Victoria, British Columbia, Canada (February 10, 2009) - Carmanah Technologies Corporation (TSX:CMH) has signed a definitive agreement with Temple Inc. of Decatur, Alabama, whereby Temple has purchased the inventories and other assets of Carmanah's illuminated road signs business.
According to the agreement, Temple will purchase Carmanah's road signs business including product inventory, associated marketing material, and customer and vendor lists. To ensure an efficient transfer of processes and materials to Temple Inc., Carmanah will assist with the manufacturing and sales-support functions throughout the 90-day transition period. According to Carmanah CEO Ted Lattimore, this agreement underscores Carmanah's continued focus on its strategic solar power and solar LED lighting markets.
"While the road-signs business represents a unique and significant opportunity, this divestiture will enable Carmanah to focus on its core strengths, while ensuring that this innovative technology can continue to fulfill its potential as a bright and effective roadway enhancement," said Carmanah CEO Ted Lattimore. As an LED (light emitting diode) alternative to traditional street and traffic signs, Carmanah's innovative edge-lit design combines reduced installation and maintenance costs with improved visibility, reliability, durability and energy efficiency over conventional fluorescent signage.
"We're pleased to extend this opportunity to Temple," said Lattimore. "As one of Carmanah's top distributors, Temple has consistently demonstrated its industry knowledge, technical expertise, and commitment to customer satisfaction. In this new capacity, Temple can continue to provide illuminated roadway signs to Carmanah customers and distributors, while further developing the business to reach new customers," said Lattimore. Carmanah edge-lit signs are currently in use within every province and state across North America.
"Having had the opportunity to work with Carmanah's edge-lit roadway signs for a few years now, we've been consistently impressed with the durability and effectiveness of this product," said Blake Temple, CEO of Temple Inc. "It's bright, clear and easy to see - even from a distance or in low-visibility conditions. We've had a great response from our customers on this product, so we're very happy to add LED street and traffic signs to the Temple product line."
About Temple Inc.
Now in its 56th year in the traffic control industry, Temple, Inc. is one of the leading traffic control suppliers and manufacturers in the southeastern United States. Temple, Inc. is a privately owned family-held corporation. For more information, visit temple-inc.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 www.carmanah.com.
Carmanah Technologies Corporation
Chief Financial Officer
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Investor Relations: Roland Sartorius
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, 2007, 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.