30% Year over year Revenue Growth
VICTORIA, BC, CANADA (April 26, 2013) Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) announces today that it is expecting its revenues for Q1 2013 to reach approximately $USD 7 million. This represents an increase of approximately 30% in revenues over the same period last year, Q1 2012. A major impact on revenue performance is expected to come from signalling products sales, especially from the traffic market where revenues are expected to more than double as a result of the recent acquisition of the Spot Devices business. In addition, Q1 2013 revenues in the Solar EPC Services market segment are expected to fully recover following the brief suspension of the Ontario FIT program in early 2012. The Go Power! Market segment is expecting to show approximately 38% growth on revenues year over year.
Carmanah will release its Q1 2013 financial results on May 15, 2013 at 1:00 pm PT (4:00 pm ET). Carmanah has scheduled a conference call for analysts at 2:00 pm PT (5:00 pm ET) on Wednesday, May 15, 2013. To access this conference call by telephone, dial 1.855.410.0553 (Canada and US toll free) or +1.646.583.7389 (international) approximately five to ten minutes prior to start time. When prompted for the participant PIN code, enter 177397#. A recording of the conference call will also be available on Carmanah’s corporate website within three business days of the call. For more information, visit www.carmanah.com or telephone 1.877.722.8877 (toll free in US and Canada).
Q1 2013 revenue guidance is being provided as Carmanah’s 2013 AGM on April 30, 2013, precedes the release of Q1 2013 financial results on May 15, 2013.
About Carmanah Technologies Corporation.
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. Carmanah pursues its business strategy within six distinctive product offerings: outdoor lighting, marine signal, aviation signals, traffic signals, Solar EPC Services and GoPower!. Carmanah is actively seeking additional product sales opportunities to add to its top line revenue, as well as extending existing product lines through internal development efforts, strategic business relationships as well as focused acquisitions. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH”. For more information, visit www.carmanah.com.
Carmanah Technologies Corporation
Roland Sartorius, Chief Financial Officer
For further information:
Investor Relations: Roland Sartorius
Public Relations: Natasha Bartlett
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah’ s most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com. The risk factors identified in Carmanah’ s AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.