GLV arranges $40M in new financing to pursue expansion plans

MONTREAL, April 3, 2008 (Press Release) - Management of GLV Inc. ("GLV" or "the Company") is pleased to announce the signing of two financing agreements with the Solidarity Fund QFL ("the Fund"), in support of the Company's expansion projects according to its global development strategy, primarily in the water treatment and re-use solutions market.

First, the Fund will acquire a total of 1,153,846 Class A subordinate voting shares ("subordinate shares") of GLV at a price of $13.00 per share, for net proceeds of $15 M. Upon the closing of this private placement, scheduled to be held by April 16, 2008, the Fund will hold approximately 4.8% of GLV's subordinate shares. The Fund's investment will be applied to reimburse the credit facilities that have been temporarily used by GLV for the recent acquisition of AJM Environmental Services PTY. Secondly, the Fund is making available to GLV, for a six-month period renewable every three months, an additional financing by way of unsecured debentures of up to $25 M. These debentures will be issued as the Company's expansion projects progressively materialize and will be repayable seven years after the issue thereof.

"This new financing provides us with a flexible means to increase our leverage in the acquisitions market, while maintaining a solid balance sheet," said Marc Barbeau, Executive Vice-President and Chief Financial Officer of GLV. The CFO also specified that subsequent to the repayment of debt using the $15 M proceeds from the share issue, GLV's net bank indebtedness will amount to $43 M, placing the Company in an excellent financial position to pursue its development. It should be noted in this regard that, along with the new financing granted by the Fund, GLV benefits from total revolving credits of $175 M maturing in August 2012. Of this amount, $50 M may be used to issue bank guarantees, and the remaining $125 M may be allocated to any other corporate project, including business acquisitions.

"The Fund is proud to play a strategic role in GLV's growth-through-acquisitions program worldwide. This Quebec-based company enjoys a solid positioning in both the pulp and paper sector and the water treatment market. By providing GLV with this patient and flexible capital in support of its expansion plan, the Fund also wishes to attest to its complete confidence in GLV's management team, which has already proven its expertise in business acquisition and integration projects," asserted Gaétan Morin, Executive Vice-President-Investments, at Solidarity Fund QFL.

All amounts are in Canadian dollars unless otherwise indicated.