Leading LED lighting companies join forces in multimillion-dollar solar LED market
Victoria, BC - May 28, 2003 - Carmanah Technologies Corporation (TSX VE: CMH) is pleased to announce today that it has signed a memorandum of understanding with Dialight Corporation. As two industry leaders in the fast-growing LED (light-emitting diode) lighting market, the companies will now jointly develop and market roadway and aviation lighting for North America's transportation market.
Under the agreement, Carmanah will pair its patented power-management technology for self-contained, solar-powered LED lights with Dialight's expertise in LED applications and optics engineering. "Through this partnership, we will unite the core competencies of both companies at a time of rapid industry growth," states Carmanah CEO Art Aylesworth. "The complementary technologies of Dialight and Carmanah will enable the partnership to offer the world's best solutions for emerging LED lighting applications in the transportation sector."
Carmanah is the global leader in solar-powered, self-contained LED lighting for a number of commercial industrial markets. The company perfected its patented Automatic Light Control (ALC) technology while engineering navigation lights for harsh marine environments, enabling it to produce the most robust, compact and reliable stand-alone lighting systems available on the market. Dialight is the leading manufacturer of energy-saving LED fixtures that retrofit incandescent lights for on-the-grid applications.
"In 1997, the market for off-grid outdoor lighting was estimated at more than US$160 million annually in the U.S. alone, and it has been growing rapidly ever since," states Gary Durgin, Vice President of Business Development for Dialight. "With this agreement, we have the ingredients to make the most of this opportunity. Our experience in designing and marketing LED technology for new applications and Carmanah's expertise in harnessing the cost savings and convenience of solar power will make an effective partnership."
About Carmanah Technologies Inc.
Carmanah is an award winning alternative energy manufacturer specializing in patented solar-powered LED lighting solutions for the marine, transit, roadway, railway, mining and aviation markets. The company has more than 50,000 units installed in 110 countries. The shares of Carmanah Technologies Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol "CMH" and on the Berlin and Frankfurt Stock Exchanges under the symbol "QCX". For more information, please visit www.carmanah.com.
About Dialight Corporation
Dialight Corporation is a New Jersey-based subsidiary of the UK multinational Roxboro Group PLC (RXO.L). The company has more than 60 years of experience in lighting technology and has been pioneering some of the most innovative LED-based products since the technology was developed in the early 1970s. Dialight's transportation division has an extensive offering of LED-based lighting products for the aviation, transit, road and railway markets. The company is recognized as the leader in LED traffic beacons, with the largest installation base in the world. Dialight was also the first company to receive FAA approval on their innovative hardwired LED airfield and obstruction lights. For more information, visit www.dialight.com or www.roxboro.com.
On Behalf of the Board of Directors
Carmanah Technologies Corporation
Praveen Varshney, Director
For further information, please contact.
Mr. David Davies
Telephone: (250) 382-4332
Corporate and Investor Contact:
Mr. Praveen Varshney, Director
Telephone: (604) 629-0264
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in our Annual Report for the fiscal year ended December 31, 2002, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. These risks and uncertainties are also described under the caption "Risk Factors" in our Annual Information Form dated December 31, 2002, as filed with the British Columbia Securities Commission and which are incorporated herein by reference. We do not assume any obligation to update the forward-looking information contained in this press release.