GKX Gemini Corp. (delisted)

Gemini Corporation (TSX VENTURE:GKX) today announced its financial results for
the fiscal year ended December 31, 2008.


Revenues for 2008 totalled $78 million, which was a 16% increase from the $67
million generated in 2007. Fourth quarter revenues for 2008 were ahead of those
achieved in the same period of 2007 by $2.0 million. The revenue growth realized
was attributable to the heavy oil industry projects executed by the Field
Services segment prior to activity levels declining significantly in the fourth
quarter. The economic challenges which overtook the entire economy in the fourth
quarter caused clients to begin delaying and cancelling certain projects as the
year concluded. This has resulted in a reduced backlog, but efforts have been
stepped up to secure opportunities in the selected portions of the market that
have remained relatively active, such as unconventional gas and renewable
energy.


The competitive pressures on Gemini's Field Services segment continued to
increase throughout 2008 as project activity in the oil and gas industry waned.
Clients caused various projects to be delayed and re-bid due to growing cost
escalation concerns. This had the effect of reducing margins, which resulted in
overall gross profits declining to 18% of revenue for 2008 from 20% for 2007.
Improved utilization rates within the Engineering segment were more than offset
by declining margins within Field Services.


Gemini significantly strengthened its liquidity position and 2008 earnings
through the sale of its land located on the outskirts of Fort Saskatchewan,
while preserving its ability to service clients from this site. These
transactions generated proceeds of nearly $5.7 million and gains totalling $3.2
million. It was concluded earlier in the year that this land was surplus to the
Corporation's needs and it would be beneficial to dispose of part or all of the
property under appropriate terms. The eventual purchaser provided a leaseback of
a portion of the property, which will satisfy the anticipated requirement for
module fabrication capacity as demand begins to recover in the heavy oil
industry.


Net earnings for 2008 totalled $3.0 million or 8.4 cents per share compared to a
net loss of $264,000 or 1.0 cents per share for 2007. As previously noted, the
land sales completed during the year significantly increased the net earnings.
In addition, the application of over $2.0 million of capital losses carried
forward from prior years against the land sale gains resulted in much lower tax
consequences from these transactions.


"2008 will be a year to remember for decades to come", said Carl Johnson,
Gemini's President and CEO. "The booming economic conditions we were enjoying at
the start of the year were erased incredibly quickly by the end of the fourth
quarter. The progress Gemini had made in building up its backlog of work and
improving its earnings performance was offset in the fourth quarter by the
sudden change in economic conditions. We are expecting 2009 to be a challenging
year with increased competitive pressures and we are responding with broader
sales efforts and greater client contact. Maintaining our revenue levels with
improved profitability is the goal and we anticipate being able to achieve this
by integrating our various services to assist clients in reducing project
schedules and achieving positive cash flows sooner."


About Gemini Corporation

Gemini Corporation offers a wide range of interrelated services including
project management, engineering, fabrication, construction, and maintenance of
oil & gas and industrial facilities within Canada and internationally. The
Corporation is a leading provider of engineered solutions and field services
through either stand-alone or integrated service approaches to a broadening
client base in the energy, environmental and industrial sectors. The
Corporation's principal target markets are conventional oil and gas,
unconventional gas, heavy oil, industrial, and renewable energy.


Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For
more information about the Corporation and its services, go to
www.geminicorp.ab.ca.


Gemini's 2008 annual report will be filed with SEDAR at www.sedar.com by April
2, 2009.




CONSOLIDATED FINANCIAL HIGHLIGHTS

Operating Highlights ($'000)       Three Months Ended            Year Ended 
                                           (Unaudited)             (Audited)
                                    Dec 31,    Dec 31,    Dec 31,    Dec 31,
                                      2008       2007       2008       2007

Revenue                           $ 18,847   $ 16,868   $ 78,230   $ 67,340 
Gross profit                         3,197      3,379     14,119     13,629 
Earnings before interest & taxes     2,357        176      3,888        330 
Net earnings                         2,218          4      2,992       (264)
Earnings per share (basic)        $  0.063   $  0.000   $  0.084   $ (0.010)
Earnings per share (diluted)      $  0.063   $  0.000   $  0.084   $ (0.010)

Operating cash flow (i)
(excludes working capital 
  changes)                        $   (309)  $    820   $  1,369   $  1,868 
Operating cash flow per share     $ (0.009)  $  0.024   $  0.040   $  0.054 


Balance Sheet Highlights ($'000)    December 31, 2008     December 31, 2007

Working capital                              $ 12,403               $ 7,839 
Total assets                                   28,554                26,739 
Shareholders' equity                           16,180                12,900 

(i) Operating cash flow is a non-GAAP financial measure which does not 
    have a standard meaning and therefore may not be comparable to similar
    measures presented by other companies.



Disclaimer

This news release contains forward looking information that represents Gemini's
internal projections, expectations, estimates or beliefs concerning, among other
things, future operating results and various components thereof or Gemini's
future economic performance. All statements other than the statements of
historical fact may be forward-looking statements. In some cases,
forward-looking statements can be identified by terminology such as "may",
"will", "should", "expects", "projects", "plans", "anticipates", and similar
expressions. The projections, estimates and beliefs contained in such
forward-looking statements are based on management's assumptions relating to
Gemini's performance and competition within the sectors in which it competes,
the continuation of the current regulatory and tax regimes in the jurisdictions
in which Gemini operates, and necessarily involve known and unknown risks and
uncertainties, including risks and assumptions relating to client service
demand, field service costs, labour rates, and other factors that may cause
actual performance and financial results in future periods to differ materially
from any projections of future performance or results expressed or implied by
such forward-looking statements. Accordingly, readers are cautioned that events
or circumstances could cause results to differ materially from those predicted
or suggested. The Corporation does not undertake to update any forward-looking
information in this document whether as to new information, future events or
otherwise.

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