Victoria, British Columbia, Canada – Tuesday, October 16, 2007 – Carmanah Technologies Corporation (TSX: CMH), a global provider of solar power and lighting technologies, is pleased to announce the appointment of Ted Lattimore as Chief Executive Officer, effective October 16, 2007. Mr. Lattimore takes over from Art Aylesworth, the company’s CEO since 2000, who moves to the position of Chairman of the Board.
Mr. Lattimore brings more than 20 years of entrepreneurial and executive experience in the mobile telecommunications industry, beginning with his involvement in the launch of the industry in Canada in 1985, to most recently as the President and Chief Operating Officer for Vodafone Romania (formerly Connex – MobiFon, part of Montreal-based TIW), a subsidiary of Vodafone Group Plc., the world’s largest international mobile telecommunications group. His achievements with Connex – MobiFon / Vodafone include growing the company’s customer base from 700,000 to 5.5 million subscribers in six years.
“I am very pleased to have Ted succeed me as CEO at this natural transition point in the company’s development,” stated Art Aylesworth. “Ted has an outstanding track record of delivering exceptional operational and organizational performance, and company profitability, in a rapidly growing, global technology industry. His wealth of knowledge, commitment to success, and experience in taking new technologies and solutions to new markets, will lead Carmanah into the next phase of its strategic growth plan.”
Prior to joining Carmanah, Mr. Lattimore’s career includes:
At Connex – MobiFon, in the developing Eastern European country of Romania, Mr. Lattimore implemented a complete reorganization and financial focus of the company that resulted in uninterrupted customer and financial growth for the parent company, Canada’s TIW, while concurrently improving employee and customer satisfaction. The company generated $286 million in shareholder dividends to year end 2004, sold a $225 million high-yield bond-the first ever in Romania-and managed a $300 million loan restructuring, the biggest private placement in Romanian history. The European Bank of Reconstruction and Development named it one of its top 10 investments of all time. Business Central Europe, a publication of The Economist, named it “Best Company in Romania” for three years in a row. Connex – MobiFon’s sale to Vodafone in 2005, the larger part of a US$4.5 billion transaction, was the largest corporate sale in Romania.
A native of Ontario, Canada, Mr. Lattimore holds a bachelor’s degree in Economics from the University of Western Ontario, completed executive finance training at the Harvard Business School, and guest lectured at the Romanian/Canadian MBA program in Bucharest. He was recognized as one of the top 10 business managers in Romania.
“Ted Lattimore has demonstrated his abilities as a mature, aggressive and highly strategic business leader and I am confident about Carmanah’s future in such capable hands,” said company founder and exiting Chairman Dr. David Green, who remains on the Carmanah board as an independent director. “The Board has been particularly impressed by Ted’s decision to receive the majority of his compensation in the form of options and performance-based share units. Additionally, Ted has requested the opportunity to purchase nearly $500,000 of common shares from the company. Clearly Ted is confident in the growth opportunities available to Carmanah and is very focused on realizing this potential.”
Following the recent hiring of Mr. Philippe Favreau as Chief Operating Officer and Mr. Roland Sartorius as Chief Financial Officer, Mr. Lattimore’s appointment completes Carmanah’s succession plan, ensuring continuity and quality of leadership going forward.
A conference call will be held on Tuesday, October 16 at 11:00AM Eastern (8:00AM Pacific) to introduce Mr. Lattimore. To participate on the conference call, please call toll-free 1-800-525-6384
(domestic) or +1-780-409-1668 (international) approximately five to ten minutes prior to the start time. When prompted for the Conference ID, please enter 20709987.
A replay of this conference call is available approximately two hours following the call’s completion. To access this recording, call toll-free 1-888-214-7699 (domestic) or +1-402-220-1554 (international). When prompted for the passcode, please enter 20709987. In addition, a recording of the conference will accessible via Carmanah’s corporate website at www.carmanah.com within three business days.
|Click here to listen to an audio recording of the teleconference.|
About Carmanah Technologies Corporation
Carmanah is a technology leader and well recognized brand in solar-LED lighting, solar power systems and LED-illuminated signage. From its headquarters in Victoria, British Columbia, Canada, Carmanah oversees a network of branch offices and sales representatives across Canada, the United States and the United Kingdom.
Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol TSX:CMH. For more information, please visit www.carmanah.com.
Carmanah Technologies Corporation
Chief Financial Officer
For further information, please contact:
Director of Investor Relations
Carmanah Technologies Corporation
Tel: (403) 470-8384
Tel: (250) 382-4332
This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties 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, 2006, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.