Victoria, British Columbia, Canada - May 10, 2005 - Carmanah Technologies Corporation (TSX Venture: CMH) is pleased to announce that the Company has achieved Tier 1 status on the TSX Venture Exchange. This reclassification recognizes the management experience and current financial strength of the Company.
"We are pleased that Carmanah's strong financial performance and structured growth have been recognized by the TSX Venture Exchange," states Art Aylesworth, Carmanah's CEO. "This is another step in the maturing of the Company and confirms the overall strength of Carmanah's business strategy."
The achievement of Tier 1 status follows the recent release of the Company's December 31, 2004 audited year end results. Carmanah maintained its annual growth rate of approximately 70% over recent years while retaining healthy average gross margins and record profitability.
This increased status should ease Exchange procedures, and facilitate transaction approvals and reporting requirements, as well as allow more flexibility with respect to future financings.
The Annual General Meeting for Carmanah Technologies Corporation will be held on a newly scheduled date of Friday, May 27, 2005 at 11:30 AM PDT at the Delta Victoria Ocean Pointe Resort, 45 Songhees Road, Victoria, BC, Canada. Attendance is not limited to shareholders, so other guests are welcome. Should you wish to attend, please email us at AGM@carmanah.com.
Carmanah is an award-winning manufacturer of proprietary LED-based lighting and illumination products for the public transit, marine, aviation, roadway, and industrial worksite and illuminated signage markets. The Company has more than 100,000 solar-powered LED lighting installations and 50,000 LED illuminated sign installations in 110 countries. 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 "
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, 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.