GLV Announces that 80.5% of the Voting Shares of Christ Water Technology AG Have Been Tendered Into its Voluntary Takeover Bid

The Transaction Will Close by the end of November

MONTREAL, November 17 - Management of GLV Inc. ("GLV" or the "Company"; ticker symbols
GLV.A, GLV.B / TSX) is pleased to announce that as of 4:00 p.m. (Vienna time)
today, 80.5% of the voting shares of Christ Water Technology AG ("CWT") were
tendered by CWT shareholders into the voluntary takeover bid (the "Offer")
launched by Eimco Water Technologies GmbH, an indirect subsidiary of GLV on
October 13, 2009, thereby exceeding the minimum acceptance
threshold of 75% of the voting shares required pursuant to the Offer.
Consequently the transaction will progress as planned, and is scheduled to
close on or about November 27. GLV's purchase of the shares tendered as of
November 17 represents a cash consideration of $85 M (at the current
Euro/Canadian dollar exchange rate). CWT shareholders who have not yet
tendered their shares have another three months to do so for a cash
consideration of EUR3.35 per CWT share, pursuant to the same terms as set
forth in the Offer.

GLV aims to acquire 100% of CWT's shares at a price of EUR3.35
per CWT share for an additional cash consideration of approximately $20 M (at
the current exchange rate). Upon closing, GLV will also assume an estimated
net debt of $48 M (net of the estimated cash position of CWT on the closing
date at the current exchange rate).

The process of combining CWT with GLV's Water Treatment Group
(Eimco Water Technologies, or "EWT") will commence early in December 2009.
GLV's management estimates that restructuring costs of between $20 M and $30
M will be incurred in the following 24-month period to combine the two
organizations and bring CWT's profitability and operating efficiency in line
with GLV's current internal working guidelines. Based on CWT's current order
backlog and market potential, as well as the current exchange rates between
the various currencies used, management estimates that the process of
combining CWT with EWT will provide GLV with additional revenues of
approximately $275 M during the first full fiscal year following the
transaction, being the 12-month period ending March 31, 2011. Management
expects the transaction to have a positive impact on GLV's earnings per share
as of fiscal 2011.

The EWT/CWT combination will result in a more complete,
stronger value-added technological portfolio, a better balanced positioning
between the industrial and municipal segments, increased presence in certain
high-growth markets - such as thermal power generation, seawater
desalination, petrochemicals, microelectronics and solar power industries -
and a stronger international footprint, notably in Asia and Europe.

Pursuant to the provisions of the Austrian Takeover Act,
shareholders who objected to the amendment of the Offer, i.e. the reduction
of the acceptance threshold from 90% to 75%, have until the expiry of the
acceptance deadline (November 17, 4:00 p.m. Vienna time) to withdraw any
shares tendered into the Offer. While GLV is not aware of any shareholders
who have so notified the Bidder, any withdrawals sent by post and postmarked
on or before November 17 will be deemed valid.

About CWT

Founded in 1939, CWT specializes in the design and fabrication
of systems based on advanced technologies used for water purification and
ultrapurification, wastewater treatment, recycling of process water,
production of drinking water and desalination of seawater. Excluding its
pharma and life science division which was sold to a third party at the end
of September 2009, CWT currently employs approximately 900 people worldwide.
The company's primary end markets are the microelectronics industry,
desalination plants, power generation, the petrochemicals industry, the food
and beverage processing industry and the municipal segment. During its last
fiscal year ended December 31, 2008, CWT, which is present in some 30
countries, recorded 58% of its revenues in Europe, 30% in Asia and 12% in the
rest of the world.

GLV - Press Release/p.2

About GLV Inc.

GLV is a leading global provider of technological solutions
used in water treatment, recycling and purification, as well as in pulp and
paper production. The Water Treatment Group (also known worldwide as "Eimco
Water Technologies") specializes in the design and international marketing of
solutions and high-performance, economical and eco-friendly processes for the
treatment and recycling of municipal and industrial wastewater and water used
in various industrial processes. It also offers water intake screening
solutions for power stations, refineries and desalination plants. With its
extensive technological portfolio, the group is positioned to provide
comprehensive solutions for the filtration, clarification, treatment and
purification of water that will either be returned into the environment, or
be re-used in various industrial processes or for domestic purposes. The Pulp
and Paper Group specializes in the design and global marketing of equipment
and systems used in various stages of pulp and paper production, notably
chemical pulping, pulp preparation and sheet formation and finishing. This
group ranks among the foremost players in its industry and is a recognized
leader in rebuilding, upgrading and optimization services for existing
equipment, as well as the sale of spare parts. It also stands apart for the
superior performance of several of its key products and technologies, notably
in terms of energy savings. GLV is present in some 30 countries and, as of
the date hereof, has approximately 1,500 employees.

Notice Regarding Forward-Looking Statements

Certain statements included in this press release may
constitute, within the meaning of applicable securities legislation,
forward-looking statements relating to the Company's future growth trends,
operating results and performance. Forward-looking statements concern
analyses and other information based on forecasted future results and the
estimate of amounts that cannot yet be determined. These may be observations
concerning, among others, strategies, expectations, objectives, projections,
estimates, predictions, planned activities or future actions. Forward-looking
statements are recognized by the use of terms such as "forecast", "project"
"could", "plan", "aim", "estimate" and other similar terms, possibly used in
the future or conditional, notably in regard to certain assumptions.

GLV's management would like to point out that forward-looking
statements involve a number of risks and uncertainties such that the
Company's actual and future results could differ materially from the
conclusions, assumptions or projections reflected in these forward-looking
statements. Factors of uncertainty and risk that might result in such
material differences include trends in the demand for the Company's products
and services and cost of its raw materials, fluctuations in the value of
various currencies, tightening of credit markets, pressures exerted on prices
by the competition and general changes in economic conditions. The Company
cautions readers that the foregoing list of risk factors is not exhaustive.
Although the Company believes these assumptions to be reasonable and
appropriate based on the information in its possession, there can be no
assurance as to the materialization of the results, performance or
achievements as expressed in or underlying the forward-looking statements. In
addition, unless otherwise indicated, the forward-looking statements included
in this press release were set forth at the date hereof, and
unless required to do so pursuant to applicable securities legislation,
management assumes no obligation as to the updating or revision of the
forward-looking statements as a result of new information, future events or
other changes.

Further information about the risk factors to which is exposed GLV is
provided in the "Risk Management" section of the Management's Report for the
fiscal year ended March 31, 2009, available on the websites of SEDAR
(www.sedar.com) and the Company (www.glv.com).

    For information:

    Marc Barbeau, CA
    Executive Vice-President and Chief Financial Officer
    Tel: +1-(514)-284-2224
    Email: courrier@glv.com

www.glv.com

For information: Marc Barbeau, CA, Executive Vice-President and Chief Financial Officer, Tel: +1-(514)-284-2224, Email: courrier at glv.com