Category: Uncategorized

Carmanah Releases Preliminary Financial Results for Q2 2016

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) has released preliminary selected financial estimates for the quarter ended June 30, 2016. As is the Company’s normal practice, this preliminary release includes revenue guidance and commentary respecting order backlogs and gross margins.

Carmanah wins 2016 VIATEC Employer of the Year Award

Carmanah has received numerous Awards and Recognitions over the years for its business and organizational achievements. We thank our amazing employees for these accolades, and always acknowledge and reward exceptional work. Below are a few awards Carmanah has received over the last few years: VIATEC Employer of the Year (2016) University of Victoria Coop Employer of the Year (2015) Greenest Office – Vancouver Island Eco Star Awards (2015) Greatest Overall Contributor – VIATEC Foodbank Challenge (Nov 2015) Greatest Per Employee Contributor – VIATEC Foodbank Challenge (Nov 2015) Greatest Overall Contributor (Second Place) - – VIATEC Foodbank Challenge (Feb 2015) Supplier Partnership Award (2014) Supplier Partnership Award (2013) Environmental Excellence Award (2011)  .

Carmanah Appoints KPMG as Auditor

Carmanah Technologies Corporation (TSX: CMH) (“Carmanah” or the “Company”) announced today the appointment of KPMG LLP ("KPMG") as its auditors, replacing Deloitte LLP ("Deloitte"). Following the Audit Committee's recommendation, the Company's Board of Directors approved the appointment of KPMG and accepted the resignation of Deloitte.

Carmanah Announces Results of Annual General Meeting

Carmanah Technologies Corporation (TSX: CMH) (“Carmanah” or the “Company”) today announced the voting results from its annual general meeting held on May 6, 2016.  The shareholders voted on and approved the election of the directors of the Corporation and the reappointment of Deloitte LLP as auditors of the Corporation. The voting results were as follows:   Votes For Votes Withheld Nominee # % # % Election of Directors         John Simmons 16,465,884 93.6% 1,120,577 6.4% Michael Sonnenfeldt 16,033,850 91.2% 1,552,661 8.8% Terry Holland 16,008,124 91.0% 1,578,337 9.0% James Meekison 17,560,260 99.9% 26,201 0.1% Sara Elford 17,560,315 99.9% 26,146 0.1%           Appointment of auditors 17,880,356 100.0% 154 0.0%   About Carmanah Technologies Corporation Headquartered in Victoria, British Columbia, Carmanah produces a portfolio of products focused on energy optimized LED and solar technologies.

Carmanah Reports First Quarter 2016 Fiscal Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its first quarter financial results for the period ended March 31, 2016.  Currency amounts are in U.S. dollars unless otherwise noted.      In the first quarter of 2016, the Company generated revenues of USD $19.4 million up USD $8.1 million or 72% over Q1 2015 revenues of USD $11.3 million.  Revenue growth was the result of several factors, including: The inclusion of revenues generated by the Sabik Group of Companies of USD $5.8 million.  These revenues are inclusive of the historic Carmanah marine aids-to-navigation business, which is now fully integrated into Sabik Marine results; Organic growth of USD $0.7 million, or 23% on the balance of Carmanah Signals segment revenues; Organic growth of USD $4.4 million, or 72% in our Power segment; and A decline in Illumination Division revenues of USD $0.6 million, or 30%. Net income in the first quarter of 2016 was USD $1.7 million up from net income of USD $0.03 million in the first quarter of 2015.  Carmanah management relies on Adjusted EBITDA[1] (a non-IFRS measure) to gauge financial performance.

Carmanah settles lawsuit against Royal & Sun Alliance Insurance Company of Canada and Integro (Canada) Ltd.

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that it has reached a mediated settlement in its lawsuit against Royal & Sun Alliance Insurance Company of Canada (“RSA”) and Integro (Canada) Ltd. (“Integro”). This lawsuit was commenced by Carmanah on March 6th, 2015 and announced by news release on March 9th, 2015.

Carmanah Announces Release Date for First Quarter 2016 Financial Results and Conference Call

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its first quarter 2016 financial results on Friday, May 6th, 2016 after market close. Carmanah has scheduled a conference call for analysts at 6:00 am PST (9:00 am ET) on Monday, May 9th, 2016.

Carmanah Releases Preliminary Financial Results for Q1 2016

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) has released preliminary selected financial estimates for the quarter ended March 31, 2016.  As is the Company’s normal practice, this preliminary release includes revenue guidance and commentary respecting order backlogs and gross margins.

Carmanah Announces Proceeds of CDN $1.2 Million from the Exercise of Broker Warrants

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announced it has received proceeds of approximately $1.2 million as a result of the exercise of approximately 240,000 previously issued broker warrants.  The company intends to use the proceeds of the broker warrant exercises for general and working capital purposes.  The broker warrants were issued in connection with the Company’s bought deal offering on April 28, 2015 and the subsequent over-allotment option on May 1, 2015, these warrants were set to expire on April 28, 2016 and May 1, 2016.  The exercise price of the warrants was $5.00 per share.  As of March 31, 2016 approximately 75% of the broker warrants have been exercised. About Carmanah Technologies Corporation Headquartered in Victoria, British Columbia, Carmanah produces a portfolio of products focused on energy optimized LED and solar technologies.

Carmanah Reports Fourth Quarter, and Fiscal 2015 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its fourth quarter financial results for the period ended December 31, 2015.  Currency amounts are in U.S. dollar unless otherwise noted.      For the fourth quarter of 2015, the Company recorded a net income of $0.6 million on revenues of $21.3 million.  This compares to net income of $0.3 million on revenues of $13.5 million over the same period in 2014.