Carmanah Announces Second Quarter Results

September 4, 2001
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Vancouver, British Columbia – April 26, 2002 – Carmanah Technologies Corporation (CMH – TSX Venture Exchange) is pleased to announce the second quarter results for the period ended June 30, 2001.

For the six-month period ended June 30, 2001, the Corporation generated revenues of $1,682,983, an increase of 45% over the same period in 2000’s revenues of $1,123,671. Revenue growth was achieved through increasing sales of existing product lines, introduction of additional product lines to market, as well as increased investment in sales and marketing resources and activities.

Total operational expenses for the six months ended June 30, 2001 were $1,059,422 overall, a 114% increase over the $497,079 in same period 2000. This is the result of increased staff and administrative expenses to support the Corporation’s expansion into new products and new markets.

Net loss for the period ended June 30, 2001 was $215,763 compared to net earnings of $38,555 for the same period 2000. The increase can be attributed to the additional resources and administrative expenses required to provide and support the extensive sales and marketing activities, as well as professional services required for the reverse takeover of Carmanah Technologies Inc. (“CTI”). The Corporation’s net working capital balance increased from $659,300 as at December 31, 2000 to $2,303,969 as at June 30, 2001, an increase of $1,644,669. The increase was primarily attributable to the cash received on the reverse takeover of CTI.

Pursuant to a share purchase agreement dated June 14, 2001, the Corporation acquired all of the issued and outstanding securities of CTI in exchange for the issuance of 14,000,000 post consolidated common shares of the Corporation.

To view the unaudited financial statements in Adobe Acrobat (.PDF) format, select from the following links:

  • Balance Sheets

    at June 30, 2001

  • Statements of Loss and Retained Earnings (Deficit)

    six months ended June 30, 2001

CTI is a technology corporation specializing in the design, manufacture and supply of patented, proprietary solar LED (light emitting diode) lighting solutions for the marine, roadway and railway markets worldwide. CTI’s products are designed for markets with strict, regulated requirements for performance, dependability, and vandal resistance. CTI’s products are built to require no servicing for five years and are virtually indestructible. They are sold around the world through an extensive system of distributors, and via e-commerce at Established in 1993 and headquartered in Victoria, British Columbia, Canada, CTI currently has over 80 distributors worldwide and approximately 28,000 lights installed to-date.

Management is pleased with the financial results as it continues to grow the business and focus on enhancing shareholder value.

On Behalf of the Board of Directors,
Carmanah Technologies Corporation

“Praveen Varshney”

Praveen Varshney

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact:

Mr. Praveen Varshney, Director
or Mr. Aly Mawji
Carmanah Technologies Corporation
1304-925 West Georgia Street
Vancouver, British Columbia, Canada  V6C 3L2
Telephone: (604) 629-0264
Toll-Free: 1-866-629-0264