GALAXY REPORTS 3rd QTR. EARNINGS GUIDANCE:
In Galaxy's first quarter press release, Angelo Morini forecasted significantly improved results for the 3rd and 4th quarters. Well, for our 3rd quarter ended December 31, 2001 we are pleased to announce our results are much improved!! The Company expects earnings to be at a break even level versus a loss of ($0.27) for the same period one-year ago. These results were positively impacted by a decrease in non-cash compensation expense related to employee loans on stock, increased efficiencies of new production equipment, significant savings from manufacturing restructuring initiatives and strengthened internal controls. Galaxy will announce its complete quarterly results before the market opens on Thursday, Feb. 14. A conference call with management will be held the same day at 10:00 AM ET.

TELE-CONFERENCE & WEB-CAST INFORMATION:
Toll Free within the U.S. dial: 1-888-209-1261
International: 1-706-679-5328; On the internet, please visit our
Event Page URL: http://www.videonewswire.com/event.asp?id=2853
For the Encore Digital Playback (Feb. 14 - 28)
Tollfree within the U.S. dial: 1-800-642-1687
International: 1-706-645-9291. Conference ID# 2994595.
Transcripts will be available through shareholder information on our website.

EARN YOUR DEGREE FROM GALAXY UNIVERSITY!
Management has started Galaxy University where Galaxy production, quality control, maintenance, warehouse and shipping personnel are trained in a classroom-like setting by department managers. Whether one is new to Galaxy or needs to learn a new or revised job requirement, training at Galaxy University is top notch! Under the auspices of Dean Ben Soto, Galaxy's Team Coordinator, a degree from Galaxy University is a winning way for Galaxy personnel to succeed and grow. Diplomas are awarded to everyone who successfully completes their training course. The University's creed is as follows:

TO CONSTANTLY IMPROVE SAFETY, QUALITY, EFFICIENCIES
AND ALL GOOD WILL PARTNERS UPWARD MOBILITY
THROUGH EDUCATION AND TRAINING.
TO ESTABLISH AN OPEN DOOR FORUM FOR ANY AND ALL PURPOSES.

HEALTH-CONSCIOUS AUSTRALIANS KNOW VEGGIE™ IS BEST!!
Sales of Veggie products to Australia are taking off in a big way, with first year sales expected to reach approximately $2.5 million. This comes as no surprise to us since Australians are ranked number two in the world in life expectancy. They are customarily health-conscious people who primarily eat foods that are all natural, with no growth hormones and antibiotics, pesticide free and typically organic.

Slightly edging out the Australians for the number one ranking in life expectancy are the Japanese with a diet that is enriched with soy and other plant-based foods. This is a good reason why first year sales of our soy-based, lactose free Veggie™ products to Japan are expected to reach approximately $2 million.

"NATURALLY", THE NATURAL PRODUCTS INDUSTRY WANTS MORE GREAT PRODUCTS FROM SOYCO FOODS®
On October 12-14, our terrific Soyco sales team went to our Nation's Capitol for the Natural Products Expo East, which together with the Natural Products Expo West, are the two most important trade shows in the natural foods industry. Soyco's newest product offerings were proudly featured and well-received. They included: Veggy™ 12-ounce block cheese alternatives in a convenient zip-lock package, Rice Shreds™ in an appealing zip-lock stand-up pouch, and our delicious and highly nutritious Ultra Smoothie™ made with Tropicana juices and Galaxy's Veggie Milk™. There has been great anticipation about Galaxy's new Ultra Smoothie product and Expo East proved to be a great vehicle to introduce this exciting product to the natural foods industry. The Ultra Smoothie™ product will be ready for shipment during the first quarter of calendar 2002.

AND MORE ABOUT THE INTRODUCTION OF OUR ULTRA SMOOTHIE™…
Our single-serve Ultra Smoothie™ product is great for fast-service restaurants since it provides easy and quick handling, no preparation time and great incremental sales. Several Subway franchise stores in the South Florida market are currently testing the product and early indications are it's a winner. These are the same test stores where Galaxy's Veggie Slices™, the number one selling dairy alternative slices in supermarkets nationwide, have also been testing successfully. Wake Forest University will begin testing the Ultra Smoothie™ at the end of January.

The same single-serve product is now being marketed to supermarkets and health food stores as well as convenience stores, club stores, mass merchandisers, schools, colleges and universities, hospitals and nursing homes and all other foodservice outlets. J.T. Davenport, a major convenience store distributor, has approved the single-serve product for approximately 600 convenience stores in North and South Carolina. We expect sales of the Ultra Smoothie™ to be "ultra" great!

GALAXY AWARDED "PRIME VENDOR STATUS" WITH CORRECTIONAL FACILITY SERVICES DIVISION OF ARAMARK…
Galaxy has been awarded prime vendor status for its pastuerized cheese alternative products with the Correctional Facility Services division of Aramark, a leading worldwide provider of managed services. First year volume is expected to exceed one million pounds of product. Aramark is the sole foodservice provider for 4 state correctional systems and the leading provider of food, laundry, commissary and other support services to correctional facilities in 32 states nationwide. They have won the American Correctional Association accreditation for more prison foodservice operations than any other provider of prison foodservice and are known for the excellence in quality. Galaxy is a great partner for Aramark since we also pride ourselves on being low cost producers of the best tasting and highest quality foodservice products. We are truly excited about this terrific opportunity.

MORE FOODSERVICE NEWS...
Pizza Hut and Sbarro continue to report strong test results for Galaxy's Veggie™ brand mozzarella and are marketing the product as a lower-fat, soy-based dairy alternative. Feedback is that customers are excited about soy-based products which have great appeal to customers of all ages and demographics. They are even more excited when they taste Veggie™ brand mozzarella and realize there is little or no compromise of taste and texture. Repeat sales are impressive. With the knowledge of the great health benefits of soy continuing to grow steadily, we believe so will demand and sales of our Veggie™ brand products in the foodservice category.

RECOMMENDED READING FOR "VEGGIE-SIZING" BELIEVERS…
In our Annual Report for fiscal 2000, we outlined some of the health, economic, environmental and humanitarian reasons to, as we refer to it, "go veggie" and why eating more plant-based foods will help save our planet. In his latest transformational book, THE FOOD REVOULTION - HOW YOUR DIET CAN HELP SAVE YOUR LIFE AND THE WORLD, author John Robbins reinforces our company philosophy by exposing the dangers behind many of today's foods, revealing the extraordinary benefits of healthy alternatives, and explaining how the way we eat has a profound environmental and economic impact on our planet. With regard to our health and the health of our planet, this could be the most important book ever written.

QUARTERLY QUOTE...
"Adversity introduces a man to himself."
"He who has not tasted bitter does not know what sweet is." -German Proverb