Vancouver, BC, Canada - (October 21, 2004) - Carmanah Technologies Corporation (TSX VE: CMH; Berlin and Frankfurt Stock Exchanges: QCX), is pleased to announce its third quarter results for the three months ended September 30, 2002. Highlights for the quarter are as follows:
Revenue up 81% over Q3 2001 to $1,632,523;
Profit of $43,472 for the quarter, as compared to net loss of $84,889 for Q3 2001;
Gross profit for the quarter reached a record 59% as direct sales increase;
Earnings before income tax, depreciation and amortization (EBITDA) was $146,389;
Revenue growth (81%) outpaced expenditures (61%);
Investment into developing new markets continued.
"This has been an exciting year for our company," stated Art Aylesworth, Carmanah's CEO.