GKX Gemini Corp. (delisted)

Gemini Corporation (TSX VENTURE:GKX) announces its first quarter financial
results for the period ended March 31, 2009.


Revenue in the first quarter totalled $14,795,000, which is a 21% decrease from
the $18,721,000 achieved in the first quarter of 2008. This reduction was
attributable to the significant decline in new construction activity in the oil
and gas sector, which heavily impacted the Corporation's Field Services segment.
Revenues for this segment were off 46% from the prior year, but improvements are
expected in the second quarter and beyond based upon recent project awards.
There has been relative strength in the market for maintenance, debottlenecking
and upgrade projects producing reasonably solid results for these business
units. In addition, the Engineering segment had a very strong quarter with a 56%
increase in revenues to $7,253,000, thus exceeding the $4,651,000 achieved in
the same period last year. Revenues for this segment are expected to moderate in
the second quarter before strengthening again as the year draws to a close.


First quarter gross profits for 2009 were $3,601,000 or 24.3% of revenue
compared to $3,450,000 or 18.4% of revenue in the same period last year. This
improvement was the direct result of greater staff utilization rates within
Engineering driven by improved management of resources and significantly higher
activity levels. By contrast, the Field Services segment's dramatic reduction in
revenues coupled with pressures to reduce margins resulted in gross profit
declines of more than 50%. Gross profits for this segment are expected to
strengthen as revenues increase through the second and third quarters.


"The results we achieved in the first quarter were in line with our expectations
for 2009", said Carl Johnson, Gemini's President and CEO. "The general economic
uncertainty coupled with lower commodity prices is expected to make 2009 an
unpredictable year. Client confidence in the market is presently low and they
are being very cautious with their project plans, resulting in a much more
competitive environment for all service providers. We are maintaining a high
degree of client contact and continuing to bid on a large number of projects
that should maintain or strengthen revenues as the year unfolds."


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 an array of industry 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 2009 first-quarter report will be filed with SEDAR at
http://www.sedar.com by May 22, 2009.




CONSOLIDATED FINANCIAL HIGHLIGHTS
 
                                                        Three Months Ended 
Operating Highlights ($'000)                          March 31,    March 31,
                                                          2009         2008

Revenue                                               $ 14,795     $ 18,721 
Gross profit                                             3,601        3,450 
Earnings before interest & taxes                           199          212 
Net earnings                                                97            8 
Earnings per share (basic)                            $  0.002     $  0.000
Earnings per share (diluted)                          $  0.002     $  0.000

Operating cash flow (i)
(excludes working capital changes)                    $    402     $    479 
Operating cash flow per share (i)                     $  0.012     $  0.014 


Balance Sheet Highlights ($'000)                      March 31, December 31,
                                                          2009         2008

Working capital                                       $ 12,535     $ 12,403 
Total assets                                            25,797       28,554 
Shareholders' equity                                    16,329       16,180

(i) Operating cash flow and operating cash flow per share are non-GAAP 
    financial measures which do not have a standard meaning and therefore 
    may not be comparable to similar measures presented by other companies.
    The Corporation provides these measures in its quarterly news releases
    to indicate the amount of cash generated for operating purposes during
    the period.



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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