Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that it has completed an acquisition of the Sabik Group of Companies (“Sabik”). The Company had previously announced a deal to acquire Sabik on June 10, 2015 after the signing of a share purchase agreement (the “Agreement”).
“The acquisition of the Sabik Group of Companies is an important step towards our goal of being the worldwide leader in the marine aids to navigation industry” said John Simmons, Carmanah CEO. “The acquisition also catapults Carmanah into a new market – the safety marking of offshore wind installations – which is a fast growing market.”
Under the terms of the Agreement, Carmanah has acquired 100% of Sabik OY based in Finland, 100% of Sabik GmbH based in Germany, 100% of Sabik PTE Ltd. based in Singapore, 81% of Sabik Ltd. based in the United Kingdom and 80% of Sabik Offshore Ltd. based in the United Kingdom. The purchase price of €21.5 million was paid by way of €17.2 million in cash and €4.3 million in Carmanah shares which will resulted in the issuance of 1,180,414 shares from treasury. As part of the transaction, Carmanah borrowed USD $10.0 million from CIBC pursuant to the credit facilities announced on January 12, 2015.
About Carmanah Technologies Corporation
Since its founding in 1996, Carmanah has become one of the most trusted names in solar technology, delivering reliable and cost-effective solar powered products and systems for industrial applications worldwide. To date, Carmanah's solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, as well as on and off-grid power generation, have been successfully deployed in over 400,000 installations in 110 countries with proven performance in conditions ranging from desert heat to arctic cold.
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary