Global Innovative Commences Phase I Lighting Solutions Project for Galaxy StarWorld Hotel and Casino in Macau
As a follow-up to its news release issued February 16, 2006, Global Innovative Systems Inc. (OTC BB: GBSY) is pleased to announce that its subsidiary joint venture, Lightscape Technologies (Macau) Ltd. ("Lightscape"), has executed a formal contract and commenced providing energy-saving lighting solutions for the Galaxy StarWorld Hotel and Casino ("StarWorld Hotel") under development in downtown Macau by Galaxy Entertainment Group Limited ("Galaxy").
The contract dated April 19, 2006 is valued at MOP$18,000,000 (approximately US$2,250,000). The scope of project work includes the design, supply, installation, testing and commissioning of tailor-made lighting solutions for the outside facade wall of the StarWorld Hotel. Lightscape'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's design is also planned to maximize energy savings through the application of advanced LED lighting systems, floodlight systems and software controls based on patented technology.
"Lightscape was pleased to receive formal confirmation of its tender bid and execute the formal agreement for this project," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "Lightscape has commenced work on this project, and we are confident that Lightscape will be able to deliver world-class solutions to the StarWorld Hotel in a timely manner."
Continued Mr. Tan, "We look forward to Lightscape performing beyond expectations within this project, and we hope that our work on Phase I of the StarWorld Hotel project may serve as a showcase to other casinos under development in Macau to generate potential new contracts for Lightscape with Galaxy properties, and others, in the near future."
Lightscape's design and installation work related to this contract is expected to be completed by July 15, 2006. Lightscape has also submitted a tender bid for Phase II of the StarWorld Hotel lighting projects, which includes the design and build of lighting systems for the casino gaming rooms and other entertainment areas. The potential Phase II contract is valued at approximately MOP$15.5 million (approximately US$1.95 million), with tender bids expected to be decided upon by Galaxy within the next few weeks.
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 1950's, 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 Technologies (Macau) Ltd. is a joint venture company beneficially owned 50.4% by Tech Team Investment Limited, a wholly owned subsidiary of Global Innovative, and 49.6% by Luminous LED Technologies, a Hong Kong-based researcher, developer, manufacturer and distributor of advanced LED lighting products and technologies.
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. (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 Lightscape's ability to secure sufficient working capital in order to manufacture and deliver energy saving lighting equipment to the StarWorld Hotel; Lightscape's ability to deliver upon the contract conditions in a timely manner; Lightscape's ability to collect payments receivable under the contract; Tech Team Investment Limited's 50.4% ownership in Lightscape and the resultant sharing of potential contract revenues with its joint venture partner Luminous LED Technologies; Global Innovative's and Lightscape'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 15, 2006 - 9:30 AM EDT)
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