GLOBAL RAILWAY REPORTS YTD EARNINGS UP 21%

Investor conference call on November 13, 2007 @11am ET

Pittsford, NY - November 12, 2007 - Global Railway Industries Ltd., - (GBI:TSX): Global Railway Industries Ltd., www.globalrailway.com, ("Global" or the "Company"), a leading North American provider of railway products and services, today reports the Company's 2007 third quarter financial results for the three month and nine month periods ended September 30, 2007. All dollar figures are reported in Canadian currency.

Financial Highlights - Three months ended September 30, 2007:

* Total revenue $7.7 million compared with $7.8 million in 2006

* Net earnings essentially unchanged at $609,000 compared with $617,000 in 2006

* Earnings per share of $0.04 (diluted) were unchanged compared with 2006

* Cash and cash equivalents of $9.3 million and no debt as of September 30, 2007

Financial Highlights - Nine months ended September 30, 2007:

* Total revenue increased to $26.4 million compared with $24.3 million in 2006

* Net earnings increased to $2.9 million compared with $2.4 million in 2006

* Earnings per share increased to $0.19 (diluted) compared with $0.16 (diluted) in 2006

"When I reflect on this quarter and year-to-date operating results, I am proud of the financial results Global and its subsidiary management teams have accomplished in the face of the historical rise of the Canadian dollar against the US dollar." said Terry McManaman, Chairman, President and CEO of Global. "Despite the fact that about 88% of Global's year-to-date revenues was transacted in United States dollars and the Canadian dollar strengthened by 7.1% against the United States dollar this quarter, we are still able to report year-to-date revenue growth of almost nine percent."

Measured in local currencies on a combined basis, Global's three subsidiaries, G&B Specialties, Bach-Simpson and Prime Steel delivered record revenues for the third quarter of 2007 and also for the nine month period ended September 2007." This accomplishment emphasizes the ability of Global's subsidiary management teams to drive revenue and capture their share of expanded capital spending by the North American Class 1 railroads." McManaman said.

Revenues for the three month period ended September 30, 2007 were $7.7 million; a decrease of 1.9% compared with the same quarter of 2006. Revenues for the nine month period ended September 30, 2007 were $26.4 million; an increase of 8.5% compared with the first nine months of 2006.

Brian McMullan, Global's Chief Financial Officer said, "Had the exchange rate remained constant year over year, 2007 third quarter revenues would have increased by 5.0% compared with revenues in the same period of 2006 and 2007 year to date revenues would have increased by 11.0% compared with revenues of the same period in 2006."

"Year-to-date and third quarter results show higher salary expenses largely attributed to our expansion of the senior management team in preparation for current and future acquisitions. Higher general and administrative expenses for both periods in 2007 are attributed to the rising cost of being a public company which includes director costs, higher professional fees related to audits, taxation support, quarterly reviews, and legal support." said McMullan.

"Notwithstanding the higher costs, Global increased its earnings 21.2% year to date. During this period, our senior management team was orchestrating the major acquisition of Canada Allied Diesel (CAD), a very time consuming task. However, we never took our eyes off the ball and therefore were equally committed in continuing to optimize Global's existing operations." continued McMullan.

Net earnings for the three month period ended September 30, 2007 were $609,000 compared with $617,000 in 2006, essentially unchanged at $.04 per share (diluted). Net earnings for the nine month period ended September 2007 were $2.9 million and $0.19 per share (diluted) compared with $2.4 million in net earnings and $0.16 per share (diluted) for the same period in 2006.

"Consistent with prior quarters, is the continued strength of our balance sheet and the growth in our cash position, which is up $2.5 million year-to-date," said McMullan.

As of September 30, 2007, Global had $9.3 million in cash-on-hand, no debt, and a working capital ratio of 6.5 to 1. Shareholders' equity was $32.6 million.

With respect to the acquisition of CAD, McManaman said "We are very close to completing this significant transaction and our entire management team is excited about bringing the CAD business and CAD employees in under the Global umbrella."

The Company's 2007 Q3 financial statements and management's discussion and analysis are posted in the investor information section of Global's web site at www.globalrailway.com and are also available on SEDAR at www.sedar.com.