VICTORIA, BRITISH COLUMBIA, CANADA (October 25, 2010) – Carmanah Technologies Corporation (“the Company”) (TSX:CMH), a leader in solar LED lighting and power systems for a range of industrial applications, today announced that it has received a requisition for the calling of a special meeting of shareholders of the Company from a corporation allegedly holding approximately 9.5% of Carmanah’s issued and outstanding common shares. The requisition states that the business to be transacted at the meeting is to consider an ordinary resolution directing the Company not to complete its proposed financing which is necessary to complete the acquisition of Lightech Electronic Technologies Ltd., which the Company announced on September 21, 2010. The requisition also calls for the removal of the Company’s Board of Directors if the Board does not agree to be bound by the results of the ordinary resolution. The Board of Directors is evaluating the requisition and will respond in accordance with applicable law.
Since 1996, Carmanah has been engineering some of the most advanced solar LED lighting on the market. With over 300,000 installations worldwide, Carmanah technology has been put to the test in virtually every environment on Earth. Featuring a patented energy management system that provides enhanced autonomy and system performance, reliable off-grid lighting is something Carmanah is known for. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol”CMH”. Carmanah is backed by a worldwide network of lighting professionals. For more information, visit www.carmanah.com.
Carmanah Technologies Corporation
Chief Financial Officer
For further information, please contact:
Investor Relations: Roland Sartorius
Public Relations: David Davies
Forward Looking Statements
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption “Note Regarding Forward-looking Statements” and “Key Information – Risk Factors” and elsewhere in Carmanah’s Annual Report for the fiscal year ended December 31, 2009, as filed on SEDAR at www.sedar.com. The risk factors identified in Carmanah’s Annual Report are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.