GIE announces a blockbuster year

    - Sales up 22% for the year
    - EBITDA margins over 10%
    - Net profits nonupled

    MONTREAL, Jan. 28 /CNW Telbec/ - GIE Environment Technologies Ltd. (TSXV:
GIE), a leading environmental decontamination company, today reported its
annual results which ended September 30th, 2008. All sales are in Canadian
dollars unless otherwise indicated.
    Annual revenues soared by 21.6% to $1,191,886 as of September 30th 2008
compared to $980,070 for the same period last year. Most noticeable, is GIE's
return to double digit net profit margins. EBITDA jumped five-folds to
$141,225 this fiscal year. Net earnings followed suit and grew by nine-folds
to $119,808 or $0.006 per share compared to a net profit of $12,940 or
$0.00065 per share for the same period last year. Cost control efforts enabled
the company to attain over a 10% net profit.
    For the fourth quarter, revenues are up 12% to $379,000 compared to
$336,606 for the same period last year. In terms of profitability fiscal 2007
fourth quarter results were extraordinary. That said though GIE displayed a
strong performance, its net earnings for the fourth quarter of 2008 totalled
$38,350 or $0.00179 per share compared to $60,445 or $0.00303 per share for
the same period last year.

                             Financial Highlights
                 (in Canadian dollars, ended September 30th)
                                     Fourth Quarter            Year-ended
                                    2008        2007        2008        2007
                              ----------------------  ----------------------
    Revenues                     379,000     336,606   1,191,886     980,070
    EBITDA                        52,805      65,903     141,225      26,882
    Net Earnings                  38,350      60,445     119,808      12,940

    Net Earnings per Share
      Basic                      0.00179     0.00303     0.00600     0.00065
      Diluted                    0.00117     0.00184     0.00364     0.00039

    Total Assets                 434,106     223,330     434,106     223,330
    Basic number of
     outstanding shares       19,958,333  19,958,333  19,958,333  19,958,333

    "This was a tremendous year for GIE. Fiscal 2007 was a transition to
profitability. Fiscal 2008 was the resurgence of double digit profit margins.
We have aggressively pursued new customers and as a result we have increased
sales by close to 22% over last year. As of the third quarter of 2008, we
moved all of our operations to a central facility; a decision that is
providing the company with substantial benefits. We are satisfied with our
accomplishments, but given the economic climate, we will be doubling our
efforts to ensure another blockbuster year," said GIE Environment Technologies
President and CEO, Charles Abikhzer.


    - Annual sales were up by close to 22% as a result of strong contract
      deliveries over the year.
    - Gross profits margins soared to 31% to $364,536 as a result of higher
      sales volumes.
    - EBITDA totalled an unprecedented $141,225 for fiscal 2008 and EBITDA
      margins increased to 12%. These EBITDA improvements were a direct
      result of increased sales and costs containment initiatives implemented
      in fiscal 2008.
    - Quarter over quarter improvements lead to this year's blockbuster


    "Going forward GIE will continue to focus on increasing top line revenues
and containing costs. Our strategic cost saving initiatives including our
relocation could not have come at a better time. Our new centralized facility
is expected to increase our presence in the area and drive the acquisition of
additional contracts. Our revenue outlook remains positive even in the current
economic context, as we operate a smaller more nimble operation than most, and
are more apt to capitalize on emerging opportunities," concluded Mr. Abikhzer.



    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 forth quarter ended September 30th 2008, are available on SEDAR


    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

    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,; Moses Bendayan, CFA, Investor Relations Director,;

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