Carmanah Announces First Quarter Revenues Up 65%

Victoria, BC - October 30, 2003 - Carmanah Technologies Corporation (TSX VE: CMH) is pleased to announce its first quarter results for the three months ended March 31, 2002 and 2001.

For the three month period ended March 31, 2002, the Company recorded a record quarter with revenues of $1,381,044. This was an increase of 65% over the same period in 2001. Revenue growth was achieved through (1) the continued growth of marine sales in existing product lines, (2) expansion into the railway and mining markets with existing products, and (3) expansion into the transportation and transit markets with entirely new products. Unit sales increased from 3,241 units sold and delivered for first quarter 2001 to 4,860 for first quarter 2002.

Direct cost of goods totaled $598,330 in the three month period ended March 31, 2002 as compared to $394,214 for the three months ended March 31, 2001. Gross profit as a percentage of sales at March 31, 2002 was 57% as compared to 53% during same period in 2001. This is a result of the Company's movement towards more direct selling through dedicated sales staff and an aggressive e-commerce program.

Total operational expenses for the three month period ended March 31, 2002 were $831,242 overall, a 65% increase over the $503,747 in the same period in 2001. This is the result of increased staff and administrative expenses to support the Company's expansion into new products and new markets. Increasing investment is being made into markets that will be primary sources of revenues in the months and years to come.

Net loss for the three month period ended March 31, 2002 was $48,528 as compared to a net loss of $60,107 for the same period in 2001. The overall loss position is a result of additional resources and administrative expenses required to provide and support the extensive sales and marketing activities. The Company also made a further investment of $155,894 into research and development expenses during the three month period ended March 31, 2002 as compared to $98,312 in the same period in 2001.

The Company's cash balance increased from $192,623 as at March 31, 2001 to $1,174,918 as at March 31, 2002, an increase of $982,295. The increase was primarily attributable to the cash received pursuant to the financing carried out in conjunction with the reverse takeover of Carmanah Technologies Inc. ("CTI") in 2001.

About Carmanah Technologies Inc.

Carmanah designs, manufactures and supplies patented, proprietary solar-powered LED lighting solutions to the marine, railway and roadway markets. The Company has distributors in over 80 countries and now has more than 44,000 units installed worldwide.

The shares of Carmanah Technologies Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol "CMH". For further information, please visit www.carmanah.com.

On Behalf of the Board of Directors

Carmanah Technologies Corporation

" Praveen Varshney "

Praveen Varshney, Director

CARMANAH TECHNOLOGIES CORPORATION

Consolidated Balance Sheets

March 31, 2002 and December 31, 2001

(Prepared by Management)

    March 31, December 31,
2002 2001
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $ 1,174,918 $ 1,060,817
Accounts receivable 738,482 358,958
Taxes recoverable 5,409 23,888
Prepaid expenses and deposits 41,642 26,777
Inventories 662,864 587,439
Current portion of advances receivable 43,586 49,472
2,666,901 2,107,351
Advances receivable 111,500 111,500
Capital assets 286,484 279,873
Deferred development costs 158,289 216,895
Patents and other intangibles 26,542 29,487
$3,249,716 $2,745,106
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities 624,785 340,876
Bank loan 50,000 30,000
Current portion of long-term debt 22,204 27,790
Current portion of obligations under capital lease 19,067 25,800
Current portion of future income taxes 18,000 18,000
734,056 442,466
Long-term debt 17,143 17,143
Obligations under capital lease 30,304 30,304
Shareholders' equity:
Share capital 3,267,346 3,029,746
Contributed surplus 26,188 26,188
Deficit (825,321) (800,741)
2,468,213 2,255,193
$ 3,249,716 $ 2,745,106

CARMANAH TECHNOLOGIES CORPORATION

Consolidated Statements of Operations and Deficit

For the three months ended March 31, 2002 and 2001

(Unaudited - Prepared by Management)

    2002 2001
Revenues $ 1,381,044 $ 837,854
Cost of goods sold 598,330 394,214
782,714 443,640
Operating expenses:
Wages and benefits 323,834 212,482
Research and development 155,894 98,312
Sales and marketing 133,179 37,344
Office and administration 121,488 97,904
Bank charges and interest 12,981 2,380
Amortization of:
   Capital assets 22,315 18,729
   Deferred development costs 58,606 35,060
   Patents and other intangible assets 2,945 1,536
831,242 503,747
Operating loss for the period (48,528) (60,107)
Other income:
Interest and other income 23,948 -
Loss for the period (24,580) (60,107)
Deficit, beginning of period (800,741) (124,242)
Deficit, end of period $ (825,321) $ (184,349)
Loss per share $ (0.001) $ (0.007)
Weighted average number of shares outstanding 20,305,599 8,433,222

CARMANAH TECHNOLOGIES CORPORATION

Consolidated Interim Statements of Cash Flows

For the three months ended March 31, 2002 and 2001

(Unaudited - Prepared by Management)

    2002 2001
Cash provided by (used in):
Operations:
Loss for the period $ (24,580) $ (60,107)
Amortization, an item not involving cash 83,866 55,324
Changes in non-cash operating working capital:
   Accounts receivable (379,524) (219,946)
   Taxes recoverable 18,479 -
   Inventories (75,425) 83,773
   Prepaid expenses and deposits (14,865) (7,500)
   Advances receivable 5,886 -
   Accounts payable and accrued liabilities 283,910 (55,460)
(102,253) (203,916)
Investing:
Purchase of capital assets (28,927) (32,485)
Financing:
Shares issued by way of private placement 237,600 -
Bank loan 20,000 (70,000)
Proceeds from issuance of long term debt (repaid) (5,586) 19,579
Principal payments of obligations under capital leases (6,733) (6,189)
Advances received - 300,000
245,281 243,390
Increase in cash and cash equivalents 114,101 6,989
Cash and cash equivalents, beginning of period 1,060,817 185,634
Cash and cash equivalents, end of period $ 1,174,918 $ 192,623

For further information, please contact:

Corporate Contacts:

Mr. Praveen Varshney, Director

Tel: (604)629-0264

Toll-Free: 1-866-629-0264

Media Contact:Mr. David Davies

Harbourwerks Communications

Tel: (250)382-4332

ddavies@harbourwerks.com

Investor Relations Contact:

Vanguard Shareholder Solutions

Tel: (604) 608-0824

Toll-Free: 1-800-567-6223

ir@vanguardsolutions.ca