London, UK; Victoria, British Columbia, Canada - February 24, 2005 - Carmanah Technologies Corporation (TSX Venture: CMH; Berlin and Frankfurt Stock Exchanges: QCX), a leading global manufacturer of proprietary LED lighting and illumination products, is pleased to announce the expansion of its European office in London, England.
"After three years with a senior member of our Canadian management team living and working in Greater London, Carmanah is expanding. Our new base of operations, located in Hammersmith, will strengthen and accelerate our continued expansion throughout Europe," states Carmanah's CEO, Art Aylesworth. "The London office will initially service several strategic customers and projects within the European transit industry, and in the months ahead we will grow our team and broaden our scope to support our entry into each of our primary vertical markets."
Carmanah's London team includes Mark Harold, who has ten years' experience in LED technology and solar product design and was relocated from the Company's headquarters in Canada, as well as two new local hires with market expertise in related sectors: Business Development Manager James Hoare, who brings over 12 years' experience in renewable energy in the UK and significant, relevant technical knowledge; and Marketing Manager Michelle Walsh, who has been directly involved in sales and marketing within the UK solar energy sector for six years.
Carmanah has unrivaled technical resources and experience in the development and application of solar LED lighting systems for harsh environments. Since 1994, Carmanah has supplied more than 100,000 solar LED lighting systems in over 110 countries, including thousands of units to the UK. Trinity House-the General Lighthouse Authority for England, Wales, the Channel Islands and Gibraltar-has used Carmanah navigation lights to mark the UK seas since 2000.
Carmanah has also developed some of its most popular transit and roadway products for the European market, principally solar-powered LED bus shelters and bus stops, and a school crossing patrol light. Carmanah is one of the largest suppliers of solar LED lighting systems currently in use by London Bus Services Ltd. In addition, more than 40 transportation authorities throughout Europe have already installed Carmanah's technology.
In addition to considerable success in Europe, Carmanah supplies solar LED lighting systems to over 75 transit authorities in North America, including recent installations of over 300 units in Los Angeles and 150 units in Toronto. Carmanah's solar-powered crossing light was successfully introduced to the North American roadways market last year.
UK government policies relating to pedestrian safety, public transport and energy efficiency favor the adoption of Carmanah's renewable energy products for roadways and transit. A recent study by Ernst & Young named the UK the world's most attractive renewable energy market, noting the region's supportive regulatory infrastructure, overall suitability for renewable technologies and aggressive goals to cut carbon dioxide emissions through the introduction of cleaner technologies. In the transportation sector, Britain alone plans to increase spending from £10.4 billion last year to over £12.8 billion by 2007-08. Public Service Agreements (PSAs) include specific targets to:
- Bring Britain's safety record in line with that of other European countries, which have more marked pedestrian crossings than the UK;
- Increase public transport (bus and light rail) use; and
- Reduce greenhouse gas emissions to comply with the Kyoto Protocol, which became international law on February 16, 2005.
Together with their Canadian colleagues, Carmanah's UK team members are looking forward to building on Carmanah's global exposure and past European success, operating the UK office as a beachhead for European expansion.
Carmanah's new London office is conveniently located in the business centre of Hammersmith, halfway between Heathrow and Central London, at the following address:
2 Queen Caroline Street
Carmanah is an award-winning manufacturer of proprietary LED-based lighting and illumination products for the public transit, roadway, marine, aviation, industrial worksite, and illuminated signage markets. The Company has more than 100,000 solar-powered LED lighting installations and 50,000 LED-illuminated sign installations in 110 countries. The shares of Carmanah Technologies Corporation 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.