Global Innovative Signs Agreement to Acquire Interest in Lightscape Holding Ltd.
Global Innovative Systems Inc. (OTC BB: GBSY) has entered into a Sale and Purchase Agreement (the "S&P Agreement") to acquire 60.0% of the shares of Lightscape Holding Ltd. ("Lightscape"), a British Virgin Islands-based full service design and production company specializing in computer-aided interior set design and fabrication, special effects, intelligent lighting, laser and multimedia technologies.
Pursuant to the S&P Agreement dated March 30, 2006 by and among our wholly owned subsidiary Tech Team Investment Limited ("TTIL"), Woo Yuen Yu (the "Vendor"), and Michelle Siu Kwan Lam and Joseph Sui Kei Lam (together the "Guarantors"), TTIL has agreed to acquire 60.0% of the shares of Lightscape. As consideration for the 60.0% interest in Lightscape, Global Innovative has agreed to issue to the Vendor 3,000,000 common shares of Global Innovative.
In January 2006, TTIL entered into a joint venture agreement with Luminous LED Technologies Ltd. ("LLT"), a wholly owned subsidiary of Lightscape. Pursuant to the joint venture agreement, the joint venture company, Lightscape Technologies (Macau) Ltd. ("Lightscape Macau"), is beneficially owned 50.4% by TTIL and 49.6% by LLT. As a result, if the closing conditions within the S&P Agreement are met and the proposed transaction is completed as per the terms of the S&P Agreement, Global Innovative would effectively hold an 80.16% ownership interest in Lightscape Macau.
The shares agreed to be issued in this proposed transaction will not be registered under the Securities Act of 1933, as amended, and, if and when issued, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act of 1933.
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.
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 TTIL's ability to close on the conditions within the S&P Agreement, 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 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 (May 17, 2006 - 9:30 AM EDT)
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