Vancouver, British Columbia - April 26, 2002 - Carmanah Technologies Corporation (CMH - TSX Venture Exchange), is pleased to announce that it proposes to issue 440,000 common shares of the Corporation at a price of $0.54 per share pursuant to a non-brokered private placement, for gross proceeds of $237,600. The private placement is subject to regulatory approval and Carmanah is required to file formal application for the common shares within 14 calendar days of this press release.
"This funding will speed up our business development activities, our new product development and our production capacities at Carmanah," states Art Aylesworth, CEO.
"Sales are increasing for us in new markets, such as railway, roadway and transit. We used to just make three products for the marine industry. Now we are producing eight products for a variety of industries," says Aylesworth. "Several of these new products are large enough they require more area for mechanical assembly, so Carmanah is expanding into some of its under-utilized space."
Carmanah has developed a solar powered LED technology which has applications in many different markets. Carmanah's highly successful e-commerce program has now been perfected to a template that can be used to generate market interest in a new industry at a very low cost.
For example, sales in the railway industry (marker lights for stationary rail cars) have gone from zero to $50,000 a month in just six months, with only one salesperson. New niches include mining and landfills, where roads are frequently moved. Carmanah's portable and sturdy self-contained lights are a perfect fit for those markets.
"The transit industry holds special promise for Carmanah," comments Aylesworth. "Market interest in our new products is strong, and we are serious about this multi-billion market. We need business development people on the ground, and engineers in product development to back them up. Our prototype turnaround time will now only be a couple of weeks."
Carmanah will use a portion of the funds to automate parts of the production process, increasing both the speed of production and product consistency.
About Carmanah Technologies Inc.
Carmanah specializes in the design, manufacture and supply of patented, proprietary solar-powered LED lighting solutions for marine, roadway and railway markets. The company currently has distributors in
over 80 countries worldwide and more than 42,000 units installed to-date. The shares of Carmanah
Technologies Corporation (parent company) are publicly traded on the Canadian Venture Exchange
under the symbol "CMH". For further information on the company's products and services, please visit
On Behalf of the Board of Directors,
Carmanah Technologies Corporation
Praveen Varshney, Director
For further information, please contact:
Mr. Praveen Varshney, Director
Telephone: (604) 629-0264
Fax: (604) 682-4768
Mr. David Davies
Telephone: (250) 382-4332
Investor Relations Contact:
Vanguard Shareholder Solutions
Telephone: (604) 608-0824
Fax: (604) 601-2004