News Releases

17% Increase In Revenue For The Three Months to $9.4 Million

WYLIE, Texas, December 20, 2006 – Global Innovation Corp (OTC Bulletin Board: GINV), a leading Electronic Manufacturer Services (EMS) company which designs, engineers and manufactures technologically advanced printed circuit boards, announces its financial results for the first quarter for fiscal year 2007.

Global Innovation Corp

(in thousands, except per share amounts and percentages)	Three Months Ended October 31		Change
	2006	2005
	(unaudited)
Revenue	$ 9,422	$ 8,048	17%
Net income (loss)	$ 85	$ 216	-61%
EPS (Basic)	$ 0.04	$ 0.09
EPS (Diluted)	$ 0.02	$ 0.02
Weighted avg. shares outstanding:
Basic	2,426	2,446
Diluted	11,299	10,199

Revenue: Revenue for the three months ended October 31, 2006 increased 17% to $9,422,696, as compared to $8,048,547 for the same period in 2005. The increase in revenue during the three months of 2006 was primarily the result of continuing strong sales to our existing original equipment manufacturer customers. Sales to our top ten customers increased by 28% for the three months ended October 31, 2006.

Income: Net income available to stockholders for the three months ended October 31, 2006 decreased approximately $131,000 from $216,000 for the same period in 2005 to $85,224. A substantial increase in material prices resulted in margin erosion on existing orders. As those orders are completed and new orders are booked reflecting the increased material costs, improvements should be made in both margin and bottom line results.

Gross Profit: Gross profit for the three months ended October 31, 2006 was $1,711,674 compared to $1,736,109 for the same period in 2005, a decrease of $24,435 or 1.4%. The decrease in gross profit is due to (1) the increase in raw material prices during the period and (2) lower demand for premium services, which typically command a significantly higher margin. As we continue to focus on improving operational efficiencies and managing costs throughout our supply chain in relation to higher selling prices, we would expect to see improvement in gross margin over the next several quarters.

Brad J. Peters, Vice President and Chief Financial Officer of Global Innovation Corp said, “Our significant increase in revenue indicates we continue to make progress in building our operations and increasing our sales and manufacturing capabilities. Based on our recent quarter-over-quarter progress, we expect revenue to continue to increase, and believe that the fundamentals of the business continue to improve.”

About Global Innovation Corp (formerly Integrated Performance Systems, Inc.)

Global Innovation Corp is a leading Electronic Manufacturer Services (EMS) company through its wholly owned subsidiary Best Circuit Boards, Inc., designs, engineers and manufactures technologically advanced printed circuit boards. Our customers are generally high-end commercial companies, the military and military suppliers. The commercial markets are typically characterized by time-sensitive, high technology prototypes and short product life cycles. The military markets require special certifications and are characterized by high reliability and advanced technology and in many cases are formalized by long-term contracts. Our principal products are complex multi-layer printed circuit boards, including antenna and metalback radio frequency circuit boards. Printed circuit boards serve as the basis and foundation for electronic equipment. The circuit boards we produce are sold through direct sales people and manufacturer's representatives to a variety of commercial and military markets. The commercial markets and their applications include power systems, telecommunications, computer hardware, consumer electronics, instrumentation and controls. The military applications for our products include satellite communications, avionics, missiles, smart bombs, defense systems, radar detection and test equipment.

For More Information, Contact:
Brad J. Peters, Vice President and Chief Financial Officer 1-800-303-9266
Visit the Company's website at www.globalinnovationcorp.com

Jim Drewitz, Investor Relations
Creative Options Communications
972-355-6070 / jdrewitz@comcast.net

Certain statements contained herein with respect to factors which may affect future earnings, including management's beliefs and assumptions based on information currently available, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements that are not historical facts involve risks and uncertainties, and results could vary materially from the descriptions contained herein. For more details on risk factors, see the company's annual reports on Form 10-KSB, quarterly reports on Form 10-QSB and other filings with the Securities and Exchange Commission.

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