Global Innovative Reports Second Quarter Results
Global Innovative Systems Inc. (OTC BB: GBSY) announced today results for the second quarter ended September 30, 2005.
Global Innovative reported second quarter revenue of $593,811, a 314% increase from the $143,449 reported in the same period a year ago. Revenue for the six months ended September 30, 2005 was $1,623,907, a 197% increase over the $546,999 revenue for the same period in 2004.
Gross profit of $109,756 was reported for the second quarter, compared with gross profit of $74,410 in the second quarter of 2004, a 47% increase. Gross profit for the six months ended September 30, 2005 was $985,323, a 190% increase over the $339,194 of gross profit for the same period in 2004.
A net loss of $538,541 was reported for the second quarter, compared with a net loss of $228,659 in the same period a year ago. The net loss for the six months ended September 30, 2005 was $524,054, compared with a net loss of $327,621 for the same period in 2004.
"We continued to aggressively pursue additional sales contracts for our energy savings solutions during the second quarter. Our net loss position for the quarter reflects, in part, the up-front costs incurred as a result of these aggressive sales and marketing efforts," said Bondy Tan, President and CEO of Global Innovative. "However, our sales efforts are beginning to pay off. We have signed over 20 new sales and services contracts since the end of our second quarter, totaling over US$3.7 million in contract value. Included in this total is approximately US$0.5 million in new sales contracts for our T5 lighting products and other energy savings lighting products generated from our successful participation in the Hong Kong International Lighting Fair in October 2005."
Continued Mr. Tan, "Energy shortages and skyrocketing energy prices are driving the rapidly growing demand for solutions which reduce energy usage and costs for clients. Over the past five years, we have built up a solid platform of energy saving technologies and service capabilities. This positions Global Innovative well to capitalize on the growing demand for energy saving solutions in the marketplace."
Concluded Mr. Tan, "We have established a strong position in growing and diversified markets, and we continue to expand our client base across commercial, industrial, residential and governmental market segments. We look forward to delivering energy saving solutions for key clients on hand, as well as to continuing the strong sales momentum we have created over the past few months."
About Global Innovative
Global Innovative Systems Inc. (OTC BB: GBSY) delivers total energy management solutions. Since 1999, over 100 commercial, industrial, government and multi-residential clients have benefited from Global Innovative's solutions. From energy audits, to customized design, supply of leading-edge products and technical consultancy, Global Innovative delivers solutions which optimize energy consumption, lower costs and enhance competitiveness for clients. Global Innovative operates through wholly owned subsidiary Tech Team Holdings Limited. Our headquarters are in Hong Kong, and we have offices in Singapore, China, Macau and Canada.
For more information, please contact:
Global Innovative Systems Inc.
Investor Relations
1-888-852-8838
Website www.gistt.com
Email: info@gistt.com
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Global Innovative's expectations, and Global Innovative expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, risks in product development and market acceptance of and demand for the company's products, risks of downturns in economic conditions generally, risks of intellectual property rights associated with competition and competitive pricing pressures, risks associated with foreign sales and high customer concentration, and other factors which may cause the actual results, performance or achievements of the Global Innovative to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Information concerning potential factors that could affect Global Innovative is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
Distributed by Filing Services Canada and retransmitted by Market Wire
Source: Marketwire (November 18, 2005 - 3:50 PM EST)
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