Vancouver, BC, Canada - (October 21, 2004) - Carmanah Technologies Corporation (TSX VE: CMH; Berlin and Frankfurt Stock Exchanges: QCX), is pleased to announce that it reached a significant milestone in September, 2002, achieving sales of more than 50,000 units of its solar-powered LED lighting products since its incorporation in 1998.
"Hitting the 50,000 unit mark in just under four years is a significant achievement for the company", states Art Aylesworth, Carmanah's CEO. "This milestone speaks to the aggressive, competitive corporate culture of our company and our desire to be the world's leader in solar-powered LED lighting products."
Since 1998, Carmanah's sales have been increasing consistently at an average annual rate of 80%. To-date, the company has sales in more than 110 countries and it has recorded its second consecutive profitable quarter.
Developed between 1994 and 1998, Carmanah's lighting technology captured the attention of coast guards, navies and other maritime authorities with its unique no-maintenance design, superior performance, reliability and cost-effectiveness. The lights ar gaining a favorable reputation at international aids-to-navigation conferences and trade magazines. Carmanah's patented navigation lights now mark hazards and guide ship traffic on buoys in some of the busiest waterways in the world, including Hong Kong, India, the United Kingdom, Egypt, Panama, the United States and Canada.
Carmanah continues to capitalize on its success in the marine market by expanding its platform technology into all types of land-based applications requiring rugged, efficient and low-cost lighting. These markets include transit, roadway, railway, and aviation navigation and hazard marking. As Carmanah passes the mark of 50,000 units sold, these new markets will launch the company towards its next milestone.
Becoming an Industry Standard in North America
Significant developments with the Canadian and U.S. Coast Guards helped Carmanah reach its milestone sales of 50,000 units. In August, 2002, the U.S. Coast Guard officially approved Carmanah's lights for use as U.S. Coast Guard Aids to navigation. In a further development in September, 2002, the U.S. government designated Carmanah as a Federal Supply Contractor for the General Services Administration (GSA). Carmanah can now supply U.S. federal agencies direct through the GSA supply schedule. In the first month of becoming a Federal Supply Contractor, Carmanah sold more than $180,000 worth of product to U.S. government agencies.
In March 2002, the Canadian Coast Guard implemented a Standing Offer Agreement (SOA) with Carmanah for the Coast Guard's ongoing demands for navigation lights. The Coast Guard has chosen to retrofit navigation buoys with Carmanah's lights in all regions of Canada. The Coast Guard has chosen to retrofit navigation buoys with Carmanah's lights in all regions of Canada. The Canadian Coast Guard has purchased over $200,000 worth of product since implementing the SOA.
Other News: Carmanah Reports Extension of Exercise Term of Outstanding Warrants
On June 21, 2001, Carmanah completed a private placement of 2,334,934 units with each unit comprising of one common share and one-half of one warrant. Each whole warrant is exercisable to purchase one additional common share for $1.00 until June 21, 2002 and $1.25 until December 21, 2002. Carmanah applied to the TSX Venture Exchange for permission to extend the exercise term of the outstanding warrants by six months to June 21, 2003 and the TSX Venture Exchange has granted the extension.
About Carmanah Technologies Inc.
Carmanah is an award-winning alternative energy manufacturer specializing in patented, proprietary solar-powered LED lighting solutions for the marine, transit, roadway and railway markets. To-date, the company has more than 45,000 units installed in 110 countries. The shares of Carmanah Technologies Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol "CMH" and on the Berlin and Frankfurt Stock Exchanges under the symbol "QCX". For further information, please visit www.carmanah.com.
On Behalf of the Board of Directors
Carmanah Technologies Corporation
Praveen Varshney, Director
For further information, please contact.
Mr. David Davies
Telephone: (250) 382-4332
Corporate and Investor Contact:
Mr. Praveen Varshney, Director
Telephone: (604) 629-0264
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in our Annual Report for the fiscal year ended December 31, 2002, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. These risks and uncertainties are also described under the caption "Risk Factors" in our Annual Information Form dated December 31, 2002, as filed with the British Columbia Securities Commission and which are incorporated herein by reference. We do not assume any obligation to update the forward-looking information contained in this press release.