Global Innovative Completes Lighting Solutions Project for Galaxy StarWorld Hotel and Casino in Macau
HONG KONG -- November 7, 2006 -- Global Innovative Systems Inc. (OTCBB: GBSY) is pleased to announce that its wholly owned subsidiary, Lightscape Technologies (Macau) Ltd. ("Lightscape Macau"), has successfully completed its Phase I and Phase II lighting solutions projects for the Galaxy StarWorld Hotel and Casino ("StarWorld Hotel") in Macau. The StarWorld Hotel, developed and owned by Galaxy Entertainment Group Limited ("Galaxy"), opened to the public on October 19, 2006.
Phase I work encompassed the design, supply, installation, testing and commissioning of tailor-made lighting solutions primarily for the outside façade wall of the StarWorld Hotel. The showpiece of Lightscape Macau's work on the exterior of the StarWorld Hotel is an integrated LED wall featuring creative lighting effects in various patterns and colors, transforming the building into an architainment landmark on the burgeoning Avenida da Amizade in downtown Macau. The contract value of the Phase I project work was MOP18,000,000 (approximately US$2,250,000).
Phase II of the project work included the design, supply, installation, testing and commissioning of tailor-made LED lighting solutions for the indoor casino gaming hall and other entertainment areas of the StarWorld Hotel. Lightscape Macau's showpiece of the interior project is a massive, high-resolution LED video wall in the main gaming hall. Measuring in at 16.5 meters high by 20 meters wide, the LED wall at the StarWorld Hotel is believed to be the largest indoor LED video wall in Asia. The contract value of the Phase II project work was MOP16,900,000 (approximately US$2,112,500).
Lightscape Macau also completed an additional MOP16,100,000 (approximately US$2,012,500) worth of add-on projects for the StarWorld Hotel. These were comprised of lighting solutions for the main water fountain, the entrance and lobby areas, the bar area and various ceiling areas. The aggregate value of contracted work completed by Lightscape Macau totals MOP51,000,000 (approximately US$6,375,000).
"We are happy with Lightscape Macau's success in delivering upon its contracts with the StarWorld Hotel in a timely manner and to the satisfaction of Galaxy," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "We intended for both the outdoor and indoor LED video walls to serve as showpieces for Galaxy and for owners of other new casino developments in Macau. Based on the influx of new enquiries Lightscape Macau has received since the StarWorld Hotel opened, we expect that our work on the StarWorld Hotel will serve as a springboard to additional lighting contract opportunities with other casino developments in Macau."
Continued Mr. Tan, "Lightscape Macau has been invited by Galaxy to submit a bid to provide lighting solutions for its next major project, the 1,500-room luxury hotel and casino Galaxy Cotai Mega Resort in Macau. Given the success of Lightscape Macau's work on the StarWorld Hotel, we look forward to the opportunity of working again with Galaxy to deliver additional world-class lighting solutions."
Lightscape Macau's lighting contracts for the StarWorld Hotel were 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").
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: 0027), currently operates the Waldo Hotel and Casino and recently opened the Galaxy StarWorld Hotel and Casino. Galaxy plans to open three 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. Further information about Galaxy and the StarWorld Hotel can be found at www.galaxyentertainment.com/en/.
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 opened on October 19, 2006.
Lightscape Macau provides full-service lighting design solutions to clients in Macau including LED video walls, interior set design and fabrication, computer-controlled special effects, intelligent lighting, laser and multimedia 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. (OTCBB: GBSY) delivers customized energy management solutions, lighting products, innovative lighting solutions and construction services. 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 wholly owned subsidiary Lightscape Technologies (Macau) Ltd., Global Innovative provides full-service lighting design solutions including LED video walls, interior set design and fabrication, computer-controlled special effects, intelligent lighting, laser and multimedia technologies. Through joint venture subsidiary Pro Shing Construction Team Macau Limited, Global Innovative provides a comprehensive range of design and build services for major development projects, including site foundation construction, building construction and fitting-out work. 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 fully collect all contracted revenues due from Galaxy; Global Innovative's and Lightscape Macau's ability to successfully obtain additional contracts 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 (November 7, 2006 - 1:31 PM EST)
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