Global Innovative Signs Independent Contractor Agreement With Trane Sacramento
Global Innovative Systems Inc. (OTCBB: GBSY) announced today that its wholly owned subsidiary, Tech Team Development Limited ("TTD"), has signed an Independent Contractor Agreement with Trane Sacramento - Complex Solutions Division ("TSCS"), an operating subsidiary of The Trane Company.
Under the agreement, TSCS will provide its expertise in the areas of energy auditing and systems installation to potential clients of TTD and Global Innovative in the United States. Specifically, TTD and TSCS intend to commence work with the Stanford Hotels Corporation by conducting an energy audit for the Sacramento Marriott Hotel. This energy audit will be conducted under the auspices of a Master Agreement signed between Tech Team Holdings Limited ("TTH"), Global Innovative's wholly owned subsidiary, and Stanford Hotels Corporation in March 2005, under which TTH agreed to conduct energy audits for Stanford Hotels Corporation's 17 hotels throughout the United States.
"We are very pleased to sign this Independent Contractor Agreement with TSCS," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "Access to TSCS' operational expertise and innovative solutions strengthens our comprehensive line of energy savings products and solutions for our potential clients in the United States." Continued Mr. Tan, "We are excited to be associated with a market leader like Trane, and we look forward with confidence to growing our sales of energy saving solutions in the United States."
The Trane Company is a leading global provider of indoor comfort systems and comprehensive facility solutions, with current annual sales approaching US$5 billion. Trane is a business of American Standard Companies, Inc., a Fortune 500 company and a leader in the air conditioning, plumbing, and vehicle braking systems market.
Stanford Hotels Corporation develops, manages and owns high quality, full-service hotels under prominent franchise brands. Stanford's 17 properties with 4,300 guestrooms span 6 time zones throughout the U.S. and comprise 7 top global brands including Marriott, Sheraton, Hilton, Holiday Inn and Radisson. The company's current market capitalization exceeds $400 million and it has long-standing relationships with major financial institutions including HSBC and Wells Fargo. Founded in 1985, Stanford's corporate headquarters are located in San Francisco, California.
About Global Innovative
Global Innovative Systems Inc. (OTCBB: 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.
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, TTD's, TSCS' and Global Innovative's ability to successfully complete energy audits for the Sacramento Marriott Hotel and/or other Stanford Hotels Corporation properties; uncertainty as to whether the results of such energy audits will lead to generation of potential contracts for the installation of TTD's and Global Innovative's energy savings solutions; TTD's and Global Innovative's ability to close potential future contracts with individual Stanford Hotels Corporation properties; 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 5, 2006 - 12:41 PM EDT)
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