Victoria, BC - October 30, 2003 - Carmanah Technologies Corporation (TSX VE: CMH) is pleased to announce that, further to the Corporation's news release of February 25, 2003, it has closed the private placement of 2,000,000 common shares of the Corporation at a price of $0.74 per share, for gross proceeds of $1,480,000. The securities issued carry with them a four month "hold period" from the date of issuance of the common shares.
Carmanah Management Corp. of 1175 Douglas Street, Suite 1212, Victoria, BC, V8W 2B1 acquired ownership and control of 775,000 common shares of the Corporation through the private placement, representing approximately 3.4% of the Corporation's issued and outstanding shares. Currently, Carmanah Management Corp. owns or controls 6,051,783 common shares of the Corporation. The principals of Carmanah Management Corp. are Dr. David Green, the founder and Chairman of the Corporation, and his wife. Carmanah Management Corp. does not presently have any intention of acquiring any further securities of the Corporation.
About Carmanah Technologies Inc.
Carmanah is an award winning alternative energy manufacturer specializing in patented solar-powered LED lighting solutions for the marine, transit, roadway, railway, aviation and mining markets. The company has more than 50,000 units installed in 110 countries. The shares of Carmanah Technologies Corporation (parent company) 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. David Davies
Telephone: (250) 382-4332
Corporate and Investor Contact:
Mr. Praveen Varshney, Director
Telephone: (604) 629-0264
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 our Annual Report for the fiscal year ended December 31, 2002, 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 our Annual Information Form dated December 31, 2002, as filed with the British Columbia Securities Commission and which are incorporated herein by reference. We do not assume any obligation to update the forward-looking information contained in this press release.