Victoria, BC, Canada (May 13, 2008) Carmanah Technologies Corporation (TSX: CMH), a provider of solar power technology, has negotiated a new $10M, three-year committed operating facility arrangement with BMO Financial Group.
According to Roland Sartorius, Chief Financial Officer for Carmanah, the three-year bank credit facility offers greater convenience, flexibility and stability for the long term than a month-to-month arrangement. "The amount available under this facility is based on certain covenants, including the company's EBITDA performance (earnings before interest, taxes, depreciation and amortization); this format is clearly in line with our corporate commitment to steady, measured growth," said Sartorius. "Carmanah remains debt-free, and we have no immediate plans to draw on the line, although a committed operating facility can prove invaluable for facilitating large orders, mergers and acquisitions, or other opportunities if necessary."
"We are very pleased to be Carmanah Technologies Corporation's new financial partner," said James Gallagher, Regional Vice President, Corporate Finance, BMO Bank of Montreal. "We look forward to assisting this growing and exciting business by providing expert financial advice and ancillary banking services," Gallagher added. BMO Bank of Montreal's clients benefit significantly from full relationship management with considerable resources and financial expertise provided through a single local point of access.
For more information on Carmanah Technologies Corporation, visit www.carmanah.com.
About Carmanah Technologies Corporation
As one of 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's LED lights and power systems provide a durable, dependable and cost effective energy alternative. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH" and on the Berlin and Frankfurt Stock Exchanges under the symbol "QCX". For more information, visit www.carmanah.com.
About BMO Financial Group
Established in 1817 as Bank of Montreal - Canada's first bank - BMO Financial Group is a highly diversified North American financial services organization. With total assets of $366.5 billion as at October 31, 2007, and more than 35,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. BMO Financial Group serves clients across Canada through its Canadian retail and commercial arm, BMO Bank of Montreal, and through its wealth management firms, BMO Nesbitt Burns, BMO InvestorLine and BMO Harris Private Banking.
Carmanah Technologies Corporation
Chief Financial Officer
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Public Relations: David Davies
Forward Looking Statements
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 which 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, 2006, as filed on SEDAR at www.sedar.com. The risk factors identified in Carmanah's Annual Report 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.