HONG KONG, Feb. 20 /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 that it has signed a Memorandum of Understanding to develop an economic information broadcasting system in Hong Kong and China.

The Memorandum of Understanding was signed on February 15, 2008 with CEInet Data (H.K.) Co., Limited, the Hong Kong branch of the China Economic Information Network ("CEInet"). Founded in 1996, CEInet is sponsored by the China State Information Center (SIC), a government think tank affiliated with the National Development and Reform Commission (NDRC), China's top macro- economic authority and planner. CEInet is a national information network in China that produces a broad range of Chinese economic information for use by governments, financial markets, academic communities, corporations and overseas investors. CEInet's economic information includes economic statistics, trends and forecasts, government and regulatory information, industry research reports and real-time business news.

The Memorandum of Understanding proposes to appoint Lightscape Technologies Inc. as the exclusive partner of CEInet to broadcast CEInet's economic information and real-time news in China and Hong Kong through Lightscape's network of indoor and outdoor LED screens. As part of the development project, Lightscape would provide banner space on each of its LED screens to display a variety of economic information and business news produced by CEInet.

Bondy Tan, President and CEO of Lightscape Technologies commented, "We are very pleased to sign this memorandum with CEInet. Through CEInet's established network of 150 data sources, 2000+ field resources, years of business history, and experienced market research team, we have the opportunity to access an unparalleled source of economic and business content to display on the network of LED screens which we are currently establishing throughout China and Hong Kong. Our ability to form relationships with strong content providers such as CEInet enhances our ability to secure rental contracts for the placement of our new media LED screens in premier locations, and also to attract top-tier advertisers thereby maximizing the advertising revenue generated by our screens."

Dong Jian Quan, Director of the Hong Kong branch of CEInet commented, "We are confident in Lightscape's management team and are pleased to establish relations with them. This agreement provides strong opportunities for CEInet to extend the distribution of its economic and business information in order to better serve our existing markets, and to reach new markets. We have always been supportive of making our information resources accessible through new channels and technologies, and Lightscape's new media LED screen network is a perfect example. We look forward to working together with Lightscape for the mutual benefit of both parties."

Under the terms of the Memorandum of Understanding, the parties have agreed to apply their best efforts to execute a formal agreement relating to the establishment of an economic information broadcasting system in Hong Kong and China before June 30, 2008.

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 .

Cautionary Disclaimer - Forward-Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements include, among others, the estimation, expectation and/or claim, as applicable, that: Lightscape Technologies intends to build a network of LED screens throughout China and Hong Kong; Lightscape Technologies anticipates that it may become the exclusive partner of CEInet to broadcast CEInet's economic information and real-time news in China and Hong Kong; Lightscape Technologies intends to secure rental contracts for the placement of LED screens in premier locations; Lightscape Technologies intends to attract top-tier advertisers to maximize advertising revenue generated by its LED screens; and Lightscape Technologies intends to execute a formal agreement with CEInet relating to the establishment of an economic information broadcasting system in Hong Kong and China before June 30, 2008. Actual results could differ from those projected in any forward-looking statements due to a variety of risks, uncertainties and other factors, including, but 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; competition with larger companies; the ability of the company to manage its relationship with CEInet and convert the Memorandum of Understanding with CEInet into a formal agreement; the availability of timely financing; and the company's ability to manage growth. These forward-looking statements are made as of the date of this news release and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the company's periodic reports filed from time-to-time with the Securities and Exchange Commission and available at http://www.sec.gov .

SOURCE Lightscape Technologies Inc.