Victoria’s Carmanah Technologies Corp. shone the spotlight on the next phase of its corporate life last week as it graduated to tier 1 status on the TSX Venture Exchange.
Carmanah (CMH: TSX Venture) manufactures LED-based lighting products for transit, marine, aviation, roadway and other markets. It went public in 1998 via a reverse takeover.
In a statement, Carmanah CEO Art Aylesworth said the move to top-tier status on the venture exchange “confirms the overall strength of Carmanah’s business strategy.”
John McCoach, vice-president of listed issuer services for the venture exchange, said the exchange features two tiers of active companies.
Carmanah director Mark Komonoski said one of the benefits of the move was an improved perception among the investment community.
“It just shows that you’ve grown into a bigger, more evolved corporation,” he said.
The tier 1 title is the next stage for Carmanah on its way to a senior listing, possibly on the TSX as well as in the U.S., Komonoski said.
Such a move would be possible within the next year or two, he said.
Certainly, the company – which was founded in 1994 and incorporated four years later – has enjoyed solid growth.
Its 2004 sales were $15.9 million, up from $9.2 million in 2003 and $6.5 million in 2002.
Meanwhile, its 2004 net earnings were $592,823, compared with a loss of $126,394 for the same period a year earlier.
The company’s recent first quarter results maintained the momentum, as Carmanah reaped record Q1 revenues of about $4.8 million.
Komonoski said the company’s revenues are projected to be close to $23 million in 2005.
At press time, Carmanah’s share price stood at $2.62. Its 52-week high/low is $3.19/$1.96.
It has thousands of customers, and its main markets are North America – led by the U.S. – and Europe.
Carmanah has about 100 employees.