VICTORIA, BRITISH COLUMBIA, CANADA (June 28, 2012) Carmanah Technologies Corporation (TSX:CMH) today announced that the Company has entered into a non-binding letter of agreement with one of Carmanah’s Master Distributors for the procurement, commissioning and installation of aids to navigation (“AToN”) within a broader significant marine project on a major navigable waterway in South America. The scope of this agreement will include Buoys and Fixed Aids as well as Carmanah’s proprietary Floating Aids. The agreement is subject to funding and technical specifications finalization by all parties. This is expected to be completed within the next 30 days, at which time more details will be disclosed.
“The project provides the catalyst for us to complete development on our 708 series light with the inclusion of Automatic Identification System (“AIS”) as well as Global System for Mobile Communications (“GSM”) communication. Together with our partner Sabik we will leverage technologies from both companies in this solution,” Bruce Cousins, CEO of Carmanah, commented. “In addition, Carmanah will remain prime in this contract for all AToN and work closely with marine buoy and fixed aid partners in fulfilling on the agreement.”
There can be no assurances that the transactions contemplated in the non-binding letter of agreement will be completed as currently anticipated, or at all.
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 pursues its business strategy within six distinctive product offerings: outdoor lighting, marine signals, aviation signals, traffic signals, grid-tie and mobile. Carmanah is actively seeking additional product sales opportunities to add to its top line revenue, as well as extending existing product lines through internal development efforts, strategic business relationships and focused acquisitions. 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:
Roland Sartorius, CFO
Forward-Looking Statements and Information
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 are generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets,” “could,” “estimates,” “expects,” “forecasts,” “projects” and similar expressions, and the negative of such expressions. Forward-looking statements in this news release include statements about the non-binding letter agreement with one of Carmanah’s Master Distributors (the “Non-Binding Agreement”); a broader significant marine project on a major navigable waterway in South America (the “Marine Project”); the scope of the Non-Binding Agreement; obtaining funding and finalization of technical specifications for the AToNs, and timing thereof; completion of the development of Carmanah’s 708 series light with the inclusion of AIS as well as GSM; the reliability and attributes of Carmanah’s solar LED lights and solar power systems; and Carmanah’s strategy, future operations, prospects and the plans of management; additional product sales opportunities; increased top line revenue; and extending existing product lines through internal development efforts, strategic business relationships as well as focused acquisitions.
With respect to the forward-looking statements contained in this news release, Carmanah has made numerous assumptions regarding, among other things, the completion of the Marine Project, including funding thereof, and the ability of the parties to the Non-Binding Agreement to finalize technical specifications; and additional product sales and extending existing product lines resulting in increased top line revenues. 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: the transactions contemplated in the Non-Binding Agreement may not be completed as currently anticipated, or at all; the Marine Project may not receive necessary funding in the timeframe contemplated, or at all, and the Marine Project may never be completed; the parties to the Non-Binding Agreement may not be able to finalize technical specifications for the AToNs within the timeframe contemplated, or at all; Carmanah may never complete development of its 708 series light; and general risks related to the competitive environment, competition with other energy sources, technological changes, anticipated adoption rates for Off-Grid LED lighting; ability to manage expansion effectively, foreign exchange, reliance on third party manufacturers, reliance on outside agents and distributors, reliance on key employees, intellectual property risks, environmental and regulatory compliance, government contracts and subsidies, product quality and reliability and warranty liability risk, downturn in economic and market conditions, liquidity and capital requirements, litigation risk, potential reorganization of operations or product offerings, and geopolitical and other global or local events; there can be no assurances that the Company can increase or maintain current top line revenue; there can be no assurances that the Company will achieve additional product sales; and there can be no assurances the Company can extend existing product lines through internal development efforts, strategic business relationships and focused acquisitions.
A more complete discussion of the risks and uncertainties facing Carmanah appears 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 and on the Company’s website at 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.