Global Innovative Submits Lighting Bid for Arc de Triomphe Hotel and Casino Project in Macau
Global Innovative Systems Inc. (OTCBB: GBSY) announced today that its subsidiary joint venture, Lightscape Technologies (Macau) Ltd. ("Lightscape Macau"), has submitted a tender bid to provide energy-saving lighting solutions for the Arc de Triomphe casino project ("ADT") under development in Macau by Dr. Cheng Yu-Tung and his company Chow Tai Fook Enterprises Ltd. ("Chow Tai Fook").
The tender bid, representing a potential contract value of US$4,000,000, is for the design and installation of tailor-made lighting solutions for the interior, exterior and rooftop of the ADT. Lightscape Macau's solutions are planned to provide distinguished lighting effects and architainment features which support the ultra-luxurious yet entertaining design concept adopted throughout the world-class hotel, casino and condominium project. At the same time, Lightscape Macau's design is planned to maximize energy savings through the application of advanced LED lighting systems, floodlight systems and efficient software controls based on patented technology.
The exterior lighting design includes three main components. First is the use of LED lighting products along the boundaries of the ADT structure in order to outline the building against the night sky. This lighting design is planned to include an eye-catching, computer-controlled arrangement of the colors red, white and blue (the colors of the French flag) to boldly reflect the French theme of the project.
The exterior design also includes advanced lighting effects for the rooftop. These are designed to consist of a mixture of computer-controlled laser lighting effects, projector lights and LED lighting features in order to create the pre-eminent rooftop lightscape in Macau.
The third component of the exterior lighting design is for the four sides of the ground level exterior of the property, which will be designed to reflect the ambiance of both the Rive Gauche (Left Bank) and Rive Droite (Right Bank) of Paris. The Rive Gauche section will feature radical and assertive use of color and graphics which reflect the fashionable and artistic qualities associated with the Left Bank region and lifestyle of Paris. The Rive Droite section will feature various lighting effects which create an atmosphere of classic continental European elegance and sophistication which reflect the characteristics associated with Paris' Right Bank.
The interior lighting features are designed to support the adopted theme for the gaming area, which is a replication of Paris' River Seine and its various bridges. Creative lighting effects are designed to support planned features such as flowing water throughout the gaming area, which have also been designed in accordance with the principles of feng shui.
"Lightscape Macau was very pleased to be invited to design creative lighting features for the Arc de Triomphe project and to submit its tender bid," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "It is apparent that Dr. Cheng and Chow Tai Fook are committed to developing the ADT into the ultimate resort property in Macau in terms of innovative lighting effects and other creative design features throughout both the interior and the exterior of the property. The decision on the lighting design tender bid is expected to be rendered by the end of June 2006, with work pursuant to the successful bid beginning in August 2006 and continuing until mid-2007. Lightscape Macau is confident that its tender bid will be approved, and if it is, the company looks forward to showcasing its innovative lighting products and design abilities within the ADT development."
Chow Tai Fook Enterprises Ltd. is a diversified, Hong Kong-based company engaged in the property development, hotel, casino, transportation, jewelry, port and telecommunications businesses. Chow Tai Fook, the major shareholder of New World Development Co. Ltd. (HKSE: 0017), is a private enterprise owned by Dr. Cheng Yu-Tung, a leader of the Hong Kong business community and the Chairman of New World Development Co. Ltd.
The Arc de Triomphe project is a US$360 million luxury development project in Macau. The development includes a 57-floor mixed-use high rise with hotel rooms, residential condominiums and casino gaming. Construction of the property is underway, and it is scheduled to open in late 2007 to early 2008.
Lightscape Macau is a joint venture company beneficially owned 50.4% by Tech Team Investment Limited ("TTIL"), a wholly owned subsidiary of Global Innovative, and 49.6% by Luminous LED Technologies Ltd. ("LLT"), a wholly owned subsidiary of Lightscape Holding Ltd. ("Lightscape"). Lightscape is a Hong Kong-based researcher, developer, manufacturer and distributor of advanced lighting products and technologies. On March 30, 2006, TTIL entered into an agreement to acquire 60.0% of the shares of Lightscape. As a result, if the proposed transaction is completed, Global Innovative would effectively hold an 80.16% ownership interest in Lightscape Macau.
Macau is one of the fastest-growing gaming markets in the world. Macau borders Guangdong Province of China, one of the country's wealthiest and most developed regions. Approximately 1 billion people live within a three-hour flight to Macau. Over 18.7 million people visited Macau in 2005, with over 55% coming from China.
About Global Innovative
Global Innovative Systems Inc. (OTCBB: GBSY) delivers customized energy management solutions, lighting products and innovative lighting solutions. Since 1999, over 100 commercial, industrial, government and multi-residential clients have benefited from Global Innovative's solutions. Through wholly owned subsidiary Tech Team Holdings Limited, Global Innovative provides total energy management products and solutions which optimize energy consumption, lower costs, and enhance competitiveness for clients. Through subsidiary Beijing Illumination (Hong Kong) Limited, Global Innovative manufactures and sells HID (High-Intensity Discharge) lighting products and ultra high-pressure mercury lamps. Through joint venture subsidiary Lightscape Technologies (Macau) Ltd., Global Innovative provides full service lighting design solutions including interior set design and fabrication, computer-controlled special effects, intelligent lighting, laser and multimedia technologies. Our headquarters are in Hong Kong, and we have offices in Singapore, China, Macau and Canada.
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, Lightscape Macau's ability to have its tender bid for the ADT lighting design approved by Chow Tai Fook; in the event that Lightscape Macau's tender bid is approved by Chow Tai Fook, Lightscape Macau's ability to sign a definitive final sales contract with Chow Tai Fook or its designates related to Lightscape Macau's approved tender bid for the ADT lighting design project; in the event that Lightscape Macau's tender bid is approved, Global Innovative's and Lightscape Macau's ability to secure sufficient working capital in order to manufacture and deliver required lighting equipment to the ADT project; Lightscape Macau's ability to collect payments receivable under any future contract(s) that may be signed with Chow Tai Fook or its designates; TTIL's current 50.4% ownership in Lightscape Macau and the resultant sharing of potential contract revenues with its joint venture partner LLT; TTIL's ability to close its proposed transaction to acquire 60.0% of the shares of Lightscape to increase its effective ownership interest in Lightscape Macau to 80.16%; and other factors which may cause the actual results, performance or achievements of 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 the company 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 (June 19, 2006 - 2:14 PM EDT)
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