VICTORIA, BC, CANADA (November 4, 2009) - Carmanah Technologies Corporation (TSX: CMH) today confirmed that the company will change the reporting currency of its financial information from Canadian dollars to US dollars, effective the third quarter of 2009. This action, previously communicated in the company's 2009 second quarter report, reflects the profile of its revenue and net profit which are now primarily generated in US dollars.
"The move to reporting in US dollars just makes sense," said Roland Sartorius, CFO, Carmanah Technologies. "As our business has evolved in recent years, so have the currencies in which we primarily transact our business. Our pricing, manufacturing, and most of our expenses are in US dollars, so we feel this change in reporting currency will better reflect our business activities, mirror our transactional functional currency and improve financial statement users' ability to compare our financial results."
The change will be effective for the three months ending and nine months ending September 30, 2009. These results will be reported on November 12, 2009 in US dollars. All comparative figures will be converted into US dollars. Carmanah, which is registered and has its headquarters in Canada, will maintain its listing on the Toronto Stock Exchange, with its shares quoted in Canadian dollars.
Also starting the third quarter of 2009, the company has realigned its reporting segments to better reflect how it views and manages its business. The categories previously referred to as "Strategic" and "Tactical," will now be segmented into:
- "Signals & Illumination" (which includes solar-powered beacons for marine, aviation & industrial applications and solar powered area lighting),
- "Systems & Other" (which includes mobile power systems, off grid and grid tie solar power systems for industrial applications). For comparative purposes, the Other category will reflect the businesses which the company has recently exited such as home power, distribution and edge-lit road signage).
The sale of the edge-lit interior signage business during the third quarter of 2009, will be reported as "Discontinued operations" and will be shown separately from continuing operations. According to Roland Sartorius, "this realignment in our reporting essentially reflects the end of our restructuring initiatives and will allow us to better present the results from our growth focus."
For comparative purposes, key quarterly historical reported results, dating back to the first quarter of 2008 and up to the second quarter of 2009, converted from Canadian dollars to US dollars and revised under the new reporting segments, have been attached to this announcement.
Carmanah will release its third-quarter 2009 financial results on Thursday, November 12, 2009 at 1:00 pm PT (4:00 pm ET). Conference call scheduling and contact information will be announced closer to that date. 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 carmanah.com.
Carmanah Technologies Corporation
Chief Financial Officer
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Public Relations: David Davies
Forward Looking Statements
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 which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in Carmanah's Annual Report for the fiscal year ended December 31, 2008, as filed on SEDAR at www.sedar.com. The risk factors identified in Carmanah's Annual Report 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.