Victoria, BC – August 12, 2004 – Carmanah Technologies Corporation (TSX:CMH) is pleased to announce that the Company has achieved a significant corporate milestone of 100,000 units sold worldwide.
“It took almost four years to reach our 50,000 unit milestone and less than two more to reach 100,000”, states Art Aylesworth, Carmanah’s CEO. “Our growth in unit sales, revenues and profit demonstrates our continued leadership position in the field of solar-powered LED lighting.”
Carmanah’s rapid growth is primarily due to the Company’s ability to successfully leverage its core “marine-based” solar-powered LED technology into new markets, including aviation, transit and roadways. As Carmanah continues to gain acceptance and market share in these markets, the Company anticipates its unit sales to grow at an even faster rate.
In the face of the faltering reliability of grid-based power supply and the constantly rising cost for traditional technology, the world grapples with the ever increasing need for energy efficient means of lighting. Carmanah offers solutions. In the aviation market, the Company now has more than 15,000 airfield lights installed in 60 countries. In the transit market, Carmanah’s solar-powered LED illuminated bus stops and shelters are now in use by more than 70 transit authorities throughout North America and abroad. In the roadways market, Carmanah has recently released solar-powered LED pedestrian crosswalk beacons, school zone beacons and 24-hour flashers.
“Our continued growth in the months and years ahead will be fueled by many products and many markets. We are confident that the new products currently in design for the marine markets will be well received and that our technology will continue to enjoy acceptance in the aviation, transit and roadways markets worldwide. It is also quite likely that we will discover additional new markets that offer yet undetermined potential for our sustainable technology. It is this almost limitless string of possibilities that make us believe that the next 100,000 units will come quickly – as the world comes to terms with the urgent need for alternative energy solutions,” added Art Aylesworth.
Developed between 1994 and 1998, Carmanah’s marine lighting technology captured the attention of coast guards, navies and other maritime authorities worldwide with its unique no-maintenance design, superior performance, reliability and cost-effectiveness. The lights have gained a favorable reputation at international aids-to-navigation conferences and the trade industry. Carmanah’s patented navigation lights now mark hazards and guide ship traffic on buoys in some of the busiest waterways in the world, including Hong Kong, India, the United Kingdom, Egypt, Panama, the United States and Canada. As an interesting note, Carmanah lights will also be used at the water sports venue for the Olympics in Athens this August.
In recognition of Carmanah’s business and innovative success, the Company has received a number of awards. In April of 2004 Carmanah received the Industry Award for Export Performance at the Globe Awards for Environmental Excellence. The annual awards recognize Canada’s most influential and environmental corporations. Carmanah also received the 2003 Canadian Institute of Energy (BC) Applied Energy Innovation Award. In 2003, Carmanah ranked #330 in the North American Deloitte & Touche Technology Fast 500.
Carmanah is an alternative energy manufacturer specializing in patented solar-powered LED lighting solutions for commercial applications in the aviation, transit, marine, roadway, railway and industrial worksite markets. The Company currently has more than 100,000 units installed in 110 countries. The shares of Carmanah Technologies Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol “CMH” and on the Berlin and Frankfurt Stock Exchanges under the symbol “QCX”. For more corporate information, please visit www.carmanah.com.
On Behalf of the Board of Directors,
Carmanah Technologies Corporation
Praveen Varshney, Director
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, 2003, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. These risks and uncertainties are also described under the caption “Risk Factors” in Carmanah’s Annual Information Form dated December 31, 2003, as filed with the British Columbia Securities 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.