GEMINI CORPORATION COMPLETES SALE AND LEASEBACK OF ALBERTA HEARTLAND by reb83169

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									   GEMINI CORPORATION COMPLETES SALE AND LEASEBACK OF
              ALBERTA HEARTLAND PROPERTY
           Strengthens balance sheet and retains sufficient land to support operations

Calgary, Alberta – December 23, 2008 – Gemini Corporation (GKX–TSXV) announces the sale
of its land located on the outskirts of Fort Saskatchewan. A portion of the property has been
leased back from the new owner and will be used to support module fabrication and assembly
on projects destined for the Alberta Heartland region and Northern Alberta heavy oil
development.

By mid-2008, the Corporation had received a number of purchase inquiries relating to the
property and it was concluded that these should be explored. Gemini management had
determined that not all of the Fort Saskatchewan property was required to meet their production
requirements. However, with project delays and short-term industry uncertainty, the sale of the
entire parcel of land became a preferred option. Under the terms of the leaseback, the
Corporation will be able to service its clients in the manner originally contemplated.

Gemini will realize a gain of approximately $2,900,000 on the sale of the 80-acre parcel of land,
which it acquired in May of 2007. The majority of this gain will be sheltered from tax through the
application of capital losses carried forward from previous years.

Gemini’s existing operations in the Fort Saskatchewan region have established solid
relationships with a wide array of clients founded upon a reputation for safe, quality
workmanship. The Corporation’s breadth of services from engineering through to fabrication,
construction and maintenance is extremely well-suited to delivering value to these clients. The
infrastructure to support oil sands production, refining and distribution is continuing to be
developed, notwithstanding the current slowdown in activity. The long-term spending in this
market sector remains in the billions of dollars and the Corporation is committed to securing a
share of this business as activity resumes.

“By selling this land and leasing back a portion we have accomplished two important results”,
said Rob Brookwell, Gemini’s Executive Vice President & CFO. “Financially we have
significantly strengthened our balance sheet by reducing our debt obligations at a critical time in
the marketplace and operationally we have retained access to the land required to service the
expected business opportunities we have been working diligently to secure. Gemini is well
positioned to manage through the uncertainties of 2009 and continue to execute its strategic
growth plans.”

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, 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.
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.

For further information, please contact:
Carl Johnson, President and CEO                       (403) 259-0301, carl.johnson@geminicorp.ab.ca
Robert Brookwell, Executive VP and CFO                (403) 258-5401, rob.brookwell@geminicorp.ab.ca

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

								
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