VICTORIA, BRITISH COLUMBIA, CANADA (January 28, 2011) – Carmanah Technologies Corporation (TSX: CMH) a leader in solar LED lighting and power systems for a range of industrial applications, has learned that Lightech Electronics Ltd. and certain of its shareholders have filed a Statement of Claim in the District Court for Tel-Aviv Yaffo, Israel against Carmanah Technologies Corporation, Carmanah’s single purpose Israeli subsidiary, and certain of Carmanah’s officers claiming damages of USD $6 million. The Statement of Claim, which has not been served on Carmanah or any of the named Defendants, alleges a breach of the terminated Merger Agreement between Lightech and Carmanah, among other things.
“It is disappointing that Lightech has chosen to respond in this way to the proper termination of the Merger Agreement” stated Ted Lattimore, CEO, adding “Carmanah has always acted in good faith and was within its rights to terminate the Merger Agreement. As previously announced, we are seeking return of the Signing Payment that was advanced to Lightech under the Merger Agreement and have filed a claim against Lightech in British Columbia Supreme Court.”
Carmanah will review Lightech’s claim when it is served and, after consulting with legal counsel, Carmanah intends to vigorously defend the claim which Carmanah believes to be entirely without merit.
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 carmanah.com.
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