Vancouver, BC, Canada - November 20, 2002) - Carmanah Technologies Corporation (TSX VE: CMH; Berlin and Frankfurt Stock Exchanges: QCX), is pleased to announce that the Company, in partnership with BC Hydro and British Columbia Institute of Technology, has received a grant worth approximately $500,000 from Sustainable Development Technology Canada (SDTC) to develop solar-powered LED edge-lit signs.
Created in November 2001, SDTC was developed as part of the Canadian Government's commitment to support technology companies that reduce green house gases by reducing energy consumption. Yesterday, November 19, 2002, SDTC announced eight successful grant recipients, including Carmanah, that were selected from amongst more than 500 applications across Canada. On average, these grants contribute approximately 33% of the total cost of each project.
"The SDTC will help Canadian companies like Carmanah become worldwide leaders in alternative energy technologies," says Carmanah founder, Dr. David Green. "This grant enables our company to work on the development of solar-powered, LED sign lighting technology that uses 1/10th the power of conventional illuminated signs."
Carmanah's application for solar-powered, LED edge-lit signs was successful because of its economic feasibility and the technological expertise of the Company's strategic partners for the project. Carmanah has a track record of using its proprietary solar-powered LED technology to produce cost-effective, energy-efficient lighting for marine navigation buoys, roadway hazard lights, railway lights and other industrial applications around the world.
Illumination accounts for 20-30% of electricity consumption worldwide. Widespread use of LEDs could cut global electricity consumption by 10% and reduce global carbon emissions by 200 million tons a year, according to a paper presented by Hewlett-Packard's Roland Haitz and Fred Kish to the Optoelectronics Industry Development Association. Carmanah takes this concept one step further by using sunlight, rather than conventional electricity to power its illumination.
Although LED-based lighting technology is developing rapidly, it hasn't been widely used for illuminating signs due to the poor performance of LED backlighting. Carmanah plans to develop techniques and materials that will evenly reflect the LED light from the edges, producing a more practical and attractive illuminated sign.
About Sustainable Development Technology Canada
The foundation was created in November 2001 by the Canadian Government to reflect Canada's commitment to sustainable development. Their mandate is to act as a primary catalyst in building a sustainable development technology infrastructure in Canada by supporting creative and economically sound partnerships between the private sector, academia, not-for-profit organizations and federal or provincial governments.
The foundation began asking for submissions for grants in April 2002, and received over 500 applications with a combined total of $2.8 billion in total project costs. Direct funding requests to SDTC were $876 million. Today they announced their first set of grants, $6.61 million to eight companies. They intend to allocate $100 million to eligible recipients over a five-year period.
Grant recipients must demonstrate research and development of products that integrate economic viability, environmental stewardship and social equity to meet the needs of the present without compromising the ability of future generations to meet their own needs. SDTC has a special emphasis on clean air technologies and climate change.
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 and railway markets. To-date, 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 further information, visit www.carmanah.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.