072         7.1%
    -------------------------------------------------------------------------
    Normalized EBIT(2):
      Water Treatment                   13,034       5,403       141.2%
      Pulp and Paper                    24,987      12,626        97.9%
      Other and eliminations           (13,820)    (11,116)       24.3%
    -------------------------------------------------------------------------
    Total                               24,201       6,913       250.1%
    -------------------------------------------------------------------------
    Financial expenses                   3,473       5,094       (31.8%)
    Income taxes                         3,357      (2,431)          -
      Effective tax rate                  23.3%       40.2%      -17.0% pts
    -------------------------------------------------------------------------
    Net earnings (loss)                 11,080      (3,610)          -
      per share (basic and diluted)(*)    0.42       (0.14)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Normalized net earnings(3)          16,004       1,499       967.6%
      per share (basic and diluted)(*)    0.60        0.06
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number
     of participating shares
     outstanding (in thousands):
      basic and diluted                 26,512      25,389         4.4%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Margins as a percentage
     of revenues:
      Gross margin                        23.7%       20.7%
      Normalized EBITDA                    6.0%        3.4%
      Normalized EBIT                      4.0%        1.3%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Free cash flow(4)                   22,512       6,154
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Order backlogs:                    June 30,   March 31,
                                          2008        2008
    -------------------------------------------------------------------------
      Water Treatment                  200,397     185,639
      Pulp and Paper                   142,949     152,454
      Manufacturing Unit                10,772       9,903
    -------------------------------------------------------------------------
    Total                              354,118     347,996
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) Net earnings (loss) per share basic and diluted and normalized net
        earnings per share basic and diluted as of March 31, 2008 were
        calculated using the participating shares outstanding immediately
        after the completion of the Arrangement.

    (1) According to the reporting periods, earnings before depreciation and
        amortization, financial expenses, income taxes, items recorded
        outside the normal course of business, including non-recurring costs
        directly related to the Arrangement, restructuring costs and special
        doubtful accounts expense.
    (2) According to the reporting periods, earnings before financial
        expenses, income taxes, items recorded outside the normal course of
        business, including non-recurring costs directly related to the
        Arrangement, restructuring costs and special doubtful accounts
        expense.
    (3) According to the reporting periods, net earnings before items
        recorded outside the normal course of business, including non-
        recurring costs directly related to the Arrangement, restructuring
        costs and special doubtful accounts expense (less related taxes).
    (4) Cash flows from operating activities excluding net changes in non-
        cash balances related to operations, less property, plant and
        equipment acquisitions (net of disposals).
    (5) EBITDA, EBIT, Normalized net earnings and Free cash flows are not
        performance measures consistent with Canadian generally accepted
        accounting principles ("GAAP"). The information regarding measures
        not consistent with Canadian GAAP is contained in the Management's
        Report filed on SEDAR and on the Company's website (www.glv.com)
        effective today.
    (6) Notice Regarding Forward-Looking Statements:
        --------------------------------------------
        This press release is designed to assist investors in understanding
        the nature and the importance of the changes and trends, as well as
        the risks and uncertainties associated with GLV Inc.'s operations and
        financial position. The statements set forth in this press release
        and other communications to the public that describe management's
        objectives, projections, estimates, expectations or forecasts may
        constitute forward-looking statements within the meaning of
        securities legislation. Forward-looking statements concern analysis
        and other information based on forecast future results and the
        estimate of amounts that cannot yet be determined. These may be
        observations concerning, among others, strategies, expectations,
        planned activities or actions to come. Forward-looking statements are
        recognized by the use of terms such as "forecast", "project" "could",
        "plan", "aim", "estimate" and other similar terms, possibly used in
        the future or conditional, notably in regard to certain assumptions.

        GLV Inc.'s management would like to point out that, by their very
        nature, forward-looking statements involve a number of risks and
        uncertainties such that GLV Inc.'s actual and future results could
        differ materially from those indicated. Factors of uncertainty and
        risk that might result in such differences include trends in the
        demand for GLV Inc.'s products and cost of its raw materials,
        fluctuations in the value of various currencies, pressures exerted on
        prices by the competition, compliance with environmental legislation
        and general changes in economic conditions. There can be no assurance
        as to the materialization of the results, performance or achievements
        as expressed in or underlying the forward-looking statements. Unless
        required to do so pursuant to applicable securities legislation, GLV
        Inc.'s management assumes no obligation as to the updating or
        revision of the forward-looking statements as a result of new
        information, future events or other changes.

        Additional information about the risk factors to which GLV Inc. is
        exposed is provided in the "Risk Management" section of the
        Management's Report contained in its most recent Annual Report, i.e.
        for the fiscal year ended March 31, 2009, available on SEDAR
        (www.sedar.com) and the Company's website (www.glv.com).


    -------------------------------------------------------------------------
    The Management's Report for the fiscal year ended March 31, 2009, along
    with the audited consolidated financial statements and accompanying
    notes, are being filed as of today on SEDAR's website (www.sedar.com) and
    the Company's website (www.glv.com).
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
             CONFERENCE CALL WITH INVESTORS ON FINANCIAL RESULTS
         FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED MARCH 31, 2009

            Thursday, June 11, 2009, at 2:00 p.m. (Montreal time)

    To participate in the conference call, please dial 1-800-732-9303 a few
    minutes before the start of the call. For those unable to participate, a
    taped re-broadcast will be available starting Thursday, June 11, 2009
    from 4:00 p.m. until midnight, Thursday, June 18, 2009, by dialing
    1-877-289-8525; access code 21307939 #. THE CONFERENCE CALL
    (AUDIO) WILL ALSO BE AVAILABLE AT WWW.GLV.COM. Members of the media are
    invited to listen in.
    -------------------------------------------------------------------------
    




For further information:

For further information: Marc Barbeau, CA, Executive Vice-President and
Chief Financial Officer, (514) 284-2224, courrier@glv.com; www.glv.com

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GLV Inc.

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