HONG KONG, Feb. 14 /Xinhua-PRNewswire/ -- Lightscape Technologies Inc.
(OTC Bulletin Board: LTSC), a provider of innovative lighting design solutions,
advanced lighting products and customized energy management solutions, today
announced a new joint venture to build an LED-based outdoor advertising
network in China.
Bondy Tan, President and CEO of Lightscape Technologies commented, "We
recently signed a joint venture agreement with Beijing Xintong Media &
Cultural Development Co. Ltd. ("Xintong Media") to jointly capitalize on the
burgeoning LED-based outdoor advertising opportunities in Greater China. In
operation since 2001, Xintong Media is a China-based integrated media company
with operations in advertising, billboard distribution, cultural activities,
public relations consulting and television program production. Xintong Media
is a subsidiary company of New World TMT Ltd., the telecom, media and
technology investment arm of the New World Group, one of Hong Kong's largest
conglomerates."
Continued Mr. Tan, "Within the joint venture, Lightscape contributes its
expertise in large LED screen OEM sourcing from China, proprietary software
controller systems, and installation design expertise of large LED screens and
video walls. Xintong Media will leverage its strong networks to obtain
required government licenses for LED screen installations, and to provide
access to its existing sales channels, advertising clients and major property
developments owned by its parent New World Group. Lightscape owns 50.1% of the
joint venture company formed."
"The joint venture is targeting niche applications which are currently
underserved by existing competition. Target applications include the
installation of mega-sized LED screens and video walls averaging approximately
150 square meters in area located primarily on outdoor fa?ade walls of
shopping centers, hotels, offices and other commercial buildings. The prime
locations for the joint venture's LED screens are major property developments
owned by Xintong Media's parent the New World Group."
"The joint venture has secured access to install LED advertising screens
at a total of 30 prime property developments in Greater China. Phase one of
the ramp-up targets the installation of 10 LED screens by the end of calendar
year 2008. These initial screens will be primarily located in Beijing, in
large part to capitalize on the advertising opportunities generated by the
2008 Beijing Olympic Games. An additional 15 LED screens are targeted to be
installed in China during calendar year 2009."
Concluded Mr. Tan, "This joint venture is a win-win situation for both
Lightscape and Xintong Media. We look forward to rapidly developing the joint
venture company to build an unparalleled LED-based outdoor advertising network
in China, and in turn growing our company's overall revenue and
profitability."
About Lightscape Technologies
Lightscape Technologies Inc. (OTC Bulletin Board: LTSC) delivers
innovative lighting design solutions, advanced lighting products and
customized energy management solutions. Through wholly owned subsidiary
Lightscape Technologies (Greater China) Limited, Lightscape Technologies
designs, markets and sells LED-based lighting systems, licenses proprietary
LED digital controller software, and provides LED screen rentals. Through
subsidiary Beijing Illumination (Hong Kong) Limited, Lightscape Technologies
manufactures and sells HID (High-Intensity Discharge) lighting products and
Ultra High-Pressure Mercury Lamps. Through wholly owned subsidiary Tech Team
Development Limited, Lightscape Technologies provides total energy management
products and solutions which optimize energy consumption, lower costs, and
enhance competitiveness for clients. Our headquarters are in Hong Kong, and we
have offices in Singapore, China and Macau. For additional information, please
visit http://www.lightscapetech.com.hk .
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
Lightscape's expectations, and Lightscape 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 and services; risks of downturns in economic
conditions generally; risks of intellectual property rights associated with
competition and competitive pricing pressures; risks of foreign sales and high
customer concentration; risks related to Lightscape's and its subsidiaries'
ability to secure sufficient working capital in order to deliver upon new LED
Screen Rental Service contracts with project developers in mainland China,
Singapore, Macau and Hong Kong; risks related to Lightscape's and its
subsidiaries' ability to collect payments receivable under LED Screen Rental
Service contracts that may be signed; risks related to Lightscape's joint
venture with Xintong Media to secure contracts for the installation of large
LED screens in Beijing and Greater China; and other factors which may cause
the actual results, performance or achievements of Lightscape Technologies 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.
SOURCE Lightscape Technologies Inc.