Global-Tech Advanced Innovations Announces Approval for Listing of Its Common Stock on the NASDAQ Global Market

HONG KONG--([ BUSINESS WIRE ])--Global-Tech Advanced Innovations Inc. (formerly Global-Tech Appliances Inc.) (NYSE: GAI) today announced that the Company's common stock has been approved for listing on the NASDAQ Global Market ("NASDAQ"). As previously announced, trading of the Company's common stock on the New York Stock Exchange ("NYSE") will be suspended effective after the market closes on Friday, December 19, 2008. The Company anticipates that trading of its common stock on NASDAQ will commence at the opening of regular trading on Monday, December 22, 2008, under its current trading symbol "GAI."

John C.K. Sham, President and Chief Executive Officer, said: "Like many other companies, our market capitalization has been adversely impacted by the current volatility in the financial markets, with our capitalization reaching a level well below the Company's net book value (or even below its cash value) such that we no longer meet the continued listing requirements of the NYSE. However, we are proud to have satisfied the standards of corporate governance and financial strength required for listing on NASDAQ and we hope that our listing on NASDAQ will foster broader interest in the Company from both institutional and individual investors."

Mr. Sham continued, "While we believe that the Company's fundamentals are sound, our share price, post-reverse stock split, has not only dropped below our net book value per share (over $26 as of June 30, 2008), but also at times dropped below our cash and cash equivalents per share, which was over $9.50 as of June 30, 2008 while the Company remains nearly debt free."

Mr. Sham concluded, "Despite the Company being adversely affected by the global slowdown, we do not believe that our assets or prospects have been materially impacted and plan to continue implementing our plans to diversify our business for long term growth. We believe that our current cash balance is more than sufficient to support our business programs and do not expect to incur indebtedness in these difficult times which could disrupt our diversification plans."

Global-Tech Advanced Innovations Inc. is a holding company, owning subsidiaries that manufacture and market a diversified portfolio of products, such as complementary metal oxide semiconductor (CMOS) camera modules (CCMs) and floor care products. The primary focus of its subsidiaries is to develop and market high-quality products for the communications, medical, and energy industries in China and export such products to markets in North America, Europe, and other countries throughout the world.

Except for historical information, certain statements contained herein are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should," "estimates," or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including but not limited to, the impact of competitive products and pricing, demand for new and existing products in our core business, the financial condition of the Company's customers, product demand and market acceptance especially of our new products, the success of new product development especially in the area of cellular phone components and solutions, compact camera modules and other pending projects, reliance on material customers, suppliers and key strategic alliances, the terms and conditions of customer contracts and purchase orders, availability and cost of raw materials, the timely and proper execution of certain business plans, including the plan to diversify and transform a portion of manufacturing capacity to higher-value, technology-oriented products, currency fluctuations, including the revaluation of the Chinese Renminbi, the imposition by China's trading partners of economic sanctions and/or protective tariffs on Chinese manufactured goods, uncertainties associated with investments, the regulatory environment, fluctuations in operating results, the impact of changing global, political and economic conditions and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission including its most recent Report on Form 20-F.The Company does not undertake to update its forward-looking information, or any other information contained or referenced in this press release to reflect future events or circumstances.

N@N

Global-Tech Advanced Innovations Announces Approval for Listing of Its Common Stock on the NASDAQ Global Market