goupnow
12 years ago
http://www.usetdas.com/TDAS/NewsArticle.aspx?NewsID=20552
FSC / Press Release
Super Highway Lighting Project Won by Carmanah Technologies
Carmanah EG500 solar lights win over $400,000 Mexico highway lighting project
Victoria, British Columbia CANADA, November 06, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), In a project valued at over $400,000, Mexican officials have selected the EG500 solar-powered outdoor lighting system to illuminate the country's latest major superhighway, Supervia Poniente. The EG500 solar outdoor lighting system, developed by Carmanah Technologies Corporation (TSX: CMH), represents the company's largest solar outdoor lighting product capable of producing up to 12,500 lumens. Originally slated for AC-powered lighting, Carmanah's proprietary EG500 solution both exceeded the lighting specifications required for the project and presented a compelling off-grid, sustainable lighting solution. The sale was handled by Best Light Mexico and Semex, Carmanah-authorized lighting partners in Mexico.
"Cost-effectiveness, performance and a reputation for reliability contributed to the selection of the Carmanah EG-series for a series of large-scale infrastructure projects in Mexico, including the Supervia superhighway project," comments Moises Villar, President, Best Light Mexico. "Officials in the State capital are pleased with the solar product's performance to-date and will continue to choose them for future highway and area lighting projects."
As a result of the decision to employ solar, the superhighway project benefited from cost savings as a result of a cable-free installation and low maintenance schedule. In concert with zero energy usage, the project also supports Mexico's commitment to sustainable solutions for use in major infrastructure development projects.
The superhighway, 5km in length, will connect the city's Santa Fe business district with the Periferico elevated highway. The solar illuminated portion of the highway (2km) includes elevated highways and bridges which are ideal locations for cost-savings when solar is employed over AC-powered lighting fixtures. The EG500 was selected by Mexico officials and the Consortium Controladora Via Rapida Poetas, which includes Spanish-based multinational construction and civil engineering company, Obrascon Huarte Lain, S.A. (OHL) and Mexican firm, Copri.
Already a leading highway and roadway solar lighting product, the EG500 of the Carmanah EG-series line is being used to safely illuminate roadways from Mexico and South America to the Middle East. Ideal for high solar regions of the world where existing infrastructure limitations benefit from stand-alone, zero-energy lighting products, the EG-series is suited to address the needs of developing nations for a high-performing outdoor lighting solution.
"The company's success in Mexican and Latin America markets can be attributed to localized support and solar expertise," suggests Bruce Cousins, Carmanah CEO. "Our distribution partner Semex, and local lighting agent Best Light, are champions in the presentation of our products' benefits, particularly in projects otherwise specified for grid-connected lighting. This presentation is helped by the product's ability to produce reliable, uniform and bright illumination at a cost-point that makes sense for organizations."
The Carmanah EG500 was presented as a sustainable lighting alternative for a multi-lane freeway that exceeded the project's lighting specification of 14 lux average, with 3:1 uniformity, at 30m pole spacing using 9,150 lumens light output. Already under construction, the Supervia highway is due to be completed by the end of 2012.
For more information about the EG500 solar LED outdoor lighting system, visit http://www.carmanah.com/outdoor-lighting.
###
About Carmanah Technologies Corporation (TSX: CMH)
Carmanah Technologies Corp. 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 signal, 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 as well as 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 http://www.carmanah.com.
Carmanah Technologies Corporation
"Roland Sartorius"
Roland Sartorius, Chief Financial Officer
For further information:
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
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 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, that the Company's proprietary EG500 solution both exceeded the lighting specifications required for the project and presented a compelling off-grid, sustainable lighting solution; and additional product sales result 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 products contemplated in this sale may not be completed or function as currently anticipated, or the installations may not be completed in the timeframe contemplated 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.
To view this press release as a webpage, please click on the following link:
http://www.fscwire.com/pr/carmanahnov062012.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Signs Estimated $10 Million Non-Binding Letter of Agreement
Thursday, June 28, 2012
FSC / Press Release
Carmanah Signs Estimated $10 Million Non-Binding Letter of Agreement
Provision of aids to navigation
Victoria, British Columbia CANADA, June 28, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), 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 signal, 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 as well as 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:
Investors:
Investor Relations:
Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations:
David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
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.
PR-201206-982
250 Bay Street, Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
To view this press release as a webpage, please click on the following link: http://www.usetdas.com/pr/carmanah06282012.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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http://www.theglobeandmail.com/globe-investor/news-sources/?date=20120628&archive=nlk&slug=00019935
otterman
12 years ago
Carmanah Receives $1.1 Million PowerStream Order
Wednesday, June 27, 2012
FSC / Press Release
Carmanah Receives $1.1 Million PowerStream Order
Town of Markham Recipient of Multiple Carmanah Projects
TORONTO, ONTARIO, CANADA (June 27, 2012) /FSC/ - Carmanah Technologies Corporation (CMH - TSX), ("Carmanah") has been awarded a $1.1M (CAD) order from PowerStream Inc to design and install two additional turnkey roof mounted solar photovoltaic (PV) systems in Markham, Ontario. Installation of the combined 220kW capacity will begin immediately at Milliken Mills Community Centre and R.J. Clatworthy Arena. These are the third and fourth contracts awarded to Carmanah by PowerStream Inc in the Town of Markham since December 2011.
PowerStream has selected Carmanah as the Engineering Procurement Construction (EPC) service provider on four of their Feed-In Tariff (FIT) projects to date. Most notably, Carmanah's 350kW PV system at Thornhill Community Centre was launched by Markham's Mayor, Frank Scarpitti, in February. Currently, a 285kW rooftop solar array is under construction at the Mount Joy Community Centre, awarded to the Company by PowerStream last month.
"Carmanah has the capacity to oversee multiple and complex projects to keep up with the growing demand for rooftop PV systems in Ontario," states Bruce Cousins, Carmanah CEO. "We are thrilled to have accomplished so many installations in Markham and continue to grow our partnerships with these progressive municipalities and Local Distribution Companies."
Collectively, Carmanah's five PV generating facilities in Markham have a rated capacity of approximately 1.1MW and are estimated to produce 1.3MW hours of renewable solar energy annually. These highly efficient grid-tie systems will offset the equivalent of 362 tonnes of carbon emissions in the community each year. The Town of Markham has been prolific in their adoption of the Ontario Power Authority's FIT Program, which allows the energy generated to be sold back into the electrical distribution grid.
"With this latest solar install, Markham will have 1105kW of rooftop solar projects on our facilities. We're committed to making Markham one of the greenest and most sustainable communities to live in North America," said Mayor Scarpitti, who also serves as Chair of PowerStream. "Our solar projects reduce greenhouse gases and conserve energy, and they also generate revenue through Ontario's Feed-In Tariff program."
Carmanah is a member of the Canadian Solar Industries Association (CanSIA) and specializes in professionally engineered solutions for commercial rooftop photovoltaic systems that meet the latest requirements of Ontario's Feed-In Tariff program (FIT). For more information on this or other projects, please contact Richard Wayte at rwayte@carmanah.com or visit www.carmanah.com/grid-tie.
# # #
About Carmanah Technologies Corporation
Carmanah Technologies Corporation is a global provider of renewable and energy-efficient technologies. From its headquarters in Victoria, British Columbia, Canada, and office in Toronto, Ontario, the company's Grid-Tie division oversees the design, supply, and installation of solar photovoltaic grid-tied systems for commercial, industrial and institutional applications. As one of the most trusted EPC contractors in Canada, Carmanah has installed more than 60 solar power systems in Canada, including the Dr. David Suzuki Public School, and the Jean Canfield Government Building in Prince Edward Island - named Canada's 2008 Solar Project of the Year by the Canadian Solar Industries Association (CanSIA). 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.
About PowerStream Inc.
PowerStream Inc. is the second largest municipally-owned electricity distribution company in Ontario, delivering power and related services to approximately 340,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. In addition to electricity distribution, the company also operates a renewable generation business throughout Ontario under the name PowerStream Solar. PowerStream Inc. is an incorporated entity, jointly owned by the City of Barrie, the City of Vaughan and the Town of Markham.
About Town of Markham
Markham, a municipality of more than 310,000 residents centrally located in the Greater Toronto area, is Canada's most diverse community and home to many of Canada's leading life science and technology businesses. Recipient of a 2010 Canada Award for Excellence - Silver for outstanding achievements in quality, customer service, and a healthy workplace, Markham is renowned for its rich heritage, vibrant neighbourhoods and leadership on the environment and urban design.
For further information:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
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 Engineering Procurement Construction (EPC) Agreement with PowerStream Inc.(the "Powerstream Order"); the scope of the EPC Agreement; obtaining funding and finalization of technical specifications for the Solar Photovoltaic (PV) Systems, and timing thereof; completion of the installation of the Solar PV Systems; and Carmanah's strategy, future operations, prospects and the plans of management.
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 PowerStream Order, including funding thereof, and the ability of the parties to the EPC Agreement to finalize technical specifications. 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 EPC Agreement may not be completed as currently anticipated, or at all; the PowerStream Order may not receive necessary funding in the timeframe contemplated, or at all, and the PowerStream Order may never be completed; the parties to the EPC Agreement may not be able to finalize technical specifications for the Solar PV Systems within the timeframe contemplated, or at all; Carmanah may never complete installation of the Solar PV Systems; and general risks related to the competitive environment, competition with other energy sources, technological changes; 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.
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.
we put solar to work(tm)
250 Bay Street, Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
PR-201204-891
To view this press release as a web page, click onto the link below:
www.usetdas.com/PR/carmanah27062012.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20120627&archive=nlk&slug=00019931
otterman
12 years ago
City of Los Angeles Highlights Carmanah Solar Powered Lighting
Tuesday, June 26, 2012
VICTORIA, British Columbia (Business Wire) -- City of Los Angeles Councilmen, community members, and representatives from the Public Works Department, including the Bureau of Street Lighting, celebrated the grand opening of the Los Angeles River bicycle path on May 24th, 2012. In 2011, the LA City bike path, spanning approximately 4 miles in two lengths along the Los Angeles river, received one-hundred EverGEN 1710 solar powered lights developed by Carmanah Technologies (TSX:CMH) (Pink Sheets: CMHXF). Local residents and commuters present at the opening ceremony commented positively on the solar-illuminated bike path offering increased safety and allowing for longer use of the path after dusk. The bike path represents one of many projects City officials have earmarked for sustainable lighting solutions, which supports the City's commitment to energy conservation and sustainable development.
Established in 2009, the LA River Bike path was previously illuminated for safety precautions using grid-powered AC HID (high intensity discharge) fixtures. Unfortunate issues surrounding copper theft left portions of the path dark after dusk, which prompted City officials to seek a solution that would mitigate security and usability concerns as well as avoid regular copper wire re-installment.
Working together with local lighting agent, David Silverman & Associates, and Carmanah, the City turned to solar powered lighting as a solution. According to Kerney Marine, Los Angeles City Project Manager, “The Carmanah solar-powered lights gave us exactly what we needed, and we avoided the high cost and associated risk of copper wiring. The integrated design with all the electronics, batteries, solar panels, and luminaire at the top of the pole makes the systems very theft resistant.”
“I love biking in this City and on this path,” comments a local resident at the ceremony. “These lights are an incredible addition. They address safety and recreational issues and it's fantastic that [the City] found a way to do it where we can keep the vandalism and damage down. Congratulations.”
Bruce Cousins, CEO of Carmanah, states, “The City of LA is a leader in the deployment of energy efficient lighting technologies designed to meet safety, security and energy and cost reduction initiatives. The City's approval of Carmanah solar lighting products across a variety of projects and applications helps guide other major cities and commercial organizations to investigate the immediate and long-term benefits that solar-based lighting solutions provide.”
For more information about the EverGEN 1710 solar outdoor lighting system, visit www.carmanah.com/outdoor-lighting.
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 is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH”. For more information, visit carmanah.com.
Carmanah Technologies Corporation
“Roland Sartorius”
Roland Sartorius, Chief Financial Officer
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1-877-722-8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1-250-382-4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20120626&archive=bwire&slug=20120626005513
otterman
12 years ago
Al-Babtain and Carmanah Sign Middle East Distribution Agreement
Thursday, June 14, 2012
VICTORIA, British Columbia (Business Wire) -- The growing demand for solar-powered lighting solutions required in the Middle East has encouraged the signing of a distribution agreement between Saudi Arabian-based power and telecommunications company Al-Babtain and Canadian-based solar outdoor lighting manufacturer Carmanah Technologies (TSX: CMH). The agreement will allow for the locally supported sale and distribution of Carmanah's EG-series solar outdoor lighting portfolio in select countries of the Middle East by an existing leader in power, telecommunications, outdoor lighting and infrastructure solutions. The EG-series is a stand-alone, solar-powered outdoor lighting solution that is optimized to perform reliably in arid, desert conditions that include high ambient temperature and intermittent sandstorms.
Al-Babtain, active in the area of outdoor lighting, transmission and distribution, telecommunications, structural steel and galvanizing services, supplies solutions for local and international markets. The company emphasizes strength in its design and manufacturing capabilities and in meeting international standards, maintaining production bases in Riyadh, KSA, and Cairo, Egypt and Troyes, France. As an established infrastructure provider, the agreement inducts Carmanah EG-series products into a large sales channel network and provides access to locally-sourced outdoor lighting poles, which Al-Babtain manufactures in its facilities certified to ISO 9001 standards.
In an initiative to invest in the growing market for renewable solar lighting in the region, Al-Babtain identified a number of solar outdoor lighting manufacturers to support their direction. According to Wissa Hennawy, CEO of Al-Babtain, “We selected Carmanah Technologies as the provider of solar outdoor lighting systems as a result of the company's internationally-recognized brand and consistent reputation. Our commitment to quality and reliability and as a reputable manufacturer of power and telecommunication is mirrored in Carmanah's history of reliability and performance.”
Under the terms of the agreement, Al-Babtain will pursue sales and distribution of Carmanah EG-series products in market sectors including, but not limited to, highway/roadway, area and path/pedestrian lighting applications.
“With the signing of this agreement, Carmanah has an opportunity to make significant breakthroughs in several key market segments in these regions,” comments Bruce Cousins, Carmanah CEO. “In particular, our efforts to grow in high light-output arenas including highway and freeway applications are dramatically strengthened in this partnership.”
For more information about Carmanah solar outdoor lighting products, visit www.carmanah.com or contact us today at info@carmanah.com.
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 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.
About Al-Babtain Power and Telecommunications Co.
Al-Babtain is a manufacturer of Power & Telecommunication products serving local and international markets. The company's success can be attributed to focusing on individual market needs and applying the company's expertise and resources to develop and supply products that provide value.
With its production base in Riyadh (KSA), Cairo (Egypt) and Troyes (France), Al-Babtain maintains high quality & reliability standards by acquiring some of the best technologies from leading companies in the world, together with technologies developed in its own facilities.
Al-Babtain's leadership is committed to quality and exceeding the expectation of valued customers. To demonstrate our commitment, all business units are certified to ISO 9001 Quality Management System by the globally reputed certification agency.
To achieve and demonstrate sound Environmental and Occupational Health & Safety performance, the company has now established an effective Environmental Management System (ISO 14001) and Occupational Health & Safety Management System (OHSAS 18001) certified by the renowned certification body M/S British Standard Institution (BSI).
The company is further committed to the employees and the community.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20120614&archive=bwire&slug=20120614006008
otterman
12 years ago
Carmanah Technologies Corporation and ESSI Corporation Sign Long Term Reciprocal Distribution Agreement
Tuesday, May 29, 2012
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) and Environmental & Safety Systems International, Incorporated (“ESSI”) have signed a three year Reciprocal Distribution Agreement. Under the agreement, ESSI will distribute Carmanah offshore oil/gas sector marine navigational aids in the continental USA and Carmanah will reciprocate with the distribution of ESSI's proprietary fog horn, in addition to other products manufactured by ESSI, in Canada and Latin America. By leveraging each company's strengths, a broader product line will be offered together with skilled technical support to targeted oil/gas markets.
ESSI has a long and successful history of distributing Sabik products to the oil/gas industry. Carmanah and Sabik together serve the marine navigation market branded as Carmanah/Sabik Marine, offering a full suite of aids to navigation (AtoN) with strong distribution in Canada and Latin America. "We immediately saw potential synergy between Carmanah/Sabik Marine's products and ESSI's oil/gas products with the goal of becoming strategic partners," explains Bruce Cousins, Carmanah CEO. "We're extremely pleased to have translated that early identified synergy into this long term agreement."
ESSI has more than (20) years of experience as a dedicated manufacturer and supplier of products and services to the oil/gas industry. Kim Adams, ESSI's president states: "Our depth of knowledge and history of responsiveness in harsh conditions makes it difficult for outside manufacturers to qualify their products for distribution within our product line. Because Carmanah's products are rugged, reliable, and simple to activate, we believe this addition to our product offering will satisfy our customer requests. We each expect to benefit significantly from the strengths of each other, together expanding the reach and market share of Carmanah/Sabik Marine and ESSI in both new and established markets."
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 is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH”. For more information, visit carmanah.com.
About Sabik Oy
Sabik is a Finnish company with sister companies in Germany and Denmark. Sabik is in the business of enhancing safety for traffic at sea, on the road and on the railways.
Sabik specializes in optical engineering, traffic telematic solutions and their components, and has accumulated knowledge in optics and microprocessor technology as well as in embedded and system level software. Sabik offers its clients the latest technical solutions and the technical support needed including installation and maintenance services.
Sabik is a certified ISO 9001:2008 Quality Assurance System as well as a IS0 14001:2004 Environmental Management system, and has been a member in IALA since 1992, currently representing the European industry within the IALA Industrial Members Committee. For more information about Sabik, visit www.sabik.com.
About ESSI
Environmental & Safety Systems International, Incorporated is a privately held company involved in research/development, marketing, field service and repair of safety systems and satellite communications systems for the domestic and international oil/gas industry. For more information, visit essicorp.com.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations:
Roland Sartorius CFO, 1-877-722-8877
investors@carmanah.com
or
Media:
Public Relations:
David Davies, +1-250-382-4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20120529&archive=bwire&slug=20120529006169
otterman
12 years ago
Carmanah Announces Sales & Marketing Agreement With Best Light Mexico
Wednesday, May 16, 2012
VICTORIA, British Columbia (Business Wire) -- As part of the ongoing growth of its solar outdoor lighting business in Mexico, Carmanah Technologies (TSX: CMH) is pleased to announce an agreement has been signed with Best Light Mexico (“BLM”) for the specification, marketing and sales of Carmanah solar outdoor lighting products in Mexico.
Building on the success of the Carmanah-Semex Manufacturing and Distribution partnership, established in 2010, the appointment of BLM in Mexico for Carmanah-Semex represents a significant advancement for the specification and distribution of Carmanah's solar outdoor lighting systems in the country. Earlier this year, Carmanah-Semex presented the State of Puebla with the Carmanah EG320 solar outdoor lighting systems for a 4.2 km park and pathway lighting project valued at over $1.2 million USD. In late 2011, the project was awarded to Carmanah and over 400 Carmanah solar outdoor lighting systems were deployed. The park later played host to a National celebration of the 150th anniversary of the Battle of Puebla which included the inauguration of the park by Mexico President, Felipe Calderon and National and International delegates on May 5th, 2012.
BLM, founded by Ing. Arnulfo Villar, maintains over 35 years of experience in high specification lighting projects for public and private entities in Mexico which have included general area and street lighting for industrial and commercial developments and infrastructure improvement projects. The company's lighting experience coupled with Mexico's growing interest and investment in renewable resources (particularly lighting) positions BLM as a resource for major solar outdoor lighting projects nationwide. Located in Mexico City, BLM is establishing a showroom highlighting the Carmanah-Semex product line, and will include an educational center for prospective industries interested in learning more about taking their projects solar.
Under the terms of the agreement, BLM will pursue sales of the Carmanah–Semex product lines, including EG-series and EverGEN solar outdoor lighting products, with localized sales representatives and marketing activities centered in Mexico City.
“We're looking forward to BLM building on the success of our Carmanah-Semex relationship, as we've seen in Puebla and in park and street lighting projects awarded across Mexico,” states Bruce Cousins, Carmanah CEO. “Through this new agreement, Best Light Mexico will play an important role in ensuring we have the representation and support required for our continued, aggressive growth in this market.”
“We are pleased with the agreement,” says Moises Villar, General Manager, BLM. “Carmanah represents a major supplier of reliable solar outdoor lighting products for the projects we're specifying and we're excited to meet the needs of our customers together.”
The agreement, signed at LIGHTFAIR International tradeshow (LFI) on Thursday, May 10th at in Las Vegas, Nevada, represents a key milestone in the company's strategic pursuit of solar outdoor lighting opportunities in Mexico. For more information about Carmanah solar outdoor lighting products, visit www.carmanah.com.
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
or
Media:
David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20120516&archive=bwire&slug=20120516006624
otterman
12 years ago
Carmanah Reports First Quarter 2012 Results
Tuesday, May 15, 2012
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its first quarter results for the period ended March 31, 2012.
For the three months ended March 31, 2012, the Company recorded a net loss of $0.9 million on revenues of $5.4 million. Total Q1 2012 revenues were down $4.2 million over the same period in 2011. The net loss is primarily driven by lower Grid-tie revenues in the quarter due to a delay in contract awards caused by uncertainties in Ontario, Canada's Feed in Tariff ("FIT") program. Q1 2012 lower results also reflect longer than expected timing of closing sales in our Outdoor Lighting and Aviation markets, as well as the first quarter of 2012 not having a number of significant project-based sales compared to the same period in 2011.
“In a word, disappointing sales results,” stated Bruce Cousins, Chief Executive Officer. “We believe that this has been a unique quarter and is not reflective of the balance of the year expectations. We remain committed to revenue growth in 2012. Significant progress was made in the quarter in support of expected improvements in revenue. We announced new products, strengthened our sales channels and enhanced our partnerships.”
Financial Condition at March 31, 2012 compared to December 31, 2011
•Cash and cash equivalents of $4.3 million, down $0.6 million from $4.9 million
•Working capital of $7.1 million, down $0.7 million from $7.8 million
•Continued debt-free operations
First quarter 2012 compared to first quarter 2011
•Revenues: $5.4 million, down $4.2 million from $9.6 million
•Gross margin: 37.2%, up from 32.4%
•Operating costs: $2.9 million, up $0.1 million from $2.8 million
•Net (loss)/income: $(0.9) million net loss, down $1.1 million from net income of $0.2 million
•Adjusted EBITDA (a non-IFRS measure): negative $0.6 million, down $1.3 million from positive $0.7 million
Summary of operations:
•Revenues for the first quarter of 2012 were $5.4 million, down $4.2 million from $9.6 million in the first quarter of 2011. By product sector, revenues are as follows:
•Signals, $2.9 million, down from $3.9 million
•Outdoor Lighting, $0.8 million, down from $1.5 million
•Grid-tie, $0.1 million, down from $2.5 million
•Mobile, $1.6 million, down from $1.7 million
•Gross margin percentages for quarter 1 2012 were 37.2%, up from 32.4% in quarter 1 2011. The increase was mainly driven by the change in sales mix, with substantially lower sales from lower margin grid-tie revenue. Broken down by product sector, gross margin percentages are as follows:
•Signals, 40.9% down from 44.3%
•Outdoor Lighting, 28.5% down from 31.2%
•Grid-tie, (7.4)% down from 15.5%
•Mobile, 36.1% up from 31.1%.
Corporate operational and business highlights during the first quarter of 2012 included:
•Successfully negotiated and signed two long term exclusive cooperation agreements to enhance our portfolio and strengthen our network of strategic partnerships with the following companies:
•Sabik Oy (“Sabik”), our marine signaling partner based in Finland which we have worked with over the past few years. The five year agreement expands on our previous two year sales and marketing collaborations and to include a deeper integration of joint product development.
•Laser Guidance Inc., a US based pioneer in the aviation precision guidance systems. The agreement provides us with a five year exclusive world-wide marketing license for a portfolio of Laser Guidance aviation navigation aids.
•Embarked on major development efforts for our signaling products which will see a variety of new products launched this year, most significantly a new state of the art Marine signal lantern to replace our 700 series lights and a new Traffic signaling device that improves crosswalk safety.
•Launched a number of new and innovative products in our Aviation, Outdoor lighting and mobile segments. Details of these product releases are outlined in the next section under the relevant segment update.
•Expanded our focus on revenue growth with the hiring of an additional five sales employees to complement our new vertical orientated sales structure. Under this new structure, each market vertical has its own leadership and supporting team and is directly responsible for driving the planning, development and execution within the market.Reporting Currency and Accounting StandardsUnless otherwise indicated, all financial information presented in this press release is in US dollars and has been prepared in accordance with International Financial Reporting Standards (“IFRS”).
Adjusted EBITDA
Adjusted EBITDA reconciliation Three months ended March 31
(US$ in thousands) 2012 2011
Net Income (loss) (911) 158
Add/(deduct):
Interest - 4
Income tax expense - 103
Amortization 277 275
EBITDA* (634) 540
Terminated Lightech agreement costs - 96
Non-cash stock based compensation 61 57
Adjusted EBITDA* (573) 693
* A Non-IFRS measure
Management believes that the non-IFRS measures presented provide useful information by excluding certain items that may not be indicative of Carmanah's core operating results and that this non-IFRS measure will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of results in the current period to those in prior periods as well as future periods. Reference to this non-IFRS measure should not be considered as a substitute for results that are presented in a manner consistent with IFRS. This non-IFRS measure is provided to enhance investors' overall understanding of Carmanah's current financial performance.
A limitation of utilizing this non-IFRS measure is that the IFRS accounting effects of the non-recurring items do in fact reflect the underlying financial results of Carmanah' s business and these effects should not be ignored in evaluating and analyzing Carmanah' s financial results. Therefore, management believes that Carmanah's IFRS measures of net loss and the same respective non-IFRS measure should be considered together.
Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-IFRS measure used for assessing financial performance is Adjusted EBITDA, defined as net income before interest, income taxes, amortization, non-cash stock-based compensation, and terminated Lightech agreement costs.
Complete set of Financial Statements and Management Discussion & Analysis
A complete set of the first quarter ended March 31, 2012 Financial Statements and Management's Discussion & Analysis are available on Carmanah's corporate website. To view these documents, visit: www.carmanah.com/Company/Investors/Financial_Reports.aspx. Both documents will also be filed on SEDAR (www.sedar.com).
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah' s most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah' s AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1-877-722-8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1-250-382-4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20120515&archive=bwire&slug=20120515007004
otterman
12 years ago
Carmanah Launches EG145 Solar Streetlight at LIGHTFAIR
Wednesday, May 09, 2012
VICTORIA, British Columbia (Business Wire) -- At the 2012 LIGHTFAIR International tradeshow (May 9-11th) in Las Vegas, Nevada, Carmanah Technologies Corp. (TSX: CMH)(Pink Sheets: CMHXF) is launching the EG145 solar outdoor street lighting system, the company's latest addition to its most cost-effective solar-powered outdoor lighting system series to-date. With the addition of this next-generation EG-series system, which provides freeway-level light output from a compact form designed to withstand extreme elements, Carmanah now provides a complete range of solar-powered outdoor lights that address the needs of cost-sensitive markets requiring powerful standalone lighting solutions.
The EG145 solar LED outdoor streetlight is capable of providing just under 3,000 lumens (dusk-to-dawn) for outdoor urban roadway, path and area lighting applications, making it a reliable and robust lighting solution. Through an advanced Carmanah energy management system, the EG145 takes advantage of high cascading efficiencies from solar panel, to charge controller, battery and LED driver. By reducing energy losses and maximizing energy collection, storage and usage, the total system cost is reduced while producing greater light output (energy usage) than any other product for its size in the marketplace. The result is a highly efficient, cost-effective and powerful standalone solar lighting alternative that can significantly reduce project and installation costs where grid-power is either unavailable or costly to access.
Featuring a top-of-pole integrated design which allows for an easy and rapid installation and superior theft and vandalism protection, the EG145 leverages award-winning design elements of the Carmanah EverGEN™ 1700 and 1500-series product lines and is tested to withstand extreme weather conditions and wind load ratings of up to 240 kph (150 mph) with 3 second gusts. Built for tropical coastal regions and arid desert applications, the EG-series is engineered to endure corrosion, heat and dust.
”The success of the EG-series and the introduction of a high performance, low-cost EG145 off-grid street lighting system are positioning Carmanah as the leading provider of solar outdoor lighting solutions in international markets,” said Bruce Cousins, Carmanah CEO. "With the EG145, Carmanah now offers aggressive dollar per lumen pricing for high-performance and reliable solar lighting products, capable of meeting small pathway to freeway lighting applications.”
Unveiled at the 2012 LIGHTFAIR International trade show (May 9th-11th) at the Las Vegas Convention Center, Las Vegas, Nevada, the EG145 solar outdoor street lighting system is available for viewing at the Carmanah booth #5117. For more information, including specifications and images, visit http://www.carmanah.com/outdoor-lighting/products/eg-series.
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 is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH”. For more information, visit carmanah.com.
Carmanah Technologies Corporation
“Roland Sartorius”
Roland Sartorius, Chief Financial Officer
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Roland Sartorius, CFO, 1-877-722-8877
Investor Relations
investors@carmanah.com
or
Media:
David Davies, +1-250-382-4332
Public Relations
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20120509&archive=bwire&slug=20120509005160
otterman
12 years ago
Consortium for Solar Lighting (CSL) Manufacturers Select Connecticut-Based Solar Leader to Head Organization
Tuesday, May 08, 2012
VICTORIA, British Columbia (Business Wire) -- The Consortium for Solar Lighting (CSL), a group of manufacturers working to accelerate the global adoption of reliable solar lighting technology, has hired clean energy veteran Michael Trahan as executive director to lead the group's effort to develop universal specifications to support consumers' fair and comprehensive evaluation of commercial-scale lighting systems.
Trahan has served as executive director of statewide industry group Solar Connecticut, Inc. since 2008 during which time industry membership has quadrupled. Earlier this year, HeatSpring Magazine wrote that, “Mike Trahan is the hardest working man in solar,” mainly for his efforts to galvanize manufacturers, installers and state policy makers to adopt a set of America's most progressive government policies toward residential and commercial solar power usage.
The CSL was created by some of the most active solar lighting producers in North America to foster awareness and provide education in solar lighting and the applications where it is a viable alternative to conventional grid-connected lighting technology.
CSL founders include (in alphabetical order) Carmanah Technologies Corporation, Sharp Manufacturing Company of America, Sol, Inc., SolarOne Solutions, Inc., and Trojan Battery Company. More than sixty solar lighting manufacturers, researchers, educators and related businesses worldwide have expressed interest in joining CSL since the group was formed.
Trahan states that a lack of clear and accurate equipment standards will adversely affect the rate of solar adoption in the lighting industry, and that CSL will take a leadership to develop a fair and comprehensive evaluation of commercial-scale lighting systems.
“Consumer frustration over the lack of independent solar powered lighting standards including effective sizing of today's high technology products is on the rise and left unaddressed, will adversely affect the rate of solar lighting adoption,” Trahan said. “Working with a broad spectrum of product and component makers, we will aggressively reach out to local, state and federal government and commercial customers, specifiers and everyone else in a decision making position and educate them on best practices when it comes to procuring solar lighting,” he said.
Last July, CSL released the first in a series of CSL Recommended Practices reports called “Solar Lighting Recommended Practices: Introduction.” A more detailed report will be made available this summer.
The original paper outlines solar lighting system sizing gaps in today's recognized industry standards and the importance for a specific standard that directly addresses solar lighting. The report also defines the process of selecting and configuring a solar lighting system to ensure that the system will operate reliably 365 days a year.
To view CSL Solar Lighting Recommended Practices: Introduction and to learn more about the CSL including membership, please visit www.consortiumforsolarlighting.com.
The CSL founding members, and Executive Director Trahan, will attend the LIGHTFAIR International tradeshow (LFI) on May 9-11 in Las Vegas, Nevada. Current and prospective CSL members are invited to discuss the CSL and its mission this with any of the CSL members. To arrange a meeting during LFI at the Las Vegas Convention Center, contact Michael Trahan, Executive Director of the CSL, at 1-860-256-1698.
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 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.
Sharp is a registered trademark of Sharp Manufacturing Company of America. All rights reserved.
Sol is a registered trademark of Sol, Inc. All rights reserved.
SolarOne is a registered trademark of SolarOne Solutions, Inc. All rights reserved.
Trojan is a registered trademark of Trojan Battery Company. All rights reserved.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
or
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20120508&archive=bwire&slug=20120508005335
otterman
12 years ago
Mexico President Inaugurates Puebla Park Featuring Carmanah EG-Series Solar LED Outdoor Lights
Monday, May 07, 2012
VICTORIA, British Columbia (Business Wire) -- On May 5th, Mexican delegates including President Felipe Calderón and the Puebla state governor celebrated the 150th anniversary of the Battle of Puebla with the inauguration of Paseo Ribereño Park, one of many emblematic landmarks in the anniversary celebrations and residence to over 400 EG-series solar outdoor lighting systems designed by Carmanah Technologies Corp. (TSX: CMH)(Pink Sheets: CMHXF). The celebration, which commemorates a state-wide historical event, included the inauguration of major urban infrastructures, a civic parade, cultural festivities, and a nationally-televised concert. The event also hosted a list of international delegates and guests. In preparation for the grand opening, the State ordered an additional 80 Carmanah EG320 solar LED outdoor lighting systems for “Los Fuertes”, a historically significant area where celebrations took place, for a total deployment of 469 systems valued at over $1.2M USD.
The EG-series solar outdoor light was selected by Mexico officials to illuminate the City's Paseo Ribereño (Riverside) park, which spans almost 5.2 kilometers along the Atoyac River. The EG-series met light output requirements to improve safety of the park while presenting an excellent economic argument to go solar as a result of lower product and installation costs in comparison with AC-powered alternatives. In addition to preserving the natural landscape by eliminating the need to dig hard-wired lighting throughout the park, the EG-series stringent backlight controls and dark-sky friendly fixture will preserve the natural habitat surrounding the public walkway areas. The project was won jointly by Carmanah and local partner Semex, S.A. de C.V.
The Carmanah EG-series solar LED outdoor lighting portfolio is the company's latest generation of reliable and cost-effective solar LED lighting products specifically designed for cost-sensitive and developing regions of the world. The EG-series solar engines are specified for their location and power high-efficiency LED luminaires which are available in standard IES distribution types II, III, IV, V, and flood.
“We're thrilled that our EG solar light met the needs of the parks that are included in such a historic celebration,” said Bruce Cousins, Carmanah CEO. “This additional installment in Puebla with Semex validates the potential for solar lighting and highlights Carmanah's technology at international levels.”
In 2010, Carmanah Technologies and Semex entered into a manufacturing and distribution agreement to allow both companies to bring leading-edge solar outdoor lighting technologies to Mexico as well as better serve major clients across the country.
Carmanah EG-series solar LED outdoor lights will be showcased at the 2012 Lightfair International tradeshow in Las Vegas, Nevada, May 9-11th (booth #5117). For more information about the EG-series and solar LED outdoor lighting, visit www.carmanah.com. For a full video of the inauguration, click here.
About Semex
Semex is a leading developer and manufacturer of highway safety and traffic products serving customers worldwide for the past 50 years. Semex is part of the Signal Group's companies (www.signalgp.com). For more information, visit www.semex.com.mx.
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Roland Sartorius, CFO, 1-877-722-8877
Investor Relations
investors@carmanah.com
or
Media:
David Davies, +1-250-382-4332
Public Relations
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20120507&archive=bwire&slug=20120507006269
otterman
12 years ago
Go Power! Generates $700,000 (CAD) from 2012 Booking Program
Thursday, May 03, 2012
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) (“Carmanah”) is pleased to announce the successful results of the Annual Booking Program for the company's proprietary Go Power! brand. The 2012 campaign achieved over $700,000 (CAD) in sales, indicating increased confidence in the RV aftermarket industry compared to recent years.
The popular Go Power! Booking Program, which began more than 10 years ago, has established itself as the premiere platform for the recreational vehicle buying season. The incentive program encourages RV dealers to order inventory early, ensuring Go Power! products are on-hand and available to their customers for spring/summer. Additionally, participating Go Power! dealers receive shipping incentives, marketing collateral and technical support. Top products sold in 2012 include Solar Charging Kits and the new SUNfilm Solar Series, which were launched in November.
The 2012 Go Power! Booking Program saw significant growth in solar units sold, resulting in a 30% increase in revenue compared to the 2011 program. The success of the 2012 program can be attributed to an expansion in the company's Canadian dealer network coupled with an increased demand for renewable power products over previous years.
"As an industry leader for the past fifteen years, Go Power! continues to deliver reliable products for recreational and industrial applications,” quoted Bruce Cousins, Carmanah CEO. “Our dealers recognize the value of our products and services and continue to be part of the program.”
Carmanah will launch the new 145 watt Solar Charging Kit at the upcoming BC Interior RV Show, May 4-6th, 2012. For more information, please contact Mike Stephens at mstephens@carmanah.com, or visit Carmanah's Go Power! team at the BC Interior RV Show, in Booth #16.
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.
The Company's Mobile division is a leader in the mobile, solar power industry and has more than 15 years of experience in the RV and fleet truck market. The Company's Go Power! brand is one of North America's most popular and recognized in solar power for both recreational and industrial use. Products include solar charging kits, pure and modified sine wave inverters and solar power accessories. 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1-877-722-8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1-250-382-4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20120503&archive=bwire&slug=20120503006525
otterman
12 years ago
Carmanah Technologies Launches A704-H Runway Light
Wednesday, April 25, 2012
FSC / Press Release
Carmanah Technologies Launches A704-H Runway Light
Sets new benchmark for Solar LED Aviation Lighting
Victoria, British Columbia CANADA, April 25, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), announces today the launch of the A704-H, its latest Aviation signaling product, which sets a new and higher level for solar LED lighting intensity in the aviation market. Based on Carmanah's proven technology, this light is easily installed, and can be remotely controlled. More importantly, the increased light intensity enables safe flights and ensures airfields can stay open more often in adverse weather.
"We have thousands of installations at permanent and temporary airfields through the world, and new product designs for this sector must provide enhanced visibility, as well as continue Carmanah's high standard for reliability," said Bruce Cousins, Carmanah CEO. "In this case, customers identified a need for higher intensity lighting aimed in specific directions, and Carmanah was able to respond quickly with a compelling product solution."
Lighting intensity is the top safety factor in the aviation sector, and when weather deteriorates, lighting intensities must be able to compensate for low visibility conditions. The A704-H meets the standards for medium intensity runway lighting ("MIRL"), and high intensity runway lighting ("HIRL") up to 500 candela (in white). It also has Invisible Red ("IR") mode for Night Vision Goggle ("NVG") operation and is appropriate for deployment at permanent or temporary airfields and helipads, and as emergency backup systems.
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 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:
Investors:
Investor Relations:
Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations:
David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
we put solar to work(tm)
Building 4, 203 Harbour Road, Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
To view this press release as a web page, please click on the following link: http://www.usetdas.com/pr/carmanah04242012c.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Awarded $1.3M Contract for FIT Rooftop PV Solution
Tuesday, April 24, 2012
FSC / Press Release
Carmanah Awarded $1.3M Contract for FIT Rooftop PV Solution
TORONTO, ONTARIO, CANADA, April 24, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX),is once again working with PowerStream Inc. to provide and install a 300kW solar photovoltaic (PV) system for a community centre in Markham, Ontario. The $1.3 million (CAD) project will begin installation in May and has a target completion date for July 2012.
PowerStream's solar division, a leading PV developer in Ontario, has completed several installations through the Ontario Power Authority's Feed-In Tariff (FIT) program. In 2011, PowerStream selected Carmanah as the Engineering Procurement Construction (EPC) provider for a 350kW rooftop photovoltaic generating system at the Markham's Thornhill Community Centre. Recently, Carmanah was awarded a second PowerStream solar PV project at the Mount Joy Community Centre in Markham. The facility presented a number of design challenges including multiple roofs with varied slopes, an irregularly corrugated metal surface and limited reserve structural capacity for the PV system.
Milan Bolkovic, Executive Vice-President, Renewable Generation and Conservation at PowerStream says "Our Renewable Generation business continues to work with successful companies involved with the FIT program. Carmanah's leading industry experience positioned them well to support us in developing this exciting project in Markham."
Leveraging their experience in custom rooftop systems and partnerships with sophisticated technology providers, Carmanah's engineering team collaborated with Schletter Canada Inc. to propose an innovative design for the building's requirements. Carmanah and Schletter adapted a standard racking product that would minimize the necessity for physically anchoring the solar generating array, allowing for the bulk of the system to be ballasted. The system also features Heliene PV modules, selected again for their high performance and successful installation on last year's Thornhill project. The installation will include commercial inverters locally manufactured in Ontario by Advanced Energy. A remote monitoring system will report real-time solar generation of clean, carbon-free power which will offset the CO2 equivalent of 38,000 litres of gasoline annually.
"Carmanah was up to the challenge in finding a solution for the size and complexity of this project," comments Bruce Cousins, Carmanah CEO. "Our expertise in handling unique projects has been recognized by PowerStream and we hope to continue supporting their leadership in rooftop PV opportunities in Ontario."
Carmanah will be exhibiting at the upcoming CanSIA Solar Ontario Conference May 14-15, 2012 at the London Convention Centre. For more information on this or other solar grid-tie applications within Canada, please contact Richard Wayte at rwayte@carmanah.com or visit www.carmanah.com/grid-tie.
About Carmanah Technologies Corporation
Carmanah Technologies Corporation is a global provider of renewable and energy-efficient technologies. From its headquarters in Victoria, British Columbia, Canada, and office in Toronto, Ontario, the company's Grid-Tie division oversees the design, supply, and installation of solar photovoltaic grid-tied systems for commercial, industrial and institutional applications. As one of the most trusted EPC contractors in Canada, Carmanah has installed more than 60 solar power systems in Canada, including the Dr. David Suzuki Public School, and the Jean Canfield Government Building in Prince Edward Island - named Canada's 2008 Solar Project of the Year by the Canadian Solar Industries Association (CanSIA). 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.
About PowerStream Inc.
PowerStream Inc. is the second largest municipally-owned electricity distribution company in Ontario, delivering power and related services to more than 335,000 customers residing or owning a business in communities located immediately north of Toronto and in Central Ontario. In addition to electricity distribution, the company also operates a renewable generation business throughout Ontario under the name PowerStream Solar. PowerStream Inc. is an incorporated entity, jointly owned by the City of Barrie, the City of Vaughan and the Town of Markham.
For further information:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
we put solar to work(tm)
250 Bay Street, Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
To view this press release as a web page, please click on the following link: http://www.usetdas.com/pr/carmanah04242012b.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Technologies Corporation and Laser Guidance Inc. Sign New Long-Term Exclusive Agreement
Wednesday, April 18, 2012
FSC / Press Release
Carmanah Technologies Corporation and Laser Guidance Inc. Sign New Long-Term Exclusive Agreement
Increased Aviation Precision Approach Lighting Portfolio
Victoria, British Columbia CANADA, April 18, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), Carmanah Technologies Corporation (TSX: CMH) and Laser Guidance Inc., a pioneer in aviation precision guidance systems, have signed a new five year Exclusive Cooperation Agreement. Under the terms of the agreement, Carmanah will have the exclusive world-wide marketing license for a portfolio of Laser Guidance aviation navigation aids including versions of Precision Approach Path Indicators ("PAPIs"), Helicopter Approach Path Indicators ("HAPIs") and Medium Intensity Approach Light System with Runway Alignment Indicator Light ("MALSR"). In addition, both companies will cooperate on a wide range of strategic development and manufacturing efforts, as well as marketing campaigns. The agreement represents a formal recognition of a long-standing successful working relationship and unites two world market leaders in complementary aviation lighting technologies. Carmanah and Laser Guidance will now be able to offer a comprehensive suite of aviation lighting solutions including a precision approach runway lighting capability.
"We are very pleased to partner with Laser Guidance," said Carmanah CEO Bruce Cousins. "There is an enormous synergy between Carmanah's offerings to the aviation community and the Laser Guidance product line. Together we provide an incredible range of airfield lighting solutions. The global movement toward more energy efficient and solar powered airfields and continuing advancements in aviation lighting technology are creating radical changes in how airfields all over the globe operate. Carmanah, our partner ADB, and now Laser Guidance are leading that change."
Dr. David Shemwell, Laser Guidance CEO, stated, "Partnering with Carmanah is a very exciting development. Both companies have led the way in research and development for decades, and each has brought new technology from the lab to the airfield with consistent, high-quality results. We believe both organizations and the aviation community as a whole will benefit from the partnership's extensive experience, market knowledge, and expanded range of products."
About Carmanah Technologies Corporation
As one of the most trusted names in solar LED technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications, including aviation lighting, 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 www.carmanah.com.
About Laser Guidance
Laser Guidance Inc. formed in 1993 to commercialize the laser based precision guidance systems invented by the two founding principles: Dr. David Shemwell and Dr. Alan Vetter. These systems are used to guide aircraft and other vehicles during critical landing or docking phases of operation. Since its inception Laser Guidance product development activities have expanded into the areas of propulsion, medical instrumentation, GPS guidance, and telecommunications. For more information, visit www.laserguidance.com.
For further information:
Investors:
Investor Relations:
Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations:
David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
We put solar to work(tm)
250 Bay Street, Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
To view this news release as a webpage, please click on the following:
link: http://www.usetdas.com/pr/carmanah04172012.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Launches M650 GPS Marine Lantern
Wednesday, April 11, 2012
FSC / Press Release
Carmanah Launches M650 GPS Marine Lantern
Victoria, British Columbia CANADA, April 11, 2012 /FSC/ - Carmanah Technologies Corporation's (CMH - TSX, CMHXF - OTC Pink)best-selling M650 solar marine lantern is now available with GPS-synchronized flash. GPS-synchronized flash allows any number of M650 GPS lanterns to flash in unison with atomic precision. Like Carmanah's larger GPS-equipped solar marine lanterns, the M650 GPS uses the precise timing signal of GPS satellites to coordinate its flash pattern with other GPS-equipped lanterns, allowing a mix of different lantern models to flash together in unison.
Carmanah's CEO, Bruce Cousins, is pleased with the addition of the M650 lantern to the suite of GPS synchronized flash equipped self-contained lanterns. "Synchronized flashing is very effective in overcoming background shore lighting and in clearly marking the boundaries of channels, river mouths, marina entrances, and extended structures such as aquaculture floats or breakwaters, making marine navigation safer and easier," explains Cousins. "The M650 GPS lantern's compact size, low maintenance design, extreme durability and GPS capability, combined with its affordable pricing makes it an ideal choice for all types of aids-to-navigation and hazard marking applications."
The M650 GPS lantern is marketed and distributed globally under the Carmanah/Sabik Marine brand, a joint initiative of Carmanah Technologies Corporation and Sabik Oy, a Finnish based marine, traffic and rail signaling company.
Based on Carmanah's industry-proven and highly successful M650 lantern, the compact M650 GPS lantern provided up to 4 nautical miles of visibility and produces up to 44 candela of light output (green). Thanks to its new state-of-the-art GPS receiver, the M650 GPS lantern acquires satellite signals with unprecedented speed, enabling the M650 GPS lantern to begin synchronized flashing sooner than ever. The ground-breaking on-board user interface (OBUI) inside the lantern allows easy and intuitive verification of GPS satellite lock status and other settings. The new GPS receiver features extremely low power consumption, enabling the M650 GPS to more efficiently produce light from available solar energy. The M650 GPS is completely self-contained with no externally mounted equipment or antennas to break or corrode.
By equipping the M650 lantern with synchronized flashing, Carmanah broadens the market for this proven high-performing product into new applications. Additionally, the M650 GPS lantern can now satisfy US Coast Guard's PATON Part 67 regulation that calls for unison flashing where multiple lanterns mark an obstruction.
###
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 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:
Investors:
Investor Relations:
Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations:
David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah04112012.htm
We put solar to work(tm)
250 Bay Street, Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052
Toll Free 1.877.722.8877
Fax +1.250.380.0062
E-mail: investors@carmanah.com
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Technologies Corporation and Sabik Oy Sign New Long-term Exclusive Cooperation Agreement
Wednesday, March 21, 2012
FSC / Press Release
Carmanah Technologies Corporation and Sabik Oy Sign New Long-term Exclusive Cooperation Agreement
Enhanced Carmanah/Sabik Brand
Victoria, British Columbia CANADA, March 21, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), and Sabik Oy, based in Finland, have a signed a new five year Exclusive Cooperation Agreement. This agreement builds on the successful two year history of marketing and sales collaboration between the two marine signaling pioneers and initiates a period of deeper integration. Under the terms of the new agreement, reciprocal technology access as well as joint development activities will be undertaken. The combined resources of the two companies will ensure a leadership position in the marine signaling market is maintained based upon leading edge technologies. All marine signaling products will be marketed under the Carmanah/Sabik brand.
"The extended Carmanah/Sabik Exclusive Cooperation Agreement demonstrates the commitment of both companies to the marine signaling market. The new agreement builds upon the success both Carmanah and Sabik have enjoyed over the first two years of our strategic alliance. Core to this extended agreement is the further integration of our technologies. This broadened scope includes both technology sharing and joint product development," explained Bruce Cousins, Carmanah CEO. "Customers can expect the continued industry leading performance, reliability and innovation both Carmanah and Sabik are known for with the addition of increased compatibility between product offerings."
The new Carmanah/Sabik Marine alliance signals that Carmanah Technologies Corporation has moved from its roots in self-contained solar powered marine lanterns to full service marine navigation solutions. Cousins elaborated that "Sabik has developed a leadership position in marine signaling command/control and communication systems and we are extremely excited to introduce this technology within Carmanah's existing product portfolio. We remain responsive to our customers' needs; translating advances in LED, battery and communications technology into improved efficiency, convenience and cost savings for marine navigation authorities worldwide."
"The relationship between our companies has been very effective and we are delighted to move this to the next level," states Lars Mansner, Sabik Oy CEO. "Carmanah's reputation within the industry, strong distribution channel and solid technology platform form an important foundation in this partnership. Sabik advances in command/control technology will provide a meaningful enhancement in the value proposition of our combined product offering and we are excited about our combined prospects".
###
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 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.
About Sabik Oy
Sabik is a Finnish company with sister companies in Germany and Denmark. Sabik is in the business of enhancing safety for traffic at sea, on the road and on the railways.
Sabik specializes in optical engineering, traffic telematic solutions and their components, and has accumulated knowledge in optics and microprocessor technology as well as in embedded and system level software. Sabik offers its clients the latest technical solutions and the technical support needed including installation and maintenance services.
Sabik is a certified ISO 9001:2008 Quality Assurance System as well as a IS0 14001:2004 Environmental Management system, and has been a member in IALA since 1992, currently representing the European industry within the IALA Industrial Members Committee. For more information about Sabik, visit www.sabik.com.
For further information:
Investors:
Investor Relations:
Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations:
David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a webpage, please click on the following link:
http://www.usetdas.com/pr/carmanahmar202012.htm
we put solar to work(tm)
250 Bay Street
Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052
Toll Free 1.877.722.8877
Fax +1.250.380.0062
E-mail: investors@carmanah.com
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Reports Fourth Quarter and Fiscal Year 2011 Results
Thursday, March 15, 2012
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) (Pink Sheets: CMHXF) (“the Company” or “Carmanah”) today reported its fourth quarter and fiscal year financial results for the period ended December 31, 2011.
For the year-end December 31, 2011, the Company recorded a net loss of $8.6 million on revenues of $35.9 million which is consistent with the preliminary guidance issued on February 7, 2012. The significant net loss is primarily due to an $8.2 million one-time non-cash impairment of deferred tax assets. The tax assets were written off upon management's review of their recoverability of the assets based on a number of factors including Carmanah's early stage of development, the Company's current and anticipated revenue stream and its historical net income results.
“Revenue performance of $35.9 million reflects 5.8% growth year on year. While positive overall, we remain disappointed in revenue performance for the year and particularly our lack of headway within Outdoor Lighting.” stated Bruce Cousins, Chief Executive Officer. “In terms of adjusted EBITDA (a non-IFRS measure), we have improved results by $0.8 million year on year. In addition, Cash Flow from Operations continues positive".
Financial Condition at December 31, 2011 compared to December 31, 2010
•Cash and cash equivalents of $4.9 million, down $0.8 million from $5.7 million
•Working capital of $7.8 million, up $0.3 million from $7.5 million
•Continued debt-free operations
Fourth quarter 2011 compared to fourth quarter 2010
•Revenues: $7.1 million, down $2.2 million from $9.3 million
•Gross margin: 27.5%, up from 26.0%
•Operating costs: $2.9 million, down $0.7 million from $3.6 million
•Net loss: $8.9 million, up $4.8 million from $4.1 million
•Adjusted EBITDA (a non-IFRS measure): negative $0.4 million, up $0.1 million from negative $0.3 million
Fiscal 2011 compared to fiscal 2010
•Sales: $35.9 million, up $2.0 million from $33.9 million
•Gross margin: 31.4%, down from 33.3%
•Operating costs: $11.5 million, down $2.0 million from $13.5 million
•Net loss: $8.6 million, up $3.8 million from $4.8 million
•Adjusted EBITDA (a non-IFRS measure): $1.3 million, up $0.8 million from $0.5 million
Summary of operations:
•Revenues for the fourth quarter of 2011 were $7.1 million, down $2.2 million from $9.3 million in the fourth quarter of 2010. By product sector, revenues are as follows:
•Signals, $3.1 million, down from $4.1 million
•Illumination, $1.9 million, up from $1.2 million
•Grid-tie, $1.0 million, down from $2.9 million
•Mobile, $1.1 million, unchanged from $1.1 million
•Sales for fiscal 2011 were $35.9 million, up $2.0 million from $33.9 million in fiscal 2010. Broken down by product sector, sales are as follows:
•Signals, $15.8 million, down from $18.5 million
•Illumination, $5.2 million, up from $4.7 million
•Grid-tie, $9.7 million, up from $5.6 million
•Mobile, $5.2 million, up from $5.1 million
•Gross margin percentages for fiscal 2011 were 31.4%, down from 33.3% for fiscal 2010. Key drivers in margin erosion include overall sales mix, with stronger performance in lower margin segments, and foreign currency exchange rates. Broken down by product sector, gross margin percentages are as follows:
•Signals, 41.5% up from 38.1%
•Illumination, 24.8% down from 27.3%
•Grid-tie, 19.3% down from 20.0%
•Mobile, 29.8% down from 36.2%.
Corporate operational highlights during 2011 included:
•Appointment of a new Chief Executive Officer - In October 2011, we hired Bruce Cousins as our new Chief Executive Officer (“CEO”). Bruce replaced Ted Lattimore after he had announced his departure in May 2011. Mr. Cousins has a successful track record of delivering financial, operational and organizational performance and company profitability in the global technology industry. Concurrent to his employment agreement, we completed a private placement with Mr Cousins which resulted in the issuance of 250,000 shares for proceeds of $0.1 million. As a part of Ted Lattimore's departure, we incurred a $0.3 million charge for a separation payment in the second quarter of 2011 in our Statement of Operations under the caption “Other income (expense)”.
•Lightech Electronics Industries Inc. (“Lightech”) lawsuit settlement - In September 2011, we settled the ongoing litigation surrounding our attempted 2010 acquisition of Lightech Electronics Industries Inc. Under the settlement, we agreed to forgo our $0.3 million investment we had made in Lightech, but received back approximately $0.3 million in funds previously held in escrow. The agreement saw both parties release each other from all current and future claims surrounding this transaction. For the year-ended December 31, 2011, we recorded a net recovery of $0.2 million associated with these actions. In 2010, we had recorded a $1.5 million loss, $0.9 million in legal, due diligence and financing charges and $0.6 million related to deposits for the acquisition.
•New head office facility - In September 2011, we moved into our new 13,000 square foot head office facility in Victoria B.C. The new head office has a 5 year lease term and a 5 year renewal option and is located on 250 Bay Street, Victoria, B.C., Canada. During the second and third quarters of 2011, we invested approximately $0.6 million in leasehold improvements.
•Organizational realignment within our Lighting group – In the fall of 2011, we implemented a new team based approach within the Lighting group to help focus sales and planning activities. Under the new structure, each segment has its own leadership and supporting team and is directly responsible for the development and results of their business. This new structure should help to maintain a constant focus on each of our markets to meet their unique objectives.
Reporting Currency and Change in Accounting Standards
Unless otherwise indicated, all financial information presented in this press release is in US dollars and has been prepared in accordance with International Financial Reporting Standards (“IFRS”). The conversion to IFRS from Canadian Generally Accepted Accounting Principles became effective January 1, 2011. Please refer to the Company's most recently issued consolidated financial statements for further discussion.
Adjusted EBITDA
Three months ended December 31 Year ended December 31
(US$ in thousands) 2011 2010 2011 2010
Net loss (8,888) (4,103) (8,553) (4,771)
Add/(deduct):
Interest - (3) 4 11
Income tax expense/(recovery) 3,987 (1,206) 4,212 (1,482)
Amortization 280 300 1,102 1,243
EBITDA* (4,621) (5,012) (3,235) (4,999)
Restructuring - 491 - 807
Terminated Lightech agreement costs/(recovery) - 1,228 (176) 1,470
Impairment of Investment tax credits 4,051 - 4,051 -
Retirement provision - - 261 -
Non-cash stock based compensation 147 62 428 294
Intangible asset impairment - 2,969 - 2,969
Adjusted EBITDA* (423) (262) 1,329 541
* A Non-IFRS measure
Management believes that the non-IFRS measures presented provide useful information by excluding certain items that may not be indicative of Carmanah's core operating results and that this non-IFRS measure will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of results in the current period to those in prior periods as well as future periods. Reference to this non-IFRS measure should not be considered as a substitute for results that are presented in a manner consistent with IFRS. This non-IFRS measure is provided to enhance investors' overall understanding of Carmanah's current financial performance.
A limitation of utilizing this non-IFRS measure is that the IFRS accounting effects of the non-recurring items do in fact reflect the underlying financial results of Carmanah's business and these effects should not be ignored in evaluating and analyzing Carmanah's financial results. Therefore, management believes that Carmanah's IFRS measures of net loss and the same respective non-IFRS measure should be considered together.
Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-IFRS measure used for assessing financial performance is Adjusted EBITDA, defined as net income before interest, income taxes, amortization, non-cash stock-based compensation, restructuring charges, retirement provision, and terminated Lightech agreement costs.
Complete set of Financial Statements and Management Discussion & Analysis
A complete set of the annual 2011 Financial Statements and Management's Discussion & Analysis are available on Carmanah's corporate website. To view these documents, visit: www.carmanah.com/Company/Investors/Financial_Reports.aspx. Both documents for the year ended December 31, 2011 will also be filed on SEDAR (www.sedar.com).
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Roland Sartorius, CFO, 1-877-722-8877
Investor Relations
investors@carmanah.com
or
Media:
David Davies, +1-250-382-4332
Public Relations
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20120315&archive=bwire&slug=20120315006453
otterman
12 years ago
Carmanah Announces Release Date for Fourth Quarter and Fiscal Year 2011 Financial Results and Conference Call
Monday, March 12, 2012
FSC / Press Release
Carmanah Announces Release Date for Fourth Quarter and Fiscal Year 2011 Financial Results and Conference Call
Victoria, British Columbia CANADA, March 12, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), will release its fourth quarter and fiscal year 2011 financial results on March 15, 2012 at 1:00 pm PT (4:00 pm ET).
Carmanah has scheduled a conference call for analysts at 2:00 pm PT (5:00 pm ET) on Thursday, March 15, 2012. To access this conference call by telephone, dial 1.866.551.3680 (Canada and US toll free) or +1.212.401.6760 (international) approximately five to ten minutes before start time. When prompted for the conference ID, enter 74650195#.
A recording of the conference will also be available on Carmanah's corporate website within three business days. For more information, visit www.carmanah.com, or telephone 1.877.722.8877 (toll free in US and Canada).
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 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:
Investors: Media:
Investor Relations: Public Relations:
Roland Sartorius, CFO David Davies
Toll-Free: 1.877.722.8877 Tel: +1.250.382.4332
investors@carmanah.com ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a webpage, please click on the following link:
http://www.usetdas.com/pr/carmanahmar122012.htm
we put solar to work(tm)
250 Bay Street,
Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052
Toll Free 1.877.722.8877
Fax +1.250.380.0062
E-mail: investors@carmanah.com
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Provides Preliminary Unaudited 2011 Year-End Guidance
Tuesday, February 07, 2012
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH)(Pink Sheets: CMHXF), today announced preliminary unaudited revenue guidance of $35.9 million for fiscal year ended 2011, reflecting an increase of 5.8% versus prior year results. In addition, the Company will write off capitalized non-cash tax assets totaling approximately $8.0 million, reflecting a non-cash charge as at year end December 31, 2011. The tax assets relate to $4.0 million in investment tax credits and $4.0 million in deferred income taxes. The decision to write-off the non-cash tax assets was made following a review of their carrying value in comparison to a number of factors including Carmanah's early stage of development, the Company's current and anticipated revenue stream and its historical net income results. As a result of this current period analysis, management concluded that it was no longer appropriate to recognize these assets.
Complete fiscal year ended 2011 audited financial results will be released on March 16, 2012.
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Roland Sartorius, CFO, 1-877-722-8877
Investor Relations
investors@carmanah.com
or
Media:
David Davies, 1-250-382-4332
Public Relations
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20120207&archive=bwire&slug=20120207006875
otterman
12 years ago
Carmanah Launches its Highest Power Solar Outdoor Light to Date
Tuesday, January 10, 2012
FSC / Press Release
Carmanah Launches its Highest Power Solar Outdoor Light to Date
EG-series expanded to include large-scale roadways
Victoria, British Columbia CANADA, January 10, 2012 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), announced today the launch of the EG500 solar LED outdoor lighting system, the company's latest product and most powerful solar-powered outdoor light to date. With the addition of this next-generation EG-series system, which provides maximum light levels for highway lighting applications, Carmanah provides a complete range of solar-powered outdoor lights that addresses the needs of cost-sensitive developing regions throughout the world.
The EG500 solar LED outdoor streetlight, the largest in the EG-series product line, is designed as a powerful and cost-effective off-grid lighting solution. Capable of providing over 11,000 lumens for multi-lane highway light levels, the EG500 is a reliable and robust alternative to traditional AC lighting. The EG500 features a top-of-pole integrated design which allows for an easy and rapid installation and superior theft and vandalism protection. The EG500 leverages award-winning design elements of the Carmanah EverGEN(tm) 1700 and 1500-series product lines and is engineered to withstand extreme weather conditions and wind load ratings of up to 209 kph (130 mph) with 3 second gusts.
"The EG500 expands our ability to provide a high power solution for virtually any off-grid application while further extending our reach into cost-sensitive, developing markets worldwide," said Bruce Cousins, Carmanah CEO. "We now offer a complete line of EG products that have been performance-built to illuminate pathways, parks, freeways and everything in between."
The EG500 solar LED outdoor lighting system is available immediately in standard IES distribution types II, III, IV, V and flood and feature a 3-year limited warranty. For more information, visit www.carmanah.com or call 1-877-722-8877.
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 is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH". For more information, visit carmanah.com.
Carmanah Technologies Corporation
"Roland Sartorius"
Roland Sartorius, Chief Financial Officer
For further information:
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah01092012.htm
we put solar to work(tm)
250 Bay Street
Victoria, BC
Canada, V9A 3K5
Telephone +1.250.380.0052
Toll Free 1.877.722.8877
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Honoured as one of VIATeC Top 25
Thursday, December 22, 2011
FSC / Press Release
Carmanah Honoured as one of VIATeC Top 25
Victoria, British Columbia CANADA, December 22, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), a world leader in solar-powered LED lighting systems and solar power systems, has been recognized as one of the top 25 highest performing technology companies in 2011 by the Victoria Advanced Technology Council (VIATeC).
The VIATeC 25 is an annual listing of the largest technology companies headquartered or founded in Greater Victoria. The companies, which are selected on the basis of revenue performance, are responsible for creating almost 3000 jobs and represent nearly $1 billion in combined revenues. The award celebrates the health of the Vancouver Island technology sector and its impact on the local economy and community.
According to VIATeC executive director, Dan Gunn, the award also serves as a barometer for the entire technology industry.
"We're honoured to be recognized as one of Victoria's top 25 technology companies. Victoria is host to a thriving technology sector which we are proud to be a part of," states Roland Sartorius, CFO of Carmanah Technologies.
2011 marks Carmanah's eighth consecutive year on the VIATeC top 25 list.
VIATeC is a nonprofit society of members representing the local advanced-technology community. The VIATeC 25 is an annual listing of the largest technology companies headquartered or founded in Greater Victoria, based on revenue, and is sponsored by KPMG and Farris Vaughan Wills & Murphy LLP.
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 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:
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1.877.722.8877
investors@carmanah.comMedia:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and
uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
250 Bay Street, Victoria, B.C., V9B 0E1
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah12222011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Solar Lighting Boosts Security at Nuclear Power Facility
Tuesday, December 20, 2011
FSC / Press Release
Carmanah Solar Lighting Boosts Security at Nuclear Power Facility
Second order by US power utility in $1.5 million perimeter fence lighting project
Victoria, British Columbia CANADA, December 20, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), In an order valued at nearly $400,000 USD, a large US power utility in the Southwestern United States has selected the EverGEN 1530 solar LED outdoor lighting system for the second installment in a perimeter fence security lighting project. The solar lighting systems by Carmanah (TSX: CMH) are being employed to increase the security of a nuclear power generating facility by providing backup safety lighting in the unlikely event of power failure, allowing the facility to maintain critical security functions that are mandated by Homeland Security. The combined value of both orders by the power utility represents over $1.5 million in solar security lighting.
The standalone EverGEN 1530 solar LED light is designed specifically for industrial-scale applications including parking lot and perimeter lighting. The EverGEN 1500-series combines the performance of an AC-powered area light with the versatility of an off-grid solar-powered lighting system and offers unparalleled performance for a solar-powered LED light of its size. The utility's decision to use solar powered lighting is supported by a lower installation cost versus grid-based systems as no trenching or cabling is required. Including time and installation, the utility company anticipates saving an estimated $2 million.
"It's clear that Carmanah solar lighting products are meeting the needs of the North American market when major power utility companies are adopting our technology," said Bruce Cousins, Carmanah CEO. "We have confirmation that the need for high-performance, reliability, and cost savings in an off-grid, outdoor lighting system is being met by the EverGEN product. We're confident that utilities will continue to ask for EverGEN systems by name."
Carmanah EverGEN 1500-series solar LED outdoor lighting systems are available now. For more information, visit www.carmanah.com.
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 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:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah12202011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
12 years ago
Carmanah Announces $1M Outdoor Illumination Order in Mexico
Tuesday, December 06, 2011
FSC / Press Release
Carmanah Announces $1M Outdoor Illumination Order in Mexico
Victoria, British Columbia CANADA, December 06, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX)
Representing the largest order to date for Carmanah's (TSX: CMH) solar outdoor lighting, valued at nearly $1M USD, Mexican officials have selected the EG-series solar LED outdoor lighting system for an outdoor area project. Carmanah's solution, the powerful new standalone EG-series solar outdoor lights, met all performance requirements and provided the necessary economics; lower capital cost with new value based product, significant energy cost savings and eliminating the need for electrical cabling throughout the deployment. In addition, the product has been designed for superb vandalism and theft protection. The project was won jointly by Carmanah and local partner Semex, S.A. de C.V.
The Carmanah EG-series solar LED outdoor lighting portfolio is the company's latest generation of reliable and cost-effective solar LED lighting products specifically designed for cost-sensitive and developing regions of the world. On November 30th, 2011, Carmanah launched the anticipated EG40 and EG80 solar outdoor lighting systems to service cost-sensitive and developing markets with high performance requirements. Offering a top-of-pole integrated design that eases installation and protects against vandalism, the EG-series is designed to be the most robust and reliable solar powered lighting system on the market. The EG-series solar engines are specified for their location and power high-efficiency LED luminaires which are available in standard IES distribution types II, III, IV, V, and flood.
"This project represents the single largest installation of Carmanah solar outdoor lighting products to date. It communicates the market's acceptance of our brand, demonstrates the strength of our relationship with Semex, and is proof of the EG-series' ability to meet the needs of cost-sensitive and developing markets throughout the world." Bruce Cousins, Carmanah CEO, states.
In 2010, Carmanah Technologies and Semex entered into a manufacturing and distribution agreement to allow both companies to bring leading-edge solar outdoor lighting technologies to Mexico as well as better serve major clients across the country.
Carmanah EG-series solar LED outdoor lights are available now from Carmanah Technologies. For more information on solar LED outdoor lighting, visit www.carmanah.com.
###
About Semex
Semex is a leading developer and manufacturer of highway safety and traffic products serving customers worldwide for the past 50 years. Semex is part of the Signal Group's companies (www.signalgp.com). For more information, visit www.semex.com.mx.
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 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:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah12062011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20111206&archive=nlk&slug=00018693
otterman
12 years ago
Carmanah Launches the New EG40 and EG80: Reliable Solar LED Outdoor Lights Designed for Developing Markets
Wednesday, November 30, 2011
FSC / Press Release
Carmanah Launches the New EG40 and EG80: Reliable Solar LED Outdoor Lights Designed for Developing Markets
Leading combination of robust performance and cost effective price
Victoria, British Columbia CANADA, November 30, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), is pleased to announce the launch of the EG40 and EG80 solar LED outdoor lighting systems, the latest generation of reliable and cost-effective solar LED lighting products specifically designed for developing regions of the world. The EG40 and EG80 feature adaptive lighting capabilities and a simple top-of-pole design that allows the Series to deliver leading dollar per kilo-lumen output in the 1000-8500 lumen range. Leveraging award-winning design elements of the company's EverGEN(tm) 1700 and 1500-series products, the EG40 and EG80 systems offer superior performance and features at a value price. The introduction of the EG40 and EG80 systems expands Carmanah's existing outdoor solar lighting portfolio, allowing the company to service cost-sensitive markets with robust products that maintain market leading performance.
Bruce Cousins, CEO of Carmanah commented, "The new EG40 and EG80 systems address the need for a reliable cost-effective outdoor lighting solution for markets with developing infrastructure where standalone solar lighting can offer a cost effective alternative to traditional AC lighting systems. We expect the new EG40 and EG80, with all of its major features, to be well received by governments, private industry and contractors in this market."
The top-of-pole integrated design of the EG40 and EG80 allows for an easy and rapid installation as well as protection against vandalism. The EG40 and EG80 design is wind load rated to 241 kph (150 mph) with 3 second gusts, protecting the system from extreme weather such as hurricane-level winds. Engineered to prevent theft and vandalism, the EG40 and EG80 are ideal for deployment in public and private roadways and area lighting applications.
The EG40 and EG80 engines power high-efficiency LED luminaires that are available in standard IES distribution types II, III, IV, V, and flood. Both systems feature a 3-year limited warranty.
Outperforming similar priced competing solar outdoor lighting systems, the EG40 and EG80 solar outdoor lighting systems are available immediately. For more information, visit www.carmanah.com or call 1-877-722-8877.
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 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.
Carmanah Technologies Corporation
"Roland Sartorius"
Roland Sartorius, Chief Financial Officer
For further information:
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a webpage, please click the following link:
http://www.usetdas.com/pr/carmanah11302011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20111130&archive=nlk&slug=00018658
otterman
12 years ago
Carmanah Installs $1.4 Million Solar Rooftop Photovoltaic System for Ontario Refrigeration Facility
Tuesday, November 29, 2011
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) received a $1.4M CAD contract from a commercial refrigeration service provider in Southern Ontario and at present has designed, supplied and installed a nominal 250 kW solar rooftop photovoltaic (PV) system.
The solar array occupies roughly 30,000 square feet of the facility's rooftop, and generates approximately 300,000 kWh of clean, carbon-free electricity annually—an amount equivalent to that consumed by 25 average Canadian households. The rooftop-mounted solar system generates revenue under the refrigeration service provider's contract with the Ontario Power Authority's Feed-In-Tariff (FIT) program.
The Ontario FIT program allows owners of an electrical service connection to sell energy from renewable resources, including solar, back into the electrical distribution grid. The Ontario Power Authority's FIT program offers Ontario residents, businesses and government bodies or institutions a wide range of benefits, including job creation through provincial content requirements and distributed power generation. Distributed power generation helps to increase stability of the electrical infrastructure by decreasing the burden on large centralized generating facilities and reduces both long term environmental and health costs associated with non-renewable energy sources.
“Now that the FIT program is in place, it makes financial sense for Ontario corporations to explore renewable energy production as a way to reduce operating expenses, while also delivering on their own sustainability mandates. For a high energy user, with plenty of roof space such as a cold storage facility, a rooftop PV system is a smart long term investment.” said Carmanah CEO, Bruce Cousins.
Carmanah is one of the largest engineering, procurement and construction contractors of rooftop photovoltaic facilities in Canada with its Grid-Tie head office based in Toronto, Ontario. For more information on this or other solar grid-tie applications within Canada, contact Richard Wayte at rwayte@carmanah.com, or visit Carmanah at the Canadian Solar Industries Association Conference and Exposition December 5-6th, 2011.
About Carmanah Technologies Corporation
Carmanah Technologies Corporation is a global provider of renewable and energy-efficient technologies. From its headquarters in Victoria, British Columbia, Canada, and office in Toronto, Ontario, the company's Grid-Tie division oversees the design, supply, and installation of solar photovoltaic grid-tied systems for commercial, industrial and institutional applications. As one of the most trusted names in solar technology, Carmanah has installed more grid-tie solar power systems than any other integrator or EPC contractor in Canada, including the City of Toronto Police Services building, the Toronto Parking Authority, the David Suzuki Public School, and the Jean Canfield Government Building in Prince Edward Island — named Canada's 2008 Solar Project of the Year by the Canadian Solar Industries Association (CanSIA). 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1-877-722-8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1-250-382-4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20111129&archive=bwire&slug=20111129005309
otterman
12 years ago
Carmanah and Ruud Lighting, Inc. Marketing Agreement Discontinued
Thursday, November 17, 2011
FSC / Press Release
Carmanah and Ruud Lighting, Inc. Marketing Agreement Discontinued
Victoria, British Columbia CANADA, November 17, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX)
The exclusive marketing agreement between Carmanah Technologies Corporation (TSX: CMH) and Ruud Lighting, Inc., a wholly-owned subsidiary of Cree, Inc., will discontinue as of the expiration of the current agreement on November 6th, 2011. This agreement was established in May, 2008 and effectively paired Carmanah stand-alone solar power engines with Ruud Lighting's specification-grade BetaLED(r) exterior LED luminaires. While Carmanah intends to work with Ruud on a non-exclusive basis in continuing to offer these luminaires, the company also recognizes that other world class luminaires will complement its proprietary solar power engines. The alliance between the two companies has resulted in Carmanah's portfolio of award-winning solar outdoor lighting products, including the EverGEN 30, EverGEN 1500, and EverGEN 1700 series, all powering BetaLED(r) LED luminaires. Carmanah is very pleased with the performance and reliability of the BetaLED luminaires and will continue to supply EverGEN solar outdoor lighting systems with BetaLED luminaires as an option into the future. The expiration of the agreement between Carmanah and Ruud Lighting is an evolution of our relationship and provides both companies the flexibility to explore other opportunities to continue to develop and supply innovative solar powered outdoor lighting products as the adoption of this technology continues to grow.
Carmanah CEO Bruce Cousins states, "The high-quality luminaires and leading-edge technologies that Ruud Lighting develops complement Carmanah's innovative and versatile stand-alone solar power systems, and we look forward to continuing to work with Ruud Lighting as we foster increased adoption of solar powered lighting. We also look forward to investigating new supply opportunities for Carmanah as the market for solar powered outdoor illumination continues to grow in the future."
###
BetaLED is a registered trademark of Ruud Lighting, Inc.
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 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:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah11172011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20111117&archive=nlk&slug=00018568
otterman
13 years ago
Carmanah Launches New Retail-Ready SUNfilm Solar Battery Chargers
Tuesday, November 15, 2011
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) (Pink Sheets: CMHXF) today announced the launch of SUNfilm Solar Battery Chargers — a new generation of consumer solar products for the company's propriety Go Power! brand. The new SUNfilm series feature lightweight, thin-film technology geared to maintain a vehicle's battery charge during periods of inactivity or storage. The addition of the SUNfilm solar chargers expands Carmanah's current solar power solutions portfolio to address the needs of new, emerging markets.
The SUNfilm solar series are designed to protect batteries against a vehicle's continuous power draws. Available as a 1.5 watt, 5 watt or 15 watt module, the SUNfilm products will trickle-charge all battery types including 12V deep cycle, automotive, motorized sports vehicles, RV and fleet vehicle batteries. The SUNfilm products include quick-connect accessories that allow for easy installation and can be modified into portable charging stations for small electronic devices such as cellphones and mp3 players. The SUNfilm battery chargers will operate in overcast conditions and offer a reliable power solution for both indoor and outdoor applications.
“The SUNfilm Solar Battery Chargers satisfies the increasing consumer demand for a maintenance-free, solar energy product,” Carmanah CEO Bruce Cousins comments. “I am confident that the new SUNfilm series meets the cost-effective, portable power solution our customers are looking for.”
The SUNfilm products complement the Go Power! portfolio of consumer mobile power solutions and will provide consumers a complete energy solution. The product suite, which includes pure and modified sine wave inverters, can be combined with the new SUNfilm solar battery chargers for access to AC power without the concern of draining the vehicle's battery. The SUNfilm series is available throughout the US and Canada.
For more information on this or other mobile solar power applications, contact Mike Stephens at mstephens@carmanah.com or visit http://www.carmanah.com/go-power.
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.
The Company's Mobile division is a leader in the mobile, solar power industry and has more than 15 years of experience in the RV and fleet truck market. The Company's Go Power! brand is one of North America's most popular and recognized in solar power for both recreational and industrial use. Products include solar charging kits, pure and modified sine wave inverters and solar power accessories. 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corp
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1-877-722-8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1-250-382-4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20111115&archive=bwire&slug=20111115006501
otterman
13 years ago
Carmanah Reports Third Quarter 2011 Results
Thursday, November 10, 2011
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) (Pink Sheets: CMHXF) (“the Company” or “Carmanah”) today reported its third quarter financial results for the period ended September 30, 2011.
Revenues for the three months ended September 30, 2011 were $8.5 million, down $0.1 million from $8.6 million for the same quarter in 2010. Net Income for the quarter was $0.4 million compared to $0.1 million in the same period of the prior year.
“Revenue performance of $8.5 million in the quarter was essentially flat year on year, and reflects 17% growth on a year to date basis. Net income of $0.4 million for the three months ended September 30, 2011 is mainly based on one-time gains from the legal settlement with Lightech in the quarter.” stated Bruce Cousins, Chief Executive Officer. “I am delighted to have recently joined Carmanah and am optimistic of the growth opportunity for the company.” Cousins continued. “With dramatic decreases in solar panel pricing, continuing breakthrough's in LED technology and anticipated breakthrough's in battery technology, Carmanah is well positioned to capitalize on the integration of this technology as “we put solar to work."
Financial Condition at September 30, 2011 compared to December 31, 2010
Cash and cash equivalents of $3.8 million, down $1.9 million from $5.7 million
Working capital of $8.3 million, up $0.8 million from $7.5 million
Continued debt-free operations
Third quarter 2011 compared to third quarter 2010
Revenues: $8.5 million, down $0.1 million from $8.6 million
Gross margin: 34.4%, down from 35.1%
Operating costs: $2.6 million, down $0.3 million from $2.9 million
Net Income: $0.4 million, up $0.3 million from $0.1 million
Adjusted EBITDA (a non-IFRS measure): $0.4 million, down $0.6 million from $1.0 million
Summary of operations:
Revenues for the third quarter of 2011 were $8.5 million, down $0.1 million from $8.6 million in the third quarter of 2010. Broken down by product sector, revenues are as follows:
Signals, $4.3 million, down from $5.1 million
Illumination, $0.7 million, unchanged from $0.7 million
Grid-tie, $2.4 million, up from $1.7 million
Mobile, $1.1 million, unchanged from $1.1 million
Gross margin percentage for the third quarter of 2011 was 34.4%, down from 35.1% for the third quarter of 2010. Key drivers in margin erosion include overall sales mix, with stronger performance in lower margin segments, and foreign currency exchange rates. Broken down by product sector, gross margin percentages are as follows:
Signals, 43.1%, up from 41.5%
Illumination, 13.1% down from 25.1%
Grid-tie, 25.0%, up from 15.7%
Mobile, 33.7%, down from 42.1%
Corporate highlights during the third quarter of 2011 included:
On July 13, 2011, the Consortium for Solar Lighting ("CSL"), of which Carmanah is a founding member, released the Solar Lighting Recommended Practices: Introduction, a preliminary guide to the effective sizing of solar lighting systems. We believe standards development to be an important aspect in the maturation of the solar market and Carmanah is well positioned, together with other industry leading companies, to facilitate this.
On July 20, 2011, the first Master Distributor Agreement with a large marine supply company was signed with First Choice Marine Supply, a large marine supply firm servicing commercial, industrial and ship chandlery markets headquartered in Tampa, Florida. The original agreement covered the Caribbean territory only but has since been expanded to include the United States.
On September 15, 2011 we reached a settlement agreement with Lightech Electronics Ltd. (“Lightech”) to end the $6.0 million Lightech lawsuit relating to the 2010 terminated merger agreement between Lightech and Carmanah. As part of the settlement agreement, Carmanah agreed to drop its $0.6 million counter lawsuit against Lightech. This settlement reflects a $0.3 million one-time gain in the quarter.
On August 9, 2011, it was announced that the Northern Canadian Tsay Keh Dene First Nation is outfitting a remote airfield with its solar LED lighting systems. The new airfield lights will help supply and medevac aircraft navigate their way to and from the remote village located on the northern end of the Williston Reservoir, British Columbia. The solar-powered airfield project was one of two projects funded by the Canadian Government's Innovative Clean Energy Fund. The new completely solar-powered airfield is the first of its kind in British Columbia.
On September 9, 2011, Carmanah announced an order valued at $0.1 million, with the US Army. The 101st Airborne Division, known for being called into action when the need is immediate and extreme, had selected the Carmanah A704 solar powered aviation lantern as the perfect tool to aid with rapidly deployed precision drop zone and helipad marking requirements in the Middle East, as well as continental US.
On July 6, 2011, Carmanah announced two sales orders with a combined value of approximately $0.2 million for Go Power! Pure Sine Wave Inverters, a proprietary mobile power product within the Carmanah portfolio. The inverters are to be deployed in over 600 fleet vehicles operated by a major US utility provider undergoing a fleet revitalization project.
Reporting Currency and Change in Accounting Standards
Unless otherwise indicated, all financial information presented in this press release is in US dollars and has been prepared in accordance with International Financial Reporting Standards (“IFRS”). The conversion to IFRS from Canadian Generally Accepted Accounting Principles became effective January 1, 2011. Please refer to the Company's most recently issued financial statements for further discussion.
Adjusted EBITDA
(US$ thousands)
Adjusted EBITDA reconciliation
Q3
2011
Q3
2010
YTD
2011
YTD
2010
Net income/(loss) $ 351 $ 54 $ 335 $ (668)
Add/(deduct):
Interest - (1) 4 14
Income taxes expense/(recovery) 68 42 225 (276)
Amortization 288 348 822 943
Non-cash stock-based compensation 108 9 281 232
Restructuring charges - 316 - 316
Termination provision (29) - 261 -
Terminated Lightech agreement costs (360) 242 (176) 242
Adjusted EBITDA* 426 1,010 1,752 803
* A non-IFRS measure
Management believes that the non-IFRS measures presented provide useful information by excluding certain items that may not be indicative of Carmanah's core operating results and that these non-IFRS measures will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of results in the current period to those in prior periods as well as future periods. Reference to these non-IFRS measures should not be considered as a substitute for results that are presented in a manner consistent with IFRS. These non-IFRS measures are provided to enhance investors' overall understanding of Carmanah's current financial performance.
A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the non-recurring items do in fact reflect the underlying financial results of Carmanah's business and these effects should not be ignored in evaluating and analyzing Carmanah's financial results. Therefore, management believes that Carmanah's IFRS measures on net loss and the same respective non-IFRS measure should be considered together.
Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-IFRS measure used for assessing financial performance is Adjusted EBITDA, defined as net income before interest, income taxes, amortization, non-cash stock-based compensation, restructuring charges, termination provision, and terminated Lightech agreement costs.
Complete set of Financial Statements and Management Discussion & Analysis
A complete set of the third quarter ended September 30, 2011 Financial Statements and Management's Discussion & Analysis are available on Carmanah's corporate website. To view these documents, visit: www.carmanah.com/Company/Investors/Financial_Reports.aspx. Both documents will also be filed on SEDAR (www.sedar.com).
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20111110&archive=bwire&slug=20111110006317
otterman
13 years ago
Carmanah Appoints Bruce Cousins as Chief Executive Officer
Wednesday, October 12, 2011
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) (Pink Sheets: CMHXF) is pleased to announce the appointment of Bruce Cousins as Chief Executive Officer and a Board Director, effective October 12, 2011. Mr. Cousins takes over both roles from Ted Lattimore, the company's CEO and Board Director since 2007.
Mr. Cousins' professional experience began in finance, having completed a Bachelor of Commerce and Chartered Accountant designation in 1987 and 1989, respectively. He has gained extensive experience in leadership and operations working for both multi-million dollar companies and in leading start-ups through to successful completion of their strategic growth plans. His 22 years of entrepreneurial and executive experience, began with a 13 year tenure with Johnson and Johnson in finance and operations. In 2004 Mr. Cousins left behind a successful career with Johnson and Johnson and joined three founders in the start-up phase of Aspreva Pharmaceuticals. Aspreva developed rapidly as a private company and in slightly more than one year Mr. Cousins played a leadership role in the IPO of the company, with a successful cross border listing on both the NASDAQ and TSX. Aspreva continued to develop with market capitalization reaching 700 million dollars with operations in Switzerland, UK, US and Canada. In 2007 Mr. Cousins led the strategic assessment, resulting in the sale of the company in January 2008, delivering a 24% premium to shareholders in a 915 million dollar all cash transaction. More recently, Mr. Cousins has spent the past few years in the renewable energy industry. At Xantrex, he completed the sale in a four month period resulting in a 55% premium to shareholders; at Ballard Power he led finance and operations through a balance sheet fortification initiative.
"We are very pleased to have Bruce joining Carmanah as CEO at this point in the company's development," stated Board Chair Rob Cruickshank. "Bruce has an outstanding track record of delivering financial, operational and organizational performance, and company profitability, in the global technology industry. His wealth of knowledge, commitment to success, and experience in taking new technologies and solutions to new markets, will take Carmanah into the next phase of its strategic growth plan."
The Board thanks Ted Lattimore for his contributions to Carmanah as CEO and as a Director over the past four years and wish him well in his future endeavours.
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
or
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20111012&archive=bwire&slug=20111012005192
otterman
13 years ago
Carmanah Settles Lightech Lawsuit to Avoid Protracted Litigation
Tuesday, September 20, 2011
FSC / Press Release
Carmanah Settles Lightech Lawsuit to Avoid Protracted Litigation
Victoria, British Columbia CANADA, September 20, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX)(OTC Pink - CMHXF), announced today that it has entered into a settlement agreement to end the $6.0 million Lightech lawsuit relating to the 2010 terminated merger agreement between Lightech and Carmanah. As part of the settlement agreement, Carmanah agreed to drop its $625,000 counter lawsuit against Lightech. Completion of the settlement agreement is subject to ratification by the Israeli courts.
Under the terms of the settlement agreement, the parties agreed to unconditionally and forever waive and release each other from any claims and/or demands they may have now, or in the future, against each other. It is also expressly provided that nothing in the settlement agreement constitutes an admission by Carmanah to any of the claims made by Lightech against it. Carmanah will forego the $312,500 investment previously made in Lightech in 2010 and, after taking into account the recovery of certain expenses, Carmanah will receive, in effect, the $312,500 currently held in escrow in Israel.
"With this settlement, we avoid the significant distraction and costs of pursuing and defending litigation in two countries", said Ted Lattimore, Carmanah's President and Chief Executive Officer. "Although we believe that the allegations against us were without merit and we were prepared to vigorously defend our position, we are pleased to be able to put this matter behind us. The settlement is a reasonable break fee as a result of the terminated merger agreement."
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 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:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah09202011.htm
We put solar to work(tm)
Building 4, 203 Harbour Road, Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
13 years ago
US Government Deploys Carmanah Infrared Solar-Powered Lights in Middle East
Wednesday, September 07, 2011
FSC / Press Release
US Government Deploys Carmanah Infrared Solar-Powered Lights in Middle East
Victoria, British Columbia CANADA, September 07, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), is pleased to announce that over 300 of its solar-powered A702 infrared (IR) lights are being deployed by the United States Government to undisclosed locations in the Middle East in an order valued at approximately $400,000. The A702 IR lights are primarily used for temporary and permanent runway edge, threshold, obstruction and helipad lighting. Being fully integrated, self-contained and watertight, the A702's IR functionality is serving the US Government in operations where night vision goggles (NVGs) and infrared marking devices are required.
Since 1996, Carmanah has deployed thousands of solar LED airfield lights worldwide for public, private and military airfields. Designed to provide airfield lighting that operates independently of grid or generator power, Carmanah solar airfield lights provide reliable illumination that can be quickly and easily deployed. For more information, visit www.carmanah.com/aviation.
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 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:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah09072011.htm
We put solar to work(tm)
250 Bay Street, Victoria, BC, Canada, V9A 3K5
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110907&archive=nlk&slug=00018196
otterman
13 years ago
Carmanah Reports Second Quarter 2011 Results
Thursday, August 11, 2011
FSC / Press Release
Carmanah Reports Second Quarter 2011 Results
Victoria, British Columbia CANADA, August 11, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX)("the Company" or "Carmanah") today reported its second quarter financial results for the period ended June 30, 2011.
Sales for the three months ended June 30, 2011 were $10.7 million, up 34% from $8.0 million for the same quarter in 2010. Net loss for the quarter was $0.2 million compared to a loss of $0.7 million in the same period of the prior year.
"Revenue performance for the second quarter continued to ramp up from the positive trend set in Q4 2010 and Q1 this year," stated Ted Lattimore, Chief Executive Officer. "The improvement is largely due to the success of our Grid-tie installations and impressive sales of Aviation signaling products. Our ability to garner Grid-tie success within the competitive Ontario Feed-In-Tariff program and to penetrate new Aviation markets through our strategic partnerships in Aviation is very satisfying as these achievements are the culmination of a lengthy period of committed strategic and operational effort. We recognize that Grid-tie revenues are seasonal in nature due to the fact that installations cannot be completed in the winter months."
"Moreover, the improvement in year over year revenues is underlined by a significant improvement in the Operating Income," Lattimore continued. "When a company is penetrating new markets with new products as deeply as Carmanah is, it is always a challenge to achieve profits before recurring revenue streams are achieved. However, our previous investment in process improvements, expanding our product lines from the previously established R&D building blocks, and executing on a highly scalable model are now making an operating profit possible. It should be noted that the lower gross margin compared to a year ago is due to the difference in product mix, as the Grid-tie revenue of $3.7 million is a lower margin business, and Grid-tie revenue in Q2 2010 was only $0.6 million."
With regards to the lawsuits involving Lightech, "Management is continuing to aggressively defend its rights and take all measures to bring the matter to an end," Lattimore stated. For a more detailed discussion on the terminated Lightech agreement, refer to the Company's Second Quarter 2011 Management's Discussion & Analysis filed on SEDAR (www.sedar.com) and the Company's website at www.carmanah.com/Company/Investors/Financial_Reports.aspx
Financial Condition at June 30, 2011 compared to December 31, 2010
* Cash and cash equivalents of $4.5 million, down $1.2 million from $5.7 million
* Working capital of $8.0 million, up $0.5 million from $7.5 million
* Continued debt-free operations
Second quarter 2011 compared to second quarter 2010
* Sales: $10.7 million, up $2.7 million or 33.8% from $8.0 million
* Gross margin: 30.6%, down from 33.9%
* Operating costs: $3.1 million, down $0.3 million from $3.4 million
* Net loss: $0.2 million net loss, down $0.5 million from a net loss of $0.7 million
* Adjusted EBITDA (a non-IFRS measure): $0.6 million, up $1.2 million from ($0.6) million
Summary of operations:
* Sales for the second quarter of 2011 were $10.7 million, up 33.8% from $8.0 million in the second quarter of 2010. Broken down by product sector, sales are as follows:
o Signals, $4.5 million, unchanged from $4.5 million
o Illumination, $1.2 million, unchanged from $1.2 million
o Grid-tie, $3.7 million, up 428.6% from $0.7 million
o Mobile, $1.3 million, down 18.8% from $1.6 million
* Gross margin percentage for the second quarter of 2011 was 30.6%, down from 33.9% for the second quarter of 2010. Broken down by product sector, gross margin percentages are as follows:
o Signals, 39.5%, up from 36.6%
o Illumination, 27.2% down from 28.0%
o Grid-tie, 20.9%, down from 26.3%
o Mobile, 30.9%, down from 33.6%
* Product development initiatives during the second quarter of 2011 included:
o On April 12, 2011, Carmanah in partnership with ADB Airfield Solutions announced the completion of the wireless solar engine power supply ("SEPS") for ADB airfield lights and visual navigation aid products. Carmanah, internationally recognized for reliable solar-powered products and ADB Airfield Solutions, the first name in aviation lighting and safety, combined forces through the development of SEPS to improve safety of flight in some of the most demanding environments on earth. Designed by Carmanah to support ADB airfield equipment in environments where the electrical grid is difficult or impossible to access, SEPS wirelessly powers those AC- and solar-powered visual navigation aids required to improve airfield and helipad safety.
o On April 12, 2011, Carmanah in partnership with ADB Airfield Solutions announced the release of the solar-powered Helipad Kit; the first comprehensive and stand-alone wireless helipad light and navigational aid system. The Helipad Kit features ADB wireless solar engine power systems, visual navigation aids and Carmanah wireless solar-powered airfield lighting technology. Wireless, completely stand-alone and self-contained, as well as configurable, the Helipad Kit is the ideal total helipad safety improvement system for remote locations where grid power is difficult or impossible to access. The Helipad Kit is available as a complete system of lighting and navigation aid products or configurable to a helipad's unique mission requirements.
o On April 14, 2011, Carmanah announced its participation as a founding member to form the Consortium for Solar Lighting ("CSL"). The CSL's other founding members are Sharp Electronics Corporation, Inovus Solar, Inc., and SolarOne Solutions, Inc. The mission of this group is to accelerate the adoption of reliable solar lighting technology through the development of universal specifications intended to support customers' fair and comprehensive evaluation of commercial-scale lighting systems. In the process, the group expects that these specifications will foster awareness of solar powered lighting and the applications where it is a viable alternative to conventional grid-connected lighting technology.
* Significant sales that were announced during the second quarter of 2011:
Signals
* On May 3, 2011, Carmanah announced the sale of solar powered aviation lights for deployment at an airport in the Republic of Angola. The value of the contract is approximately $0.2 million and is being coordinated by authorized Carmanah distributor Infocontrol LDA out of Portugal.
* On May 17, 2011, Carmanah announced the sale of solar powered Helipad Kits including solar powered A705-4 helipad and approach lights and wind cones for helipad lighting to a dominant oil and gas producer in South America in a deal worth approximately $0.2 million.
* On May 25, 2011, Carmanah announced that a large international airport in Latin America has chosen Carmanah A704-5 solar powered aviation runway and A650 taxiway lanterns as their lantern of choice for emergency back-up airfield lighting for both of the runways on the airfield. The value of the purchase was almost $0.8 million.
* On June 9, 2011, Carmanah announced that ADB Airfield Solutions and Carmanah had been awarded a contract to supply a rapidly deployable solar hybrid airfield lighting system to the United States Marine Corps. The solar hybrid lighting system was to be shipped to Afghanistan and installed by the Marine Wing Support Squadron in support of NATO's International Security Assistance Force ("ISAF"). The total value of the award was over $1 million. The solar hybrid lighting system of Medium-Intensity Runway Lights ("MIRL") have photometrics compliant to FAA AC 150/5345-46D, and can be operated wirelessly using a handheld controller or a ruggedized tablet PC. Powered using either the light's integral photovoltaic panels, or cables connected to an on-base power network, the solar airfield LED lights reduce or eliminate energy consumption and dependence on fossil fuels. This hybrid lighting approach provides security in the event of grid failure and supports the US Marine Corps' Expeditionary Energy Strategy objectives.
Illumination
* On April 27, 2011, Carmanah announced the sale of EverGEN 1520 solar powered lights to a city in the State of Nevada to light a dog park area in a newly developed public park in a deal worth $0.1 million.
* On April 28, 2011, Carmanah announced the sale of EverGEN 1710 solar powered lights for federal government agency parking lot facility in a deal worth almost $0.2 million.
* On June 1, 2011, Carmanah announced the sale of its EverGEN 1710 solar powered lights to a US federal government parking lot facility located in the Midwest, in a project worth almost $0.4 million. The installation took advantage of the Advanced Occupancy Sensing ("AOS") feature of the EverGEN 1710 which maximizes lumen output potential for this geographic area.
Grid-tie
* On April 26, 2011, Carmanah announced that it had been awarded a second contract by the Greater Essex County District School Board ("GECDSB") of Windsor, Ontario, Canada to provide a solar photovoltaic ("PV") system on the new Tecumseh School. The Carmanah solar rooftop ballasted PV system, valued at approximately $0.6 million, will install on the Tecumseh Vista Academy, the School Board's first K-12 School
* On May 10, 2011, Carmanah announced that it had been awarded a contract valued at approximately $1.8 million to provide solar grid-tied PV systems for two elementary schools in Southern Ontario. Architects and planners for both schools considered the integration of a solar PV system early in the building's design process. This, in combination with the School District's continued support of sustainable energy and available funding through the Renewable Energy Funding for schools program, contributed to the District's decision to adopt the two solar PV systems.
Mobile
* On May 19, 2011, Carmanah announced that it had received an initial stocking order from Keystone Automotive Operations, a leading distributor and marketer of specialty automotive equipment and accessories in North America, for its proprietary Go Power! mobile power product line. This major US automotive equipment distributor decided to initiate stocking Go Power! products in preparation for the 2011 Recreational Vehicle ("RV") season.
Subsequent to June 30, 2011:
Mobile
* On July 6, 2011, Carmanah announced two sales orders with a combined value of approximately $0.2 million for Go Power! Pure Sine Wave Inverters, a proprietary mobile power product within the Carmanah portfolio. The inverters are to be deployed in over 600 fleet vehicles operated by a major US utility provider undergoing a fleet revitalization project.
Illumination
* On July 13, 2011, Carmanah announced that the Consortium for Solar Lighting ("CSL"), of which Carmanah is a founding member, released the Solar Lighting Recommended Practices: Introduction, a preliminary guide to the effective sizing of solar lighting systems. Representing the first technical paper by the newly formed Consortium, the introductory document defines the process of selecting and configuring a solar lighting system to ensure that the system will operate reliably 365 days a year. The purpose of the recommended practices document is to sift through and pull together information on best practices from the array of existing standards. Where existing standards are silent on important topics, the CSL will continue to add new information and recommendations. The preliminary document presents solar lighting terminology and diagrams in a user-friendly form with the expectation that the practices can be readily adopted by municipal, government and commercial customers and specifiers. The paper is now available to the public at no cost.
Reporting Currency and Change in Accounting Standards
Unless otherwise indicated, all financial information presented in this press release is in US dollars and has been prepared in accordance with Internal Financial Reporting Standards ("IFRS"). The conversion to IFRS from Canadian generally accepted accounting principles became effective January 1, 2011. Please refer to the Company's most recently issued financial statements for further discussion.
Adjusted EBITDA
-***-
-------------------------------------------------------------------
(US$ thousands) Q2 Q2 YTD YTD
Adjusted EBITDA reconciliation 2011 2010 2011 2010
-------------------------------------------------------------------
Net loss $ $ $ (16) $ (722)
(174) (718)
Add/(deduct):
Interest - (1) 4 15
Income taxes 54 (300) 157 (318)
Amortization 259 298 534 595
Non-cash stock-based
compensation 116 122 173 223
Termination provision 290 - 290 -
Terminated Lightech
agreement costs 88 - 184 -
Adjusted EBITDA* 633 (599) 1,326 (207)
-------------------------------------------------------------------
* A non-IFRS measure
-****-
Management believes that the non-IFRS measures presented provide useful information by excluding certain items that may not be indicative of Carmanah's core operating results and that these non-IFRS measures will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of results in the current period to those in prior periods as well as future periods. Reference to these non-IFRS measures should not be considered as a substitute for results that are presented in a manner consistent with IFRS. These non-IFRS measures are provided to enhance investors' overall understanding of Carmanah's current financial performance.
A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the non-recurring items do in fact reflect the underlying financial results of Carmanah's business and these effects should not be ignored in evaluating and analyzing Carmanah's financial results. Therefore, management believes that Carmanah's IFRS measures on net loss and the same respective non-IFRS measure should be considered together.
Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-IFRS measure used for assessing financial performance is Adjusted EBITDA, defined as net income before interest, income taxes, amortization, non-cash stock-based compensation, termination provision, restructuring charges, goodwill, intangible impairments, discontinued operations and acquisition costs.
Complete set of Financial Statements and Management Discussion & Analysis
A complete set of the second quarter ended June 30, 2011 Financial Statements and Management's Discussion & Analysis are available on Carmanah's corporate website. To view these documents, visit: www.carmanah.com/Company/Investors/Financial_Reports.aspx. Both documents will also be filed on SEDAR (www.sedar.com).
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 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:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah08112011.htm
We put solar to work(tm)
Building 4, 203 Harbour Road, Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110811&archive=nlk&slug=00018055
otterman
13 years ago
First Nation Tribe Deploys Solar-Powered Airfield Lights to Illuminate Remote Community's Runway
Tuesday, August 09, 2011
FSC / Press Release
First Nation Tribe Deploys Solar-Powered Airfield Lights to Illuminate Remote Community's Runway
Victoria, British Columbia CANADA, August 09, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX)
The Northern Canadian Tsay Keh Dene First Nation is outfitting a remote airfield with solar LED lighting systems provided by Carmanah Technologies (TSX: CMH). The new airfield lights will help supply and medevac aircraft navigate their way to and from the remote village located on the northern end of the Williston Reservoir, British Columbia. The solar-powered airfield project was one of two projects funded by the Canadian Government's Innovative Clean Energy Fund. The new completely solar-powered airfield is the first of its kind in British Columbia.
Tsay Keh Dene First Nation, a rural Canadian First Nations community, relies on a 4500ft runway to move supplies, groceries, and community members to nearby towns. One of the runway's most critical uses is medical evacuation. With the closest hospital over 5 hours away by logging road, the Community is dependent on air transport for medical evacuations and supplies. The absence of runway edge and threshold lighting after dusk meant that the Community would have to wait until morning before medevac crews could arrive. The deployment of Carmanah solar LED airfield lights now provides the Community and neighbouring communities of Williston Reservoir a safe runway after dusk for air traffic and the supplies or community members being transported.
Tsay Keh Dene Chief Dennis Izony comments that the solar-powered airfield project is one that the community has requested for some time. "We discuss improvements at Community meetings, and the airfield lighting project always comes up. It was a fast and simple solution for something that will greatly benefit the safety of the community and pilots."
Carmanah Solar LED Airfield Lighting systems are used in remote and extreme environments where reliability and trouble-free operation are required. According to Ted Lattimore, Carmanah CEO, "The Tsay Keh Dene Nation represents the first installation of a deployable solar-powered runway in British Columbia, yet given the abundance of rural airfields that service communities throughout Northern Canada, it won't be the last. We couldn't anticipate a more appropriate application for these lights".
Tsay Keh Dene Nation member, Stacey Pierre, advises others communities considering deploying solar-powered airfield lights for their remote runways: "If you're in a remote community, we would highly encourage it - for the safety of the community."
Since 1996, Carmanah has deployed thousands of solar LED airfield lights worldwide for rural and major airfields including LAX, Chicago O'Hare and Vancouver International Airport. Designed to provide airfield lighting that operates independently of grid or generator power, Carmanah solar airfield lights provide reliable illumination that can be quickly and easily deployed. For more information, visit www.carmanah.com/aviation.
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 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.
Carmanah Technologies Corporation
"Roland Sartorius"
Roland Sartorius, Chief Financial Officer
For further information:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this press release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah08092011.htm
We put solar to work(tm)
Building 4, 203 Harbour Road, Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110809&archive=nlk&slug=00018023
otterman
13 years ago
Carmanah Signs Master Distributor Agreement with First Choice Marine Supply
Wednesday, July 20, 2011
FSC / Press Release
Carmanah Signs Master Distributor Agreement with First Choice Marine Supply
Victoria, British Columbia CANADA, July 20, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), is pleased to announce that it has signed its first Master Distributor Agreement with a large marine supply company, First Choice Marine Supply ("First Choice"), headquartered in Tampa, Florida. The agreement covers Carmanah's Caribbean territory.
First Choice is a large marine supply firm servicing commercial, industrial and ship chandlery markets. With a large sales force covering the United States, Caribbean, Central and South America, First Choice was a natural choice for a Master Distributor. First Choice was already a distributor for Carmanah/Sabik marine lanterns, but the move to Master Distributor status brings important changes. Going forward, First Choice will be Carmanah's exclusive distributor for the Caribbean region and will now stock higher levels of Carmanah/Sabik inventory so they can provide quicker response to end user requests for solar powered and AC powered marine aids to navigation. As the Master Distributor, First Choice will also be working with many of the previous distributors of Carmanah in the Caribbean region who will now be acting as agents on behalf of First Choice. From their various locations, First Choice will also provide technical support to end users from their various locations.
Greg Nielsen, President of First Choice Marine Supply, stated, "We are very happy to take on the responsibilities of being Carmanah's Master Distributor for the Caribbean region, and we look forward to growing our relationship with Carmanah. With our large sales force, First Choice interacts with many of the end user customers that regularly use Carmanah/Sabik products. We love the Carmanah/Sabik solar and AC powered marine lanterns and we are eager to sell the full range of marine lighting products to all of our customers."
Ted Lattimore, Carmanah's Chief Executive Officer, says, "This is a win, win, win relationship. Through this agreement, First Choice can confidently invest in growing their support and business for the Carmanah/Sabik line of products. Carmanah benefits because we can focus our support on working closely with such a large player in the marine industry while gaining the increased footprint of their large sales force. Most importantly, end customers will benefit from shorter lead times, as well as sales and technical support being offered closer to where they are located."
The agreement took effect July 15, 2011. For more information about First Choice Marine Supply, visit http://www.firstchoicemarinesupply.com/index.php.
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 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:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this press release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah07202011.htm
We put solar to work(tm)
Building 4, 203 Harbour Road, Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
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otterman
13 years ago
Consortium for Solar Lighting Releases Preliminary Recommended Practices Paper for Solar Powered Lighting Industry
Wednesday, July 13, 2011
FSC / Press Release
Consortium for Solar Lighting Releases Preliminary Recommended Practices Paper for Solar Powered Lighting Industry
Victoria, British Columbia CANADA, July 13, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX),
The Consortium for Solar Lighting ("CSL") announces the release of Solar Lighting Recommended Practices: Introduction, a preliminary guide to the effective sizing of solar lighting systems. Representing the first technical paper by the newly formed Consortium, to which Carmanah Technologies Corporation (TSX: CMH) is a founding member, the introductory document defines the process of selecting and configuring a solar lighting system to ensure that the system will operate reliably 365 days a year. According to CSL founding members, a gap in lighting industry standards exists surrounding the effective sizing of a solar lighting system, which can adversely affect the rate of solar adoption in the lighting industry. The CSL was formed in early 2011 with other founding members Sharp Electronics Corporation, Inovus Solar, Inc., and SolarOne Solutions, Inc. to accelerate the adoption of solar lighting technology through the development of specifications intended to support customers' fair and comprehensive evaluation of commercial-scale lighting systems. The CSL believes that recommendations such as this introductory guide will help foster awareness of solar powered lighting and the applications where it is a viable alternative to conventional grid-connected lighting technology.
This "Introduction" document represents the first installment of the CSL Recommended Practices reports, which presents an overview of the Consortium's mission and discusses the emergence of solar lighting as a new category of outdoor lighting. The paper then investigates current industry standards as they relate to solar technology and where the notable system sizing gap exists. Standards such as NEC, UL, CE and IES (among others) touch on a few aspects of solar lighting, but the CSL contends that no standard addresses solar lighting directly. The purpose of the recommended practices document is to sift through and pull together information on best practices from the array of existing standards. Where existing standards are silent on important topics, the CSL will continue to add new information and recommendations. The preliminary document presents solar lighting terminology and diagrams in a user-friendly form with the expectation that the practices can be readily adopted by municipal, government and commercial customers and specifiers. The paper is now available to the public at no cost.
In addition to accelerating solar lighting adoption, the CSL is driven to communicate the importance of energy balance of a solar lighting system to ensure that operation is aligned with customer's expectations. Other aspects of the system design, including standards that apply to individual components of the system, lighting characteristics or aspects that relate to safety are already being addressed through national and international bodies such as Commission International D'eclairage ("CIE"), Illuminating Engineering Society of North America ("IESNA"), International Electrotechniques Commission ("IEC") and Underwriters Laboratories ("UL").
To view Solar Lighting Recommended Practices: Introduction and to learn more about the CSL, please visit www.consortiumforsolarlighting.com. According to the CSL, the full 1st edition of Solar Lighting Recommended Practices: System Sizing will be released in the Fall of 2011.
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 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.
Sharp is a registered trademark of Sharp Electronics Corporation. All rights reserved.
Inovus Solar is a registered trademark of Inovus Solar, Inc. All rights reserved.
SolarOne is a registered trademark of SolarOne Solutions, Inc. All rights reserved.
Carmanah Technologies Corporation
"Roland Sartorius"
Roland Sartorius, Chief Financial Officer
For further information:
Investors:
Investor Relations: Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
Building 4, 203 Harbour Road,
Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052
Toll Free 1.877.722.8877
Fax +1.250.380.0062
E-mail: investors@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this press release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah07132011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110713&archive=nlk&slug=00017848
otterman
13 years ago
US Utility Installs Carmanah Inverters in 600 Fleet Vehicles
Wednesday, July 06, 2011
FSC / Press Release
US Utility Installs Carmanah Inverters in 600 Fleet Vehicles
Victoria, British Columbia CANADA, July 06, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), is pleased to announce two sales orders with a combined value of approximately $171,000 for Go Power! Pure Sine Wave Inverters, a proprietary mobile power product within the Carmanah portfolio. The inverters are being deployed in over 600 fleet vehicles operated by a major US utility provider undergoing a fleet revitalization project.
The South East based utility provider will use the Go Power! Pure Sine Wave Inverters to operate tools and test equipment requiring 120 volts of AC power by way of the vehicle's battery, as well as being used to charge hand held devices, such as cell phones. The 1000 watt Go Power! Pure Sine Wave Inverter provides an efficient replica of AC power for the category of tools and equipment the fleet will be using. Some of these devices are sensitive to power loads and require a clean source of AC power. Aside from the accessibility of having on-board AC power readily available at the job site, the vehicles will also be simultaneously reducing their daily idle time and carbon footprint.
Ted Lattimore, Carmanah CEO, said, "This contract represents one of many large-scale fleet outfitting projects. Fleet managers are confident that our Go Power! products will deliver mobile power when it is required thanks to the devices' continued track record of extreme reliability and performance."
The utility provider expects to outfit their new fleet this summer. A combination of Transit Connect and utility vans will then be deployed across 17 states throughout the US.
For more information on this or other mobile solar power applications, contact Mike Stephens at mstephens@carmanah.com, or visit www.gpelectric.com.
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.
The Company's Mobile division is a leader in the mobile, solar power industry and has more than 15 years of experience in the RV and fleet truck market. The Company's Go Power! brand is one of North America's most popular and recognized in solar power for both recreational and industrial use. Products include solar charging kits, pure and modified sine wave inverters and solar power accessories. 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:
Investors:
Investor Relations:
Roland Sartorius, CFO
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
Building 4, 203 Harbour Road,
Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052
Toll Free 1.877.722.8877
Fax +1.250.380.0062
E-mail: investors@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
To view this press release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah07062011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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otterman
13 years ago
Carmanah Reports Successful Results at Annual General Meeting
Wednesday, June 22, 2011
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH), is pleased to announce that all resolutions proposed at its annual general meeting held on June 21, 2011 (the "AGM") were duly passed.
Of the shareholders that voted, approximately 98% approved the re-appointment of Rob Cruickshank, Ted Lattimore, Bob Wiens, and Peter Berrang as directors. Also, Dr. David Green was newly appointed as a director of Carmanah.
Before the AGM, Robert Logan decided to not stand for re-election. “I want to thank Rob for his many years of valuable service to Carmanah during his long tenure as a director. We wish him great success in his future endeavors,” said Rob Cruickshank, Chairman of Carmanah's Board of Directors.
"We are pleased that despite the current postal strike in Canada, almost 40% of the common shares were represented at the AGM,” noted Ted Lattimore, Carmanah's CEO. “Our shareholders responded positively with an overwhelming majority to the resolutions that were presented by management. With no objection or contrary votes of any significance, the vote of confidence allows us now to collectively focus on continuing to build Carmanah as a leader in the industry and taking all measures to aggressively defend and bring the Lightech action to an end.”
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 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:
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Roland Sartorius, CFO
Investor Relations
Toll-Free: 1.877.722.8877
investors@carmanah.com
or
Media:
David Davies
Public Relations
Tel: +1.250.382.4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110622&archive=bwire&slug=20110622005273
otterman
13 years ago
International Airport in Latin America Selects Carmanah Airfield Emergency Back Up Lighting Valued at Almost $800,000
Wednesday, May 25, 2011
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH) (Pink Sheets: CMHXF) is pleased to announce that a large international airport in Latin America has chosen Carmanah A704-5 solar powered aviation runway and A650 taxiway lanterns as their lantern of choice for emergency back-up airfield lighting for both of the runways on the airfield. The value of the purchase was almost $800,000.
The International Airport experienced a damaging lightning strike earlier in the year that disrupted their grid powered aviation lighting system. For a period of time, runway and taxiway lights were not operational causing a great deal of disruption to the regular flight schedule. Crews worked diligently to repair the lightning damage to the system, but the incident underscored to the authorities the importance of having a self-contained solar powered aviation lighting back-up system not susceptible to damage from lightning strikes. The decision to utilize Carmanah solar powered aviation lights is just another example of the authorities at the Airport making sound decisions in support of traveller safety and operational efficiency.
The Airport already had previous experience with Carmanah solar aviation lanterns and their reliability. Working closely with the authorized Carmanah distributor, Ms. Iliana Fernandez and Mr. Fernando Entrena of Iner Consultores, the airport officials reviewed a variety of different options to provide a secure emergency back-up lighting system and ultimately chose Carmanah A704-5 and A650 solar aviation lights because of their robust design and reliable, trouble free operations.
According to Ted Lattimore, Carmanah's CEO, “It is great to see an international airport operation appreciating the safety and security available from implementing solar aviation lighting solutions. There are many examples around the world where solar lighting withstands severe weather events permitting an airport to continue operations which otherwise may have been disrupted by power outages. Uninterrupted operations are key for an international airport, and Carmanah solar lights help achieve this goal. We are pleased that our distributor, Iner Consultores, has helped yet another airport client increase their airfield safety standards and operational efficiency by using Carmanah solar aviation lighting products.”
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 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Investor Relations:
Roland Sartorius, 1-877-722-8877
investors@carmanah.com
or
Media:
Public Relations:
David Davies, +1.250.382.4332
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110525&archive=bwire&slug=20110525005419
otterman
13 years ago
Carmanah Announces Partnership with Keystone Automotive for Distribution of Mobile Solar Power Products
Thursday, May 19, 2011
VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies Corporation (TSX: CMH)(Pink Sheets: CMHXF) is pleased to announce that its Solar Power Systems division has received an initial stocking order from Keystone Automotive Operations for its proprietary Go Power! mobile power product line. This major US automotive equipment distributor is stocking Go Power! products in preparation for the 2011 RV season.
Keystone Automotive Operations, Inc., based in Exeter, Pennsylvania, is the leading distributor and marketer of specialty automotive equipment and accessories in North America. Recently, the company expanded to include RV, Towing and Lifestyle products and now features Carmanah as their solar RV provider.
“It was clear that the Go Power! product suite was the right fit for us,” says Jon White, General Manager of RV, Towing and Lifestyle, Keystone Automotive. “Our customers are interested in alternative power sources and we required a partner that could provide a versatile solution at an affordable price. We chose to invest in Carmanah because of their proven performance, customer service and ability to provide the necessary inventory for our growing market.”
Carmanah's Go Power! products range from solar charging kits to pure sine wave inverters and can be installed on RVs, trailers and fleet utility vehicles for applications ranging from simple battery maintenance to full-time live aboard power.
Ted Lattimore, Carmanah CEO, said, “We are pleased to have this new channel relationship in place, and anticipate that it will significantly strengthen the Company's leadership position in US and Canadian mobile solar power markets.”
Carmanah recently attended Keystone's annual Big Show tradeshow and conference in New Jersey and is undergoing solar product training seminars for Keystone's new RV department in Ontario, Canada.
For more information on this or other mobile solar power applications, contact Mike Stephens at mstephens@carmanah.com, or visit Carmanah's website at www.carmanah.com.
About Keystone Automotive Operations
Keystone and its affiliates are wholesale distributors and retailers of aftermarket automotive accessories and equipment, with operations servicing customers in all regions of the United States and provinces of Canada, as well as various other international locations. The Company's fleet of over 300 trucks provide multi-day per week delivery and returns covering the 48 contiguous states and nine provinces of Canada. The Company sells and distributes specialty automotive products, such as light truck/SUV accessories, car accessories and trim items, specialty wheels, tires and suspension parts, and high performance products, and recently RV accessories to a base of approximately 15,000 customers. The Company's wholesale operations include an electronic service strategy providing customers the ability to view inventory and place orders via its proprietary electronic catalog. The Company also operates retail stores in Northeastern Pennsylvania. The Company's corporate headquarters is in Exeter, Pennsylvania. For more information, visit www.keystoneautomotive.com.
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.
The Company's Mobile division is a leader in the mobile, solar power industry and has more than 15 years of experience in the RV and fleet truck market. The Company's Go Power! brand is one of North America's most popular and recognized in solar power for both recreational and industrial use. Products include solar charging kits, pure and modified sine wave inverters and solar power accessories. 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.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
Carmanah Technologies Corporation
Investors:
Roland Sartorius, Toll-Free: 1-877-722-8877
Investor Relations
investors@carmanah.com
or
Media:
David Davies, +1-250-382-4332
Public Relations
ddavies@carmanah.com
http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110519&archive=bwire&slug=20110519005014
otterman
13 years ago
South American Oil and Gas Company Selects Carmanah for Solar Helipad Landing Lights
Tuesday, May 17, 2011
FSC / Press Release
South American Oil and Gas Company Selects Carmanah for Solar Helipad Landing Lights
Victoria, British Columbia CANADA, May 17, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), is pleased to announce the sale of solar powered helipad kits including solar powered A705-4 helipad and approach lights and wind cones for helipad lighting to a dominant oil and gas producer in South America in a deal worth approximately $150,000.
This project represents a perfect situation where solar powered aviation lighting solves a critical business issue for the customer. The oil and gas producer had a unique situation in that many of their helicopter landing pads are located in remote areas. Without reliable electric power nearby, operations were being limited to the amount of daylight available to safely land helicopters, often of which were delivering supplies or important personnel. With the Carmanah A704-5 solar powered aviation lights and wind cones, the oil and gas producer can now fly at any time.
The A704-5 aviation lights offer significant competitive benefits over other products on the market. According to recommendations by the Federal Aviation Administration and the International Civil Aviation Organization, the A704-5 meets the photometric output intensities required for helipad touch down and lift-off area perimeter lights, unlike other comparable products. In wireless mode, the intensity of the A704-5 lights can be instantaneously controlled from either the ground crew or on-the-fly by the helicopter pilot using ARCAL (Aircraft Radio Control of Aerodrome Lighting), providing a critical safety-of-flight factor. Another important differentiator is the A704-5 has the widest vertical angle of divergence for light distribution in its class which can be crucial to the safety of the aircraft, the crew and the ground personnel in steep helicopter approaches angles.
Ted Lattimore, Carmanah CEO, said, "Carmanah has been the leader in selling solar powered safety lights for over 10 years. This sale reinforces the trust organizations have in our technology and provides another industry example of how Carmanah solar powered lights can help improve safety and operational effectiveness."
The project was developed by Carmanah authorized distributor, LGT Solar.
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 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:
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
we put solar to work(tm)
Building 4, 203 Harbour Road,
Victoria, BC, Canada, V9A 3S2
Telephone +1.250.380.0052
Toll Free 1.877.722.8877
Fax +1.250.380.0062
E-mail: investors@carmanah.com
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/carmanah05172011.htm
Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110517&archive=nlk&slug=00017532
otterman
13 years ago
Carmanah Reports First Quarter 2011 Results and Announces Resignation of CEO Ted Lattimore effective December 31, 2011
Thursday, May 12, 2011
FSC / Press Release
Carmanah Reports First Quarter 2011 Results and Announces Resignation of CEO Ted Lattimore effective December 31, 2011
Victoria, British Columbia CANADA, May 12, 2011 /FSC/ - Carmanah Technologies Corporation (CMH - TSX), today reported its first quarter financial results for the period ended March 31, 2011 and the resignation of Ted Lattimore, CEO, effective December 31, 2011.
Sales for the three months ended March 31, 2011 were $9.6 million, up 18% from $8.1 million for the same quarter in 2010. Net income for the quarter was $0.2 million compared to break-even in the same period of the prior year.
"Revenue results for the first quarter of 2011 were ahead of plan, aligned with earlier provided guidance, the best quarterly performance in over two years; and profitability was greater than planned as the lower cost structure is already paying off," stated Ted Lattimore, Chief Executive Officer. "Our Illumination outdoor area lighting business achieved $1.5 million revenue by way of a variety of purchase orders - approximately $0.1 million short of our all-time quarterly high - and immediate results were achieved in Latin America with the introduction of the EG300 systems. Our Signals business experienced a shortfall in the Marine sector due to the slow seasonal breakout of winter ice conditions and our Grid-tie division over-contributed as a result of continuing success with Ontario's Feed-in-Tariff program."
"We're encouraged with the performance in first quarter of 2011 and even more so as the momentum that has been building since late 2010 is overflowing into the second quarter," Lattimore commented. "As we highlighted in our year-end review, many bold initiatives are beginning to be rewarded: the successful partnership with ADB has created a larger market for our Aviation Signal products and provides a much broader distribution channel to reach this market as Carmanah's products complement ADB's portfolio of airfield lighting systems. Our Mobile business is accelerating as the recession loosens its grip on the recreational vehicle and fleet markets and new customers purchase volume of our Go Power! brand through new channels such as Amazon.com. Carmanah's commitment to the Ontario FIT program has positioned us as the clear leader in roof-top industrial Grid-Tie in the province, with multi-million dollar contracts now being awarded. Our award winning EverGEN 1700 series Illumination outdoor area lighting is being installed in a variety of situations in North America, and the engineering platform resulting from the EverGEN allowed us to launch the lower cost EG300 series in record time in January for developing markets - with competitive pricing and immediate sales. A further boost to our Illumination outdoor area lighting effort came via a recent market assessment study published by lighting industry giant Philips. Philips estimates the global potential for solar powered outdoor LED lighting at $1.0 billion annually; two to three times larger than Carmanah's previous estimates. In all, we're very pleased with the performance of both the Lighting and Solar Power Systems divisions, and see returns coming from our earlier strategic investments in product development, sales and distribution re-organization and partnerships, and aligning the operational structure along functional lines. Revenue per employee for 2011 is estimated to be in excess of $0.5 million, which is an increase of almost double the revenue per employee over the prior year." concluded Lattimore.
With regards to the lawsuits involving Lightech, "Management is aggressively defending its rights and taking all measures to bring the matter to an end," Lattimore stated. "In 2010, we embarked on our previously announced non-organic growth strategy with the signing of a definitive agreement to purchase Lightech Electronics subject to several conditions precedent of which the main one was the successful completion of an equity offering. As a result of steps taken by a previously unknown significant shareholder for the Company not to proceed with the equity offering, our Board of Directors determined after careful deliberation that it had no choice but to terminate the Lightech agreement in accordance with its rights under the Lightech agreement. That unfortunately resulted in legal actions initiated by both Carmanah and Lightech. Both actions are in the early stages of the litigation process." For a more detailed discussion on the terminated Lightech agreement, refer to the Company's First Quarter 2011 Management's Discussion & Analysis filed on SEDAR (www.sedar.com) and the Company's website at www.carmanah.com/Company/Investors/Financial_Reports.aspx
"Our 2011 performance is very sales focused, with additional efficiencies resulting from the restructuring initiatives we completed in 2010, to allow us to grow profitably," Lattimore continued." For the second quarter of 2011, we are anticipating revenues in the range of $10.5 million to $11.0 million, representing an increase of approximately 35% over the same period in 2010. We further anticipate a positive pre-tax income in the range of 3-5%, as we expect to benefit from a continued increase in Illumination and Grid-tie revenues and reduced operating expenses. Now that contracts are working their way through the FIT program process in Ontario, we see an inflow of million dollar plus contracts to the Grid-tie sector of our business during at least 2011. For 2011, we anticipate corporate organic revenue to increase approximately 15%, gross margins to be in the low 30% range, and lower overall operating expenses than 2010. This should enable us to achieve profitable operating results."
Carmanah today is also announcing the resignation of Ted Lattimore as CEO effective December 31, 2011. "With Carmanah in profitable territory, enjoying some sales momentum, a more positive economic climate and having made some very positive steps into the $1 billion market for outdoor area lighting, it is best to act now to find the leader who can commit to realizing the Company's longer term potential" said Lattimore. Rob Cruickshank, Chairman of the Company, states "The turnaround of Carmanah, which has been the prime responsibility of Ted, is firmly in place. We're in a position now where the Board of Directors can manage and control a transition to a new CEO and position the role as a very attractive opportunity. The Company is now profitable, has a strong statement of financial position and solid footing and growth plans in each business unit. The Board is grateful for Ted's contribution to the Company over the last 3 1/2 years and his anticipated involvement through the transition over the next few months." Lattimore will retain the CEO position and responsibilities until December 31, 2011, or earlier, if a replacement is assigned.
Financial Condition at March 31, 2011 compared to December 31, 2010
* Cash and cash equivalents of $5.8 million, up $0.1 million
* Working capital of $8.0 million, up $0.5 million from $7.5 million
* Continued debt-free operations
First Quarter 2011 compared to first quarter 2010
* Sales: $9.6 million, up $1.5 million or 18% from $8.1 million
* Gross margin : 32.4%, down from 39.3%
* Operating costs: $2.7 million, down $0.6 million from $3.4 million
* Net Income: $0.2 million, up $0.2 million from break-even
* Adjusted EBITDA (a non-IFRS measure): $0.6 million, up from $0.3 million
Summary of operations:
* Sales for the first quarter of 2011 were $9.6 million, up 18.5% from $8.1 million in the first quarter of 2010. Broken down by product sector, sales are as follows:
o Signals, $3.8 million, down 19% from $4.7 million
o Illumination, $1.5 million, down 7% from $1.6 million
o Grid-tie, $2.6 million, up 444% from $0.5 million
o Mobile, $1.7 million, up 34% from $1.3 million
* Gross margin percentage for the first quarter of 2011 was 32.5%, down from 39.3% for the first quarter of 2010. Broken down by product sector, gross margin percentages are as follows:
o Signals, 44.0%, up from 41.9%
o Illumination, 30.4% down from 33.4%
o Grid-tie, 16.6%, down from 29.7%
o Mobile, 31.8%, down from 40.5%
* Product development initiatives during the first quarter of 2011 included:
* On January 19, 2011, Carmanah announced the launch of its new EG300-series solar LED outdoor streetlight; a new generation of solar-LED lighting systems designed to meet the specific roadway performance features required for customers in global sun-belt regions where core infrastructure development is underway, including regions such as Latin American and the Caribbean. The EG300-series is designed to provide high lumen performance at a competitive price to support solar lighting adoption in rapidly growing non-North American markets. Operating completely free of the grid, the EG300 solar streetlight is well-positioned for markets with developing roadway infrastructure where standalone solar lighting can offer a more cost effective alternative over hard-wired lighting systems. In situations where the electrical grid is costly, unreliable or non-existent, the EG300 becomes a viable cost-saving lighting alternative; delivering the light output equivalent to a 200-watt metal halide light (used for standard streetlight settings). The EG300-series includes two product sizes which power up to two LED fixtures. These fixtures are available in standard IES distribution types, are dark-sky friendly, and feature excellent uniformity.
* On February 3, 2011, Carmanah announced that the Mexican National Civil Aviation Authority had approved the use of Carmanah A704-5 and A650 solar LED signal lights for obstruction marking in accordance with Annex 14 of ICAO regulations. Carmanah's authorized distributor in Mexico, Grupo Insolar SA de CV, helped in submitting the A704-5 and A650 specifications to the civil aviation authorities for consideration and approval.
* Significant sales that were announced during the first quarter of 2011:
Signals
* On January 6, 2011, Carmanah announced that the ADB/Carmanah team has been awarded a $0.5 million project for solar powered aviation lights at a forward operating base in Afghanistan.
Illumination
* On January 19, 2011, the Company announced the launch of the EG300 series Illumination light; a new generation of solar-LED outdoor lighting systems designed to meet the specific roadway performance features required for customers in global sun-belt regions where core infrastructure development is underway, including regions such as Latin American and the Caribbean.
* On February 2, 2011, Carmanah announced that the City of Los Angeles has selected Carmanah EverGEN 1710 solar powered lights for a $0.5 million project to light a popular bicycle path.
* On February 10, 2011, Carmanah announced that its EG340 series Illumination lights, the Company's latest product was chosen by Mexico City for the Parque Caneguin, to light its historically significant heritage park located in Delegacion Miguel Hidalgo, Mexico City. This order represents one of the initial launch installations within a key market for the new EG300-series product. Parque Caneguin is also recognized by the Insistuto Nacional de Antropologia e Historia ("INAH") as a Mexico City, Mexico heritage site as well as being valued by the community as the "lungs" of the district.
* On March 31, 2011 Carmanah announced a sale worth over $0.6 million for Carmanah EG340 solar lights to illuminate a road network at a large industrial facility in Latin America. This sale represents the first installation of the EG340 solar lights for a roadway lighting application. According to the facility owners, the company will save hundreds of MWh of electricity per year by introducing solar powered lighting into their operations. The EG340 Carmanah solar powered lights were specifically designed to meet the cost point, lighting and performance specifications for Latin American countries. One of the key reasons the EG340 was chosen was the low maintenance requirements for the lights - another cost saving advantage. The solar light also fit in well with the national Government's support for renewable energy products.
Subsequent to March 31, 2011:
Signals
* On April 12, 2011, Carmanah in partnership with ADB Airfield Solutions announced the completion of the wireless solar engine power supply ("SEPS") for ADB airfield lights and visual navigation aid products. Carmanah internationally recognized for reliable solar-powered products and ADB Airfield Solutions, the first name in aviation lighting and safety, combined forces through the development of SEPS to improve safety of flight in some of the most demanding environments on earth. Designed by Carmanah to support ADB airfield equipment in environments where the electrical grid is difficult or impossible to access, SEPS wirelessly powers those AC- and solar-powered visual navigation aids required to improve airfield and helipad safety.
* On April 12, 2011, Carmanah in partnership with ADB Airfield Solutions announced the release of the solar-powered Helipad Kit; the first comprehensive and stand-alone wireless helipad light and navigational aid system. The Helipad Kit features ADB wireless solar engine power systems, visual navigation aids and Carmanah wireless solar-powered airfield lighting technology. Wireless, completely stand-alone and self-contained, as well as configurable, the Helipad Kit is the ideal total helipad safety improvement system for remote locations where grid power is difficult or impossible to access. The Helipad Kit is available as a complete system of lighting and navigation aid products or configurable to a helipad's unique mission requirements.
* On May 3, 2011, Carmanah announced the sale of solar powered aviation lights for deployment at an airport in the Republic of Angola. The value of the contract is approximately $0.2 million and is being coordinated by authorized Carmanah distributor Infocontrol LDA out of Portugal.
Illumination
* On April 14, 2011, Carmanah announced its participation as a founding member to form the Consortium for Solar Lighting ("CSL"). The CSL's other founding members are Sharp Electronics Corporation, Inovus Solar, Inc., and SolarOne Solutions, Inc. The mission of this group is to accelerate the adoption of reliable solar lighting technology through the development of universal specifications intended to support customers' fair and comprehensive evaluation of commercial-scale lighting systems. In the process, the group expects that these specifications will foster awareness of solar powered lighting and the applications where it is a viable alternative to conventional grid-connected lighting technology.
* On April 27, 2011, Carmanah announced the sale of EverGEN 1520 solar powered lights to a city in the State of Nevada to light a dog park area in a newly developed public park in a deal worth $0.1 million.
* On April 28, 2011, Carmanah announced the sale of EverGEN 1710 solar powered lights for federal government agency parking lot facility in a deal worth almost $0.2 million.
Grid-tie
* On April 26, 2011, Carmanah announced that it had been awarded a second contract by the Greater Essex County District School Board (GECDSB) of Windsor, Ontario, Canada to provide a solar photovoltaic (PV) system on the new Tecumseh School. The Carmanah solar rooftop ballasted PV system, valued at approximately $0.6 million, will install on the Tecumseh Vista Academy, the School Board's first K-12 School
* On May 10, 2011, Carmanah announced that it had been awarded a contract valued at approximately $1.8 million to provide solar grid-tied PV systems for two elementary schools in Southern Ontario. Architects and planners for both schools considered the integration of a solar PV system early in the building's design process. This, in combination with the School District's continued support of sustainable energy and available funding through the Renewable Energy Funding for schools program, contributed to the District's decision to adopt the two solar PV systems.
Reporting Currency and Change in Accounting Standards
Unless otherwise indicated, all financial information presented in this press release is in US dollars and has been prepared in accordance with Internal Financial Reporting Standards ("IFRS"). The conversion to IFRS from Canadian generally accepted accounting principles became effective January 1, 2011. Please refer to the Company's most recently issued financial statements for further discussion.
Adjusted EBITDA
-***-
---------------------------------------------------
(US$ thousands) Q1 Q1
Adjusted EBITDA reconciliation 2011 2010
---------------------------------------------------
Net income/(loss) $158 $(4)
Add/(deduct):
Interest 4 16
Income taxes 103 (18)
Amortization 275 297
Terminated Lightech agreement costs 96
---------------------------------------------------
Adjusted EBITDA* 636 291
---------------------------------------------------
-****-
* A non-IFRS measure
Management believes that the non-IFRS measures presented provide useful information by excluding certain items that may not be indicative of Carmanah's core operating results and that these non-IFRS measures will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of results in the current period to those in prior periods as well as future periods. Reference to these non-IFRS measures should not be considered as a substitute for results that are presented in a manner consistent with IFRS. These non-IFRS measures are provided to enhance investors' overall understanding of Carmanah's current financial performance.
A limitation of utilizing these non-IFRS measures is that the IFRS accounting effects of the non-recurring items do in fact reflect the underlying financial results of Carmanah's business and these effects should not be ignored in evaluating and analyzing Carmanah's financial results. Therefore, management believes that Carmanah's IFRS measures on net loss and the same respective non-IFRS measure should be considered together.
Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-IFRS measure used for assessing financial performance is Adjusted EBITDA, defined as net income before interest, income taxes, amortization, restructuring charges, goodwill, intangible impairments, discontinued operations and acquisition costs.
Complete set of Financial Statements and Management Discussion & Analysis
A complete set of the first quarter ended March 31, 2011 Financial Statements and Management's Discussion & Analysis are available on Carmanah's corporate website. To view these documents, visit: www.carmanah.com/Company/Investors/Financial_Reports.aspx. Both documents will also be filed on SEDAR (www.sedar.com).
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 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:
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Tel: +1.250.382.4332
ddavies@carmanah.com
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
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Telephone +1.250.380.0052 Toll Free 1.877.722.8877
Fax +1.250.380.0062 E-mail: investors@carmanah.com
To view this release as a web page, please click on the following link:
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Source: Carmanah Technologies Corporation (CMH - TSX) http://www.carmanah.com
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http://www.theglobeandmail.com/globe-investor/news-sources/?date=20110512&archive=nlk&slug=00017503
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