SOURCE: Global Innovative Systems Inc.

April 15, 2005 09:00 ET

Global Innovative Secures Contract to Deliver Energy Saving Equipment to Industrial Customer in China

HONG KONG -- (MARKET WIRE) -- April 15, 2005 -- Global Innovative Systems Inc. (OTC BB: GBSY) announced today that its wholly owned subsidiary, Tomi Fuji Energy Management Services Consultants Limited ("TFEMS"), has been appointed to deliver energy saving equipment to Welltec Machinery Limited ("Welltec").

Under the agreement, TFEMS will deliver one Eco-Pro Energy Saver to a Welltec factory in Dongguan, P.R. China, by May 20, 2005. The payment terms call for an aggregate payment to TFEMS of HK$968,000 (approximately US$124,103). 50% of the aggregate contract price was paid in March 2005 and the contract terms call for 40% to be paid within 5 days of the delivery date, and the remaining 10% to be paid within 5 days of the installation date.

"We were pleased to receive this sales contract to deliver our Eco-Pro Energy Saver to Welltec," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "Our continued expansion through solid contracts within the industrial and manufacturing heartland of southern China lays the foundation for our growth initiatives in new markets, including North America."

Continued Mr. Tan, "We also plan to leverage this contract with Welltec to generate additional sales to the Cosmos Machinery Enterprises Ltd. group of companies. Once this initial Eco-Pro Energy Saver installation has proven to achieve energy savings, we expect that there will be approximately 50 - 100 additional units to be installed for the group."

Welltec is one of the largest manufacturers of plastic injection molding machines in Mainland China. The company is a subsidiary of Cosmos Machinery Enterprises Ltd. (HKSE: 00118), a diversified industrial equipment trading and manufacturing company based in Hong Kong with annual sales of over US$200 million in 2004.

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, Global Innovative's ability to secure sufficient working capital in order to manufacture and deliver energy saving equipment; its ability to collect payments receivable from Welltec Machinery Ltd.; its ability to achieve favorable energy savings rates; 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 Relations
    1-888-852-8838
    Website www.gistt.com
    Email: info@gistt.com