Victoria, BC - August 21, 2003 - Carmanah Technologies Corporation (TSX VE: CMH) is pleased to announce further details on its recently awarded contract with Trueform Group (U.K.) for approximately $1.6 million in solar-powered bus shelter lighting systems.
Trueform Group is the contracted solutions provider of bus shelter infrastructure for London Bus Services. With this contract, Trueform will be outfitting an estimated 300 bus shelters with solar / LED illumination within Greater London. The Company estimates that 50% of these installations will be complete by year-end with the balance installed next year.
"London has been a strong proponent of solar technology and this high-profile installation will provide a global showcase for our Company," states Art Aylesworth, CEO of Carmanah. "This order is very important as it further validates the time and investment we have made into the transit market. We are proud to have the confidence of Trueform and London Bus Services to provide our solar / LED illumination to one of the world's largest and most innovative transit agencies."
Carmanah's bus shelter lighting system is self-contained, solar-powered and uses LEDs (light emitting diodes) for illumination. Carmanah was successful in its bid with Trueform based on prototypes of this system that performed well through the winter of 2002.
"With this initial installation, Carmanah is well-positioned to demonstrate the Company's technology and customer service to the city of London," states Aylesworth. "The timing is excellent as the city has committed to reduce its road congestion and greenhouse gas emissions through transit system upgrades." In fact, the Mayor of London, Ken Livingstone, has proposed "the biggest expansion and improvement of public transport provision London has ever seen."(1)
It is important to note that this order is independent of the solar-powered, illuminated bus stop project Carmanah has been working on with London Bus Services since September 2001. Carmanah continues to participate in a large-scale field trial of solar-powered bus stops providing LED schedule illumination throughout London. Carmanah is one of two companies currently involved in this project and a final decision on the bus stop project is expected in 2004.
(1) Transport for London Street Management, Annual Review 2001/02, Page 7
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, 2003, 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 Carmanah's Annual Information Form dated December 31, 2003, as filed with the British Columbia Securities 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.