SOURCE: Global Innovative Systems Inc.

August 22, 2005 14:35 ET

Global Innovative Reports First Quarter Results

HONG KONG -- (MARKET WIRE) -- August 22, 2005 -- Global Innovative Systems Inc. (OTC BB: GBSY)

--  Revenues rise 155%
--  Gross profit grows 231%
--  Company achieves positive net income
    
Global Innovative Systems Inc. (OTC BB: GBSY) announced today results for the first quarter ended June 30, 2005.

Global Innovative reported first quarter revenue of $1,030,096, a 155% increase from the $403,550 reported in the same period a year ago. Gross profit of $875,567 was reported for the first quarter, compared with gross profit of $264,784 in the first quarter of 2004, a 231% increase. Net income of $14,487 was reported for the first quarter, compared with a net loss of $98,962 in the same period a year ago.

"Our strong results reflect continued robust demand for our energy savings solutions in China and other Asian markets. Energy shortages and skyrocketing energy prices are driving the rapidly growing demand for solutions which reduce energy usage and costs for clients. Our results demonstrate the appeal and momentum of our energy savings solutions to directly meet this growing demand in the marketplace," said Bondy Tan, President and CEO of Global Innovative. "With this momentum, Global Innovative is well-positioned to continue execution of our plan to achieve profitable growth. We are very pleased to see that our focus on building an unparalleled platform of energy saving technologies, coupled with developing strong relationships with major property owners, is paying off."

Continued Mr. Tan, "It was a solid quarter in all respects. Our organization continues to execute well, and we have turned the corner into positive earnings. We have established a strong position in growing and diversified markets, and we continue to expand our client base across commercial, industrial, residential and governmental market segments. We look forward to delivering energy saving solutions for key clients on hand, including our five-year agreement with New World Development to implement solutions across its portfolio of 84 hotel, retail, office, industrial and residential properties in China, Hong Kong and SE Asia."

Concluded Mr. Tan, "Our strong results, planning and execution, coupled with rapidly growing demand in our markets, shows that we are solidly positioned for further growth."

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, Canada and the United States.

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, risks in product development and market acceptance of and demand for the company's products, risks of downturns in economic conditions generally, risks of intellectual property rights associated with competition and competitive pricing pressures, risks associated with foreign sales and high customer concentration, and other factors which may cause the actual results, performance or achievements of the 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.

Contact Information

  • For more information, please contact:
    Global Innovative Systems Inc.
    Investor Relations1-888-852-8838
    Website www.gistt.com
    Email: Email Contact