Gemini Corporation Reports Fiscal 2007 Results

Gemini Corporation (TSX VENTURE:GKX) today announced its financial results for
the fiscal year ended December 31, 2007.


Revenues for 2007 totalled just over $67 million, which was a 21% decrease from
the $85 million generated in 2006. Continuing weakness in the natural gas
market, high field installation costs and uncertainties around Alberta royalties
all combined to dampen activity levels for Gemini throughout the year. The Field
Services segment experienced lower revenues in the first half of the year due to
client delays on some key projects. These projects became much more active near
mid-year and, coupled with the strong third quarter maintenance activity,
resulted in increased revenues in the second half of the year. Engineering, on
the other hand, experienced declining revenues throughout the year primarily as
a result of the stagnant natural gas market and limited success in securing
projects in other sectors. Sales and marketing efforts began to generate
increased opportunities toward the end of the year and as a result Gemini
entered 2008 with its highest booked order backlog in history. The scheduled
timing of this backlog increases as 2008 unfolds and thus revenues for the first
quarter should be similar to the fourth quarter of 2007.


Fourth quarter 2007 revenues were off nearly $5 million at $16.9 million
compared to the $21.7 million achieved in the same period of 2006. This
shortfall has a great deal to do with the strong fourth quarter revenues for
2006 which were driven by the bitumen pipeline project completed late in that
year. Approximately $1.5 million of the difference was attributable to the
decline in 2007 engineering activity mentioned previously.


Gross profits as a percent of revenues increased in 2007 to 20.2% from 18.6% in
the prior year. This improvement was principally driven by enhanced project cost
controls which are expected to continue producing positive results in future
periods. Staff utilization challenges continued to be an issue within the
Engineering segment as activity levels declined, but modest improvements were
beginning to be achieved near the end of the year. Additional emphasis on
managing this key metric is expected to produce improving margins through 2008.


Although earnings improved in the second half of 2007 they were insufficient to
offset the losses incurred up to June 30th. As a result, a net loss of $264,000
or 1.0 cents per share was incurred for 2007 compared to net earnings of $1.2
million or 3.1 cents per share in 2006. Efforts were undertaken to control
spending to improve gross profits and reduce administrative expenses as a result
of revenue shortfalls. Administrative costs were reduced nearly $1 million in
the last half of the year compared to those incurred in the first half. This was
achieved through staff reductions, subletting of surplus office space and
tightened spending on variable costs. Efforts are continuing to identify further
cost containment measures that will not impede the Corporation's future growth.


"2007 was a year that many of us in the service sector are glad is over", said
Carl Johnson, Gemini's President and CEO. "We entered the year with an objective
to grow our heavy oil activity to offset some of the challenges in other parts
of the oil and gas industry. Although certain projects were slow to start, we
significantly increased our presence in that market and exited the year with the
largest backlog in Gemini's 25-year history. This sets the stage for stronger
results in 2008 especially when you consider the trimming we completed in 2007
to make us a leaner organization."


About Gemini Corporation

Gemini Corporation offers a wide range of interrelated services including
project management, engineering, fabrication, construction, operations 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, full-service
approaches to a broadening client base in the energy, environmental and
industrial sectors.


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 2007 annual report will be filed with SEDAR at www.sedar.com by March
31, 2008.




CONSOLIDATED FINANCIAL HIGHLIGHTS

                                      Three Months Ended         Year Ended
                                              (Unaudited)          (Audited)
Operating Highlights ($'000)           Dec 31,    Dec 31,  Dec 31,   Dec 31,
                                         2007       2006     2007      2006

Revenue                              $ 16,868   $ 21,718  $67,340  $ 85,455 
Gross profit                            3,379      3,545   13,629    15,862 
Earnings before interest & taxes          176        (67)     330     2,638 
Net earnings                                4       (297)    (264)    1,156 
Earnings per share (basic)           $  0.000   $ (0.009) $(0.010) $  0.031 
Earnings per share (diluted)         $  0.000   $ (0.009) $(0.010) $  0.031 

Operating cash flow (i)
 (excludes working capital changes)  $    820   $    245  $ 1,868  $  3,246 
Operating cash flow per share        $  0.024   $  0.007  $ 0.054  $  0.095 


Balance Sheet Highlights ($'000)       December 31, 2007  December 31, 2006

Working capital                                  $ 7,839            $ 8,145 
Total assets                                      26,739             27,245 
Shareholders' equity                              12,900             12,649 

(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.