VICTORIA, BRITISH COLUMBIA, CANADA (March 14, 2013) Carmanah Technologies Corporation (TSX: CMH) (“Carmanah” or the “Company”) has appointed Daniel Nocente to the Board of Directors (the ‘Board”). Mr. Nocente was most recently the Vice-Chairman of National Bank Financial (Corporate and Investment Banking) based in Vancouver B.C., Canada. Prior to joining National Bank, Mr. Nocente was Vice-Chairman and the BC Geographic Head for RBC Capital Markets. In addition, he has held positions at several other prominent investment banks in Canada. He has a BA from the University of British Columbia, Canada and an MBA from George Washington University in Washington, DC, USA.
“We are privileged to have such a wealth of experience and expertise to augment our current Carmanah board of directors,” said Robert Cruickshank, Chairman of the Carmanah Board. “I am pleased to welcome Daniel on behalf of Carmanah, and am certain he will contribute significantly towards the company executing on its growth strategy.”
The Board has recently undertaken a complete review of governance policies and procedures and approved a complete set of new governance documents. To review any of these new policies as adopted please see our Company website (www.carmanah.com).
As part of this process the Board has approved the adoption of an advance notice policy (the “Policy”) on February 14, 2013, which Policy, among other things, includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company other than pursuant to: (i) a “proposal” made in accordance with the Business Corporations Act (British Columbia) (the “Act”); or (ii) a requisition of the shareholders made in accordance with the Act. Among other things, the Policy fixes a deadline by which holders of record of common shares of Carmanah must submit director nominations to the Secretary of the Company prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in the written notice to the Secretary of the Company for an effective nomination to occur. No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Policy.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Policy is effective and in full force and effect as of the date it was approved.
The full text of the Policy is available via SEDAR at www.sedar.com or upon request by contacting Roland Sartorius, the Chief Financial Officer and Secretary of the Company, at 1.877.722.8877 or by email at firstname.lastname@example.org.
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 transportation 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 carmanah.com.
For further information:
Investor Relations: Roland Sartorius (CFO)
Public Relations: Natasha Bartlett
This news release contains “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements in this news release include statements about the delivery of strong and effective products for transportation applications worldwide, and the performance of such products.
With respect to the forward-looking statements contained in this news release, Carmanah has made numerous assumptions, including assumptions regarding Carmanah’s ability to continue delivery of its products. While Carmanah considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Carmanah’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained herein. Known risk factors include, among others: Carmanah’s ability to continue delivery of its products, and the standard of quality of such products, may be negatively affected by numerous risk factors and uncertainties, as disclosed in Carmanah’s most recently filed Annual Information Form, Annual MD&A, and other continuous disclosure filings which are available on SEDAR at www.sedar.com. Carmanah disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.