Sales of solar LED lights hit $200,000 in first month
Victoria, BC - May 30, 2002 - Carmanah Technologies Corporation (TSX VE: CMH) has signed a Standing Offer Agreement (SOA) with the Canadian Coast Guard. The SOA sets the terms for future sales of Carmanah's solar-powered LED (light emitting diode) aids to navigation lights to the Coast Guard for all regions. The agreement approves purchase orders of up to $100,000 each. Through its east coast distributor, Go Deep International, Carmanah has already supplied approximately $200,000 worth of lights since the deal took effect on April 3, 2002.
"The SOA indicates the Coast Guard's ongoing demand for solar LED lights," said Carmanah CEO Art Aylesworth. "Carmanah's proprietary solar technology is now the standard for short range aids to navigation lighting in Canada."
The Canadian Coast Guard is widely retrofitting the aids to navigation system with solar LED lighting to improve reliability and efficiency and meet an international commitment to keep lights functioning 99 percent of the time. Carmanah's solar LED lights reduce operating costs because they require no maintenance for up to five years.
Their relatively small size allows the use of smaller, lighter aids to navigation buoys that can be serviced with fewer personnel and smaller boats. This has made the contracting of buoy operation and maintenance to harbour authorities easier for the Coast Guard. "Carmanah lights are small and lightweight so local fishermen can install and remove them each year around the fishing season. We provide a better service to our clients, reduce costs and help local communities," says Mike Clements, Manager of the Aids to Navigation Program for the Canadian Coast Guard in Newfoundland and Labrador. "This has also enabled the Newfoundland Region of the Coast Guard to establish the first fully lighted aids to navigation system in the world."
Said Aylesworth, "The marine industry is the first and most successful application for Carmanah's platform solar powered LED technology. This niche has given us to average 80% growth over the last three years, and shows no signs of slowing."
About Carmanah Technologies Inc.
Carmanah designs, manufactures and supplies patented, proprietary solar-powered LED lighting solutions to the marine, railway and roadway markets. The company has distributors in over 80 countries and now has more than 44,000 units installed to-date. The shares of Carmanah Technologies Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol "CMH". For further information, visit www.carmanah.com.
On Behalf of the Board of Directors
Carmanah Technologies Corporation
Praveen Varshney, Director
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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, 2001, 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, 2001, 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.