Galvanic Applied Sciences announces reorganization

CALGARY, April 28 /CNW/ – The board of directors of Galvanic Applied Sciences Inc. (TSX-V: GAV – News; the “Company”) announced today that it is undertaking a reorganization to further enhance and ensure the long-term growth of the Company. Pursuant to the reorganization, Galvanic Chairman and Chief Executive Officer Gerry Hipple will step down from the positions of Chairman and Chief Executive Officer effective April 30, 2008. Mr. Peter Bourgeois, an independent director of the Company, has been appointed Chairman effective April 30, 2008 and independent director Mr. Grant Reeves will serve as the interim Chief Executive Officer from April 30, 2008 until a successor for the position is found. Ms. Helen Cornett will continue in her role as Chief Financial Officer and will take on additional responsibilities as Executive Vice President. Mr. Grant Reeves and Mr. Walter Chayka, as co-chairs of the Executive Committee, will work closely with Ms. Cornett to ensure the timely implementation of new programs and development projects. Mr. Hipple has been instrumental in the past growth of the Company as a founding shareholder in 1996 and as Chief Executive Officer, a position he has held since 2001. The Company is pleased to announce that Mr. Hipple will continue to participate in the long-term growth of the Company as a member of the Board of Directors, and will be actively engaged in the search for a successor to his position. As a major shareholder of the Company, Mr. Hipple commented that he “expects his successor will lead an existing team of experienced technicians and managers through a new and aggressive growth phase and thereby provide employees with a significant sense of achievement and shareholders with significant accretive value.” “Galvanic has a proven heritage of analytical and measurement technologies that provide a platform with which we will design and build a new generation of world-class equipment. Strengthening our product development process and striving for excellent operational effectiveness will be our immediate objectives” said Mr. Reeves. 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.

< | >