Vancouver, BC, Canada - (October 21, 2004) - Carmanah Technologies Corporation (TSX VE:CMH; Berlin and Frankfurt Stock Exchanges: QCX), announces that it has amended the terms of a voluntary pooling agreement dated June 20, 2001 (the "Pooling Agreement"), which was entered into in conjunction with Carmanah's reverse takeover in 2001. Specifically, a total of 897,288 common shares originally scheduled for release on June 20, 2007 have been accelerated for release on June 21, 2004.
Carmanah Management Corp. ("CMC"), a company controlled by David Green, a director of Carmanah, will receive the shares released from the Pooling Agreement and has voluntarily agreed to transfer the majority of such shares to various members of Carmanah's management as part of their compensation arrangements. The board of directors of Carmanah has approved these transfers and the acceleration of the pooling restrictions, which will not result in further dilution to existing shareholders of Carmanah. The release does not affect or accelerate common shares held by the other Carmanah shareholder who remains subject to voluntary pooling restrictions as at June 21, 2004 nor does it affect the remaining 2,691,855 common shares held by CMC which continue to be subject to the Pooling Agreement.
David Green, through CMC, continues to be Carmanah's largest shareholder, beneficially owning 4,199,856 common shares.
Carmanah is an award winning alternative energy manufacturer specializing in patented solar-powered LED lighting solutions for the transit, marine, aviation, roadway, railway and industrial worksite markets. The Company currently has more than 90,000 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.
On Behalf of the Board of Directors,
Carmanah Technologies Corporation
Praveen Varshney, Director
For further information, please contact:
Mr. Mark Komonoski, Director
Mr. David Davies
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 Carmanah's Annual Report for the fiscal year ended December 31, 2003, 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 Carmanah's Annual Information Form dated December 31, 2003, as filed with the British Columbia Securities Commission and which are incorporated herein by reference. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.