GAV Galvanic Applied Scs

CALGARY, Sept. 8 /CNW/ -- CALGARY, Sept. 8 /CNW/ - Galvanic Applied Sciences Inc. (GAV: TSX-V) announces the following results for its period ended July 31, 2010 and July 31, 2009: Three Months Ended July 31 ---------------------- 2010 2009 ---------------------- $ $ ---------------------- Revenue 2,915,704 2,863,089 Gross margin 1,199,209 1,172,470 Net earnings (loss) 265,374 (7,855) Net earnings per share $0.02 $0.00 Consolidated revenue for the first quarter of fiscal 2011 remained relatively static compared to the same period of fiscal 2010, consolidated gross margins were flat at 41%, and net earnings increased to $265,000 or $0.02 per common share from a loss of $8,000 or $0.00 per common share as compared with the comparative prior period. Operating results for the first quarter of fiscal 2011 reflect a strong improvement in the operating results from the Canadian operating segment which more than offset the unfavorable operating results from the Lowell operating segment which significantly impacted net earnings. "We are pleased with the improvement in profitability in the fiscal quarter and our financial position, which is reflected in our strong balance sheet. This financial position provides us with the flexibility and options to grow the business" says Helen Cornett, CEO. The Company completed the quarter with working capital of $6,763,000, no debt, and a cash position of $2,785,000. Galvanic Applied Sciences Inc. is an innovative electronic technology Company that develops instrumentation and manufactures equipment for the natural gas processing and distribution markets and liquids process markets. Products include analyzers for sulfur and BTU measurement in gases, electronic volume correctors and recorders used in combination with commercial natural gas meters, and tytrators, viscometers, suspended solids and turbidity analyzers for on-line liquid analysis. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release. Forward Looking Statements: This news release contains forward looking statements based on management's current expectations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Galvanic at the time of preparation, may prove to be incorrect. The forward looking statements contained in this news release are made as at the date of this news release and, except as required by applicable securities laws, Galvanic does not undertake any obligation to update publicly or otherwise any such statements. Email: info@galvanic.com Website: www.galvanic.com Helen Cornett, Chief Executive Officer, 403-258-9704

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