POMONA, CA, Apr 15 (MARKET WIRE) —
General Environmental Management, Inc. (“GEM”) (OTCBB: GEVI), a leading
environmental and waste remediation company, announced today the
financial results for the year ended December 31, 2008.

In announcing the results, Tim Koziol, Chairman and CEO of GEM, stated,
“Throughout the year, we have been challenged by the global economic
recession which included fuel price fluctuations early in the year, and
the collapse of certain financial institutions and industries throughout
the remainder of the year.

“We believe we are meeting and adapting to the current economic challenges
presented and through Management’s coordinated efforts, the company will
continue to adjust towards positive performance during these changing
times. We continue to monitor all of our key economic indicators both
within the Company and our industry in an effort to reach our growth
targets and increase shareholder value.”

HIGHLIGHTS:

– Revenues for 2008 were $34.86 million, up 14.5% from $30.44 million
for 2007.

– Adjusted EBITDA (see description below) was a positive $636,877 for
2008 compared to a negative EBITDA of $4,436,799 for 2007, an improvement
of $5,073,676.

– 2008 Operating Expenses were reduced by $5,219,922 compared to 2007.

“Today, similar to many companies in our industry, we have been
affected by the economic downturn which is evident in our year end
results, particularly in the fourth quarter of 2008,” stated Koziol.
“Although the revenues for the fourth quarter were 9.4% greater than the
prior year, we did not achieve the EBITDA levels required by the
covenants in our Revolving Credit and Term Loan Agreement with our senior
lender, CVC California, LLC. Not achieving the required levels is
considered an ‘Event of Default’ under the terms of the Agreement.

“However, as of April 15, 2009, the Company is in discussions with our
Lender to obtain a waiver of the Event of Default and we continue to
operate in the normal course of business and receive uninterrupted
advances from our Lender under the Agreement.”

About General Environmental Management, Inc.

General Environmental Management, Inc. (www.go-gem.com) is a full-service
hazardous waste management and environmental services firm providing
integrated environmental solutions managed through its proprietary
web-based enterprise software, GEMWare, including the following service
offerings: management and transportation of waste; design and management
of on-site waste treatment systems; management of large remediation
projects; response to environmental incidents and spills; and
environmental, health and safety compliance. Headquartered in Pomona,
California, GEM operates seven field service locations and one Treatment,
Storage, Disposal facility (TSDF), servicing all markets in the Western
U.S.

Statements made in this press release that are not historical in nature
constitute forward-looking statements within the meaning of the Safe
Harbor Provision of the Private Securities Litigation Reform Act of 1995.
Such statements are based on the current expectations and beliefs of the
management of GEM. No forward-looking statement can be guaranteed. GEM
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Forward-looking statements in this press release should be evaluated
together with the many uncertainties that affect GEM’s business.

GENERAL ENVIRONMENTAL MANAGEMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, December 31,
2008 2007
———— ————

CURRENT ASSETS:
Cash $ 375,983 $ 954,581
Accounts receivable, net of allowance for
doubtful accounts of $174,834 and $236,781
respectively 6,729,743 6,495,736
Prepaid expenses and current other assets 537,289 156,340
———— ————
Total Current Assets 7,643,015 7,606,657
———— ————

Property and Equipment – Net of accumulated
depreciation $2,917,056 and $1,854,141
respectively 7,783,208 3,950,253
Restricted cash 1,199,784 1,184,835
Intangibles, Net 864,781 1,028,044
Deferred financing Fees 513,412 394,082
Deposits 291,224 282,070
Goodwill 946,119 946,119

———— ————
TOTAL ASSETS $ 19,241,543 $ 15,392,060
============ ============

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,499,178 $ 4,314,515
Accrued expenses 2,620,224 2,263,519
Accrued disposal costs 743,474 478,833
Payable to related party 706,868 31,871
Deferred Rent 41,202 37,769
Current portion of financing agreement 10,366,544 662,719
Current portion of long term obligations 794,278 1,274,464
Current portion of capital lease obligations 623,007 187,015

———— ————
Total Current Liabilities 19,394,775 9,250,705

LONG-TERM LIABILITIES:
Financing agreements, net of current portion $ – $ 3,708,694
Long term obligations, net of current portion 535,689 79,842
Capital lease obligations, net of current
portion 1,751,854 1,046,920
Convertible Notes Payable 489,605 520,208
———— ————
Total Long-Term Liabilities 2,777,148 5,355,664

STOCKHOLDERS’ EQUITY
Common stock, $.001 par value, 1,000,000,000
shares authorized, 12,691,409 and 12,473,885
shares issued and outstanding, respectively 12,692 12,474

Additional paid in capital 53,585,035 50,151,615
Accumulated deficit (56,528,107) (49,378,398)
———— ————
Total Stockholders’ Equity (Deficiency) (2,930,380) 785,691
———— ————

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 19,241,543 $ 15,392,060
============ ============

GENERAL ENVIRONMENTAL MANAGEMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

Twelve months ended Three months ended
————————– ————————–
December 31, December 31, December 31, December 31,
2008 2007 2008 2007
———— ———— ———— ————

REVENUES $ 34,864,714 $ 30,445,608 $ 9,875,504 $ 9,030,565

COST OF REVENUES 28,981,325 23,756,677 8,653,336 6,733,430
———— ———— ———— ————

GROSS PROFIT 5,883,389 6,688,931 1,222,168 2,297,135

OPERATING EXPENSES 8,397,355 13,617,277 2,746,249 2,835,196
———— ———— ———— ————

OPERATING LOSS (2,513,966) (6,928,346) (1,524,081) (538,061)

OTHER INCOME
(EXPENSE):
Interest income 17,569 39,667 1,675 9,611
Interest and
financing costs (4,695,041) (2,548,609) (946,049) (733,478)
Costs to induce
conversion of
related party
debt – (6,797,639) – (60,226)
Other non-operating
income 41,729 148,890 6,556 55,322
———— ———— ———— ————

Net Loss
applicable to
common stock
holders $ (7,149,709) $(16,086,037) $ (2,461,899) $ (1,266,832)
============ ============ ============ ============

Net loss per common
share, basic and
diluted $ (.57) $ (1.55) $ (.19) $ (.10)
============ ============ ============ ============

Weighted average
shares of common
stock
outstanding, basic
and diluted 12,578,104 10,360,712 12,688,660 12,434,482
============ ============ ============ ============

For the periods presented, “Adjusted EBITDA” consists of net loss plus
depreciation and amortization, net interest expense, non-recurring
employment charges, stock based compensation charges, and other
non-recurring financing-related expenses. We also exclude gain/loss on
sale of fixed assets, non-operating costs expired acquisition, and costs
to induce conversion of debt as these amounts are not considered part of
usual business operations. Such definition of “Adjusted EBITDA” is the
same as the definition of “EBITDA” used in our incentive plans for
management. Our management considers Adjusted EBITDA to be a measurement
of performance which provides useful information to both management and
investors. Adjusted EBITDA should not be considered an alternative to net
income or loss or other measurements under GAAP. Because Adjusted EBITDA
is not calculated identically by all companies, this measurement of
Adjusted EBITDA may not be comparable to similarly titled measures
reported by other
companies.

For the twelve months ended For the three months ended
December 31, December 31,
————————– ————————–
2008 2007 2008 2007
———— ———— ———— ————

NET LOSS $ (7,149,709) $(16,086,037) $ (2,461,899) $ (1,266,832)
Depreciation and
amortization 1,226,178 769,227 398,362 209,702
Interest expense,
net 4,695,041 2,548,609 946,049 733,478

Non-recurring
employment charges 357,630 307,740 357,630 200,000

Stock based
compensation
charges 906,182 1,199,301 271,970 441,011
Issuance of
warrants and
common shares for
services 298,564 – 298,564 -

Contract loss
accruals 302,991 – 302,991 -
Non-recurring
financing related
expenses – 26,722 – 26,722

Costs to induce
conversion of debt – 6,797,639 – 60,226

———— ———— ———— ————

ADJUSTED EBITDA $ 636,877 $ (4,436,799) $ 113,667 $ 404,307

============ ============ ============ ============

Company Contact:
General Environmental Management (GEM)
Tim Koziol
909-444-9500

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