SOURCE: Global Innovative Systems Inc.

May 24, 2005 10:31 ET

Global Innovative Signs 5-Year Master Agreement With New World Development

HONG KONG -- (MARKET WIRE) -- May 24, 2005 -- Global Innovative Systems Inc. (OTC BB: GBSY) announced today that its wholly owned subsidiary, Tech Team Holdings Limited ("Tech Team"), signed a master agreement on April 28, 2005 with New World Development Company Limited ("New World").

Under the agreement, Tech Team will conduct energy audits at New World's hotel, retail, office, industrial and residential properties in Hong Kong, Mainland China and Southeast Asia over the next 5 years. Under the agreement, Tech Team has also been granted the right of first refusal to contract with New World to deliver energy-saving solutions when the results of energy audits indicate that feasible solutions are available for a particular property.

"We are pleased to sign this long-term agreement with Tech Team," said New World Chairman Dato' Dr. Cheng Yu-Tung. "The energy and cost savings that can be delivered by Tech Team is expected to enhance the operational effectiveness and profitability for many of our properties."

"We are very pleased to be engaged by one of the largest property developers in Asia to conduct energy audits and to propose our energy savings solutions to New World," said Bondy Tan, President and Chief Executive Officer of Global Innovative. "The signing of this master agreement with New World provides Tech Team and Global Innovative with a solid foundation of potential clients for the next 5-year period." Continued Mr. Tan, "We look forward to working closely with New World and its people over the coming years to deliver energy savings projects for the mutual benefit of both groups."

New World Development Company Limited is one of Hong Kong's largest property investment and development companies. A Hong Kong-listed company (HKSE: 0017), New World's portfolio includes 84 hotel, retail, office, industrial and residential properties in Hong Kong, Mainland China and Southeast Asia. Established in Hong Kong in 1970, New World today has total assets of over US$14.8 billion and a market capitalization of approximately US$3.7 billion. New World Chairman Dato' Dr. Cheng Yu-Tung, a leader of the Hong Kong business community and a renowned philanthropist, stands at #132 on Forbes' 2005 World's Richest People list.

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, the ability to close future performance contracts with individual properties owned and/or managed by New World Development Company Limited, 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: info@gistt.com