VICTORIA, BRITISH COLUMBIA, CANADA (October 12, 2011) Carmanah Technologies Corporation (TSX: CMH) is pleased to announce the appointment of Bruce Cousins as Chief Executive Officer and a Board Director, effective October 12, 2011. Mr. Cousins takes over both roles from Ted Lattimore, the company’s CEO and Board Director since 2007.
Mr. Cousins’ professional experience began in finance, having completed a Bachelor of Commerce and Chartered Accountant designation in 1987 and 1989, respectively. He has gained extensive experience in leadership and operations working for both multi-million dollar companies and in leading start-ups through to successful completion of their strategic growth plans. His 22 years of entrepreneurial and executive experience, began with a 13 year tenure with Johnson and Johnson in finance and operations. In 2004 Mr. Cousins left behind a successful career with Johnson and Johnson and joined three founders in the start-up phase of Aspreva Pharmaceuticals. Aspreva developed rapidly as a private company and in slightly more than one year Mr Cousins played a leadership role in the IPO of the company, with a successful cross border listing on both the NASDAQ and TSX. Aspreva continued to develop with market capitalization reaching 700 million dollars with operations in Switzerland, UK, US and Canada. In 2007 Mr. Cousins led the strategic assessment, resulting in the sale of the company in January 2008, delivering a 24% premium to shareholders in a 915 million dollar all cash transaction. More recently, Mr. Cousins has spent the past few years in the renewable energy industry. At Xantrex, he completed the sale in a four month period resulting in a 55% premium to shareholders; at Ballard Power he led finance and operations through a balance sheet fortification initiative.
“We are very pleased to have Bruce joining Carmanah as CEO at this point in the company’s development,” stated Board Chair Rob Cruickshank. “Bruce has an outstanding track record of delivering financial, operational and organizational performance, and company profitability, in the global technology industry. His wealth of knowledge, commitment to success, and experience in taking new technologies and solutions to new markets, will take Carmanah into the next phase of its strategic growth plan.”
The Board thanks Ted Lattimore for his contributions to Carmanah as CEO and as a Director over the past four years and wish him well in his future endeavours.
About Carmanah Technologies Corporation
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world’s harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol “CMH”. For more information, visit www.carmanah.com.
For further information:
Investor Relations: Roland Sartorius, CFO
Public Relations: David Davies
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. For additional information on these risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com. The risk factors identified in Carmanah’s AIF and MD&A 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.