Victoria, British Columbia, Canada - Tuesday, August 23, 2005 - Carmanah Technologies Corporation (TSX Venture: CMH) is pleased to announce that, further to the acquisition of Soltek Powersource Ltd. on July 4, 2005, the Company has appointed Soltek's founder, Mr. Dave Egles, to the Board of Directors and as Senior Vice President, Business Strategy.
Mr. Egles brings more than 25 years of experience in renewable energy markets and photovoltaic systems to Carmanah's leadership team. Drawing on his strong background in solar technology and solar systems development, Mr. Egles is responsible for business strategies within the Company's Solar Power Systems Group.
Mr. Egles founded the privately-held Soltek Solar Energy Ltd. in 1986. By 2000, Soltek was achieving annual revenues of more than $10M and had grown to a team of 25 staff. In 2001, Mr. Egles merged Soltek with Powersource Energy Systems as Soltek Powersource Ltd., which went on to became one of North America's largest solar equipment distributors with annual revenues over $20 million. In July, 2005, Carmanah Technologies Corporation acquired Soltek Powersource Ltd. to form its Solar Power Systems Group.
Mr. Egles has a Bachelor of Science degree from the University of Victoria, and a Masters of Science degree from the University of British Columbia.
As part of the same transaction, Carmanah has also appointed Soltek partner, Mr. Michael Cannon, as Vice President, Sales and Marketing for the Company's Solar Power Systems Group. In this position, Mr. Cannon is leveraging his extensive sales and marketing expertise in the solar power Industry.
Combining a Bachelor of Science degree from the University of Victoria with more than 15 years experience in solar energy technology, Mr. Cannon brings to Carmanah knowledgeable insight into the existing and emerging solar markets. Mr. Cannon has also served on the Board of Directors for the Canadian Solar Industries Association ("CanSIA").
About Carmanah Technologies Corporation
Carmanah is an award-winning manufacturer specializing in energy efficient technologies that fundamentally change the way its customers operate. The Company is currently focused on three technology groups: solar-powered LED lighting, solar power systems & equipment and LED illuminated signage.
Carmanah is headquartered in Victoria, British Columbia, Canada and has branch offices and/or sales representation in 11 cities across Canada, the United States and the United Kingdom. With more than 250,000 installations worldwide, Carmanah is one of the world's premier suppliers of energy-efficient products.
The shares of Carmanah Technologies Corporation are publicly traded on the TSX Venture Exchange under the symbol "CMH" and on the Berlin and Frankfurt Stock Exchanges under the symbol "QCX". For more 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. Mark Komonoski, Director
Carmanah Technologies Corporation
Tel: (403) 861-8384
Mr. David Davies
Tel: (250) 382-4332
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in Carmanah's Annual Report for the fiscal year ended December 31, 2004, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.