Global Innovative to Provide Indoor LED Wall Lighting Solutions for the Galaxy StarWorld Hotel and Casino
Global Innovative Systems Inc. (OTCBB: GBSY) announced today that its subsidiary joint venture, Lightscape Technologies (Macau) Ltd. ("Lightscape Macau"), had its tender bid approved to provide energy savings LED indoor wall lighting solutions for the Galaxy StarWorld Hotel and Casino ("StarWorld Hotel") under development in downtown Macau by Galaxy Entertainment Group Limited ("Galaxy").
The tender bid, representing a potential contract value of MOP$16,900,000 (approximately US$2,100,000), is for the design and installation of tailor-made LED wall lighting solutions for the indoor casino gaming rooms and other entertainment areas of the StarWorld Hotel. 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 and casino resort. At the same time, Lightscape Macau's design is also planned to maximize energy savings through the application of advanced LED lighting systems and software controls based on patented technology.
"This is Lightscape Macau's second approved tender bid to provide energy savings lighting solutions to the StarWorld Hotel, and we are very excited to have the opportunity to showcase our expertise and technology within such a high profile casino project in Macau," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "Lightscape Macau's design and manufacturing capabilities of state-of-the-art LED lighting products and technologies, coupled with its energy-savings expertise, offers a powerful platform for approaching mega real estate development projects, particularly casinos which demand creative lighting design. This platform of products and expertise offered by Lightscape Macau supports StarWorld Hotel's strategy to implement highly creative designs throughout its property, while also minimizing the environmental impact of its operations in order to enhance both its profitability and environmental effectiveness."
Continued Mr. Tan, "Lightscape Macau looks forward to receiving and executing final agreements following from the approval of its tender bid, and it also looks forward to performing beyond expectations within this project. Lightscape Macau's two successful tender bids for Galaxy properties so far in 2006, for both outdoor and indoor LED wall lighting solutions, further demonstrates its technology platform and capability in the design of LED lighting solutions and controls."
Lightscape Macau's tender bid for the StarWorld Hotel indoor wall lighting contract was made under the auspices of a master agreement between Tech Team Holdings Limited ("TTH"), a wholly owned subsidiary of Global Innovative, and K. Wah Construction Materials (Hong Kong) Limited in March 2005 under which TTH would provide energy-saving services to the K. Wah Construction Materials Limited group of companies ("K. Wah"). TTH and Lightscape Macau have also been invited by Galaxy to submit a proposal for the design and build of energy-saving and lighting solutions for another of Galaxy's major real estate developments in Macau, the 15,000-room luxury hotel and casino Galaxy Cotai Mega Resort scheduled to open in 2008.
Galaxy Entertainment Group Limited (formerly K. Wah Construction Materials Limited) is a leading operator of gaming and entertainment properties in Macau. Galaxy, a Hong Kong-listed company (HKSE: 00027), currently operates the Waldo Hotel and Casino, and plans to open four additional hotel and casino properties in Macau by the end of 2008. Tracing its roots to the 1950s, Galaxy today has a market capitalization of approximately US$1.4 billion and annual sales of approximately US$145 million.
Galaxy StarWorld Hotel and Casino is a HK$2.5 billion (approximately US$320 million) luxury development project in downtown Macau owned by Galaxy Entertainment Group Limited. The development includes a 34-floor, 507 guest room 5-star hotel (making it the tallest building in Macau) and 180,000 square feet of casino gaming. The property is on schedule to open in mid-2006.
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 LED 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 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, Global Innovative's and Lightscape Macau's ability to sign a definitive final sales contract with Galaxy, StarWorld Hotel or its designates related to Lightscape Macau's approved tender bid for the StarWorld Hotel indoor wall lighting project; Global Innovative's and Lightscape Macau's ability to secure sufficient working capital in order to manufacture and deliver energy saving lighting equipment to StarWorld Hotel; Lightscape Macau's ability to collect payments receivable under the contract; Tech Team Investment Limited's 50.4% ownership in Lightscape Macau and the resultant sharing of potential contract revenues with its joint venture partner Luminous LED Technologies; Global Innovative's and TTIL's ability to close the transaction to acquire 60.0% of Lightscape; Global Innovative's and Lightscape Macau's ability to successfully obtain additional contracts with the StarWorld Hotel and with other casino development(s) in Macau owned by Galaxy or others; 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 (May 31, 2006 - 12:22 PM EDT)
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