Global Innovative to Provide Sub-Structural Construction Work for Major Casino Development in Macau
HONG KONG -- July 21, 2006 --Global Innovative Systems Inc. (OTCBB: GBSY) announced today that its subsidiary joint venture, Pro Shing Construction Team Macau Limited ("Pro Shing"), had its tender bid approved to provide sub-structural work for the Venetian Macao Casino Resort ("Venetian Macao").
The tender bid, representing a potential contract value of MOP 109,000,000 (approximately US$13,625,000), includes the supply and installation of pre-cast, pre-stressed concrete piles, pile caps, pile load testing, underground drainage, lower ground slab work, elevator pits and related surveying, ground treatment and pumping system work.
"Pro Shing is very excited to have the opportunity to provide construction services to such a high profile casino project in Macau," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "We formed the Pro Shing joint venture in order to offer major development projects in Macau a comprehensive range of design and build services that meet many of their needs through various phases of the development process from the ground up."
Continued Mr. Tan, "This approved tender bid is for foundational and sub-structural work on the site of the future Venetian Macao. Our strategy is to perform beyond our client's expectations within this sub-structural work in order to further enhance Pro Shing's reputation for quality with the client. We feel that this will facilitate Pro Shing's ability to secure additional contracts with the client for work on the Venetian Macao throughout the development timeline, such as interior fitting-out work which includes the provision of our innovative energy savings and advanced lighting systems."
Concluded Mr. Tan, "Pro Shing looks forward to receiving and executing final agreements following from the approval of its tender bid, and to submitting additional tender bids for other upcoming projects with the Venetian Macao."
Pro Shing Construction Team Macau Limited is a joint venture company beneficially owned 80% by Tech Team Investment Limited, a wholly owned subsidiary of Global Innovative, and 20% by Proficiency Macau Construction Company Limited, a Macau-based engineering, construction and project management company.
The Venetian Macao Casino Resort is a US$1.8 billion mega-resort replicating the famous architectural canals and icons of Venice, Italy. The Venetian Macao will occupy 10.5 million square feet of space and will serve as the anchor of the COTAI Strip(TM) in Macau. At completion, the luxury resort will feature 3,000 suites, one million square feet of meeting and exhibition space, a 2,000-seat showroom, 850,000 square feet of retail mall space, and a 15,000-seat arena. The property is scheduled to open in early 2007.
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. The COTAI Strip(TM) is a master-planned development of resort casino properties on COTAI, an area of reclaimed land between the islands of Taipa and Coloane in Macau. In addition to the 10,000 guest rooms, the first phase of the COTAI Strip(TM) will offer a critical mass of business, leisure and entertainment attractions, including world class meetings and convention facilities, over 20,000 seats of live entertainment in eight separate theater venues and the most modern and exciting casinos in Asia.
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 joint venture subsidiary Lightscape Technologies (Macau) Ltd., Global Innovative provides full service lighting design solutions including 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 Pro Shing's ability to sign a definitive final sales and services contract with the owner of the Venetian Macao or its designates related to Pro Shing's approved tender bid for foundational and related work for the Venetian Macao; Global Innovative's and Pro Shing's ability to secure sufficient working capital in order to deliver and install materials and products which may be included within a definitive final sales and services contract; Pro Shing's ability to collect payments receivable under any future sales and services contract; Tech Team Investment Limited's 80% ownership in Pro Shing and the resultant sharing of potential revenues with its joint venture partner Proficiency Macau Construction Company Limited; Global Innovative's and Pro Shing's ability to successfully have future tender bids approved and/or to execute additional final agreements with the owner of the Venetian Macao or its designates; 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 (July 21, 2006 - 5:49 PM EDT)
News by QuoteMedia
www.quotemedia.com
