VICTORIA, BRITISH COLUMBIA, CANADA (February 28, 2013) Carmanah Technologies (TSX: CMH) announced today that it has entered into a supply agreement with Acuity Brands, Inc. (NYSE: AYI), a leading provider of LED lighting and lighting controls. The agreement provides for the supply of Carmanah’s commercial-grade solar outdoor light engines for integration into certain luminaires produced by Acuity Brands.
“Acuity Brands has been monitoring the continual improvement in photovoltaic technology and the steady increase in LED lighting efficacy and believe these technologies collectively have hit a tipping point.” says Jeff Quinlan, Acuity Brands Lighting Vice President, New Products and Technology. “Carmanah was competitively selected from a list of North American solar lighting manufacturers, distinguishing themselves on the basis of product reliability and a broad-based capability in solar power. This is an exciting new relationship for Acuity and we look forward to our planned launch of a solar-powered lighting solution.”
“Carmanah is excited about the collaboration and pleased to see a market leader like Acuity Brands embracing solar power solutions,” says Bruce Cousins, Carmanah Technologies CEO. “The technology performs to high international standards, is economically viable versus conventionally powered lighting options, and combined with other benefits such as grid-independence, presents a compelling value proposition to customers.”
Carmanah will continue to market and support Carmanah-branded outdoor lighting solutions through its existing channels.
About Carmanah Technologies Corporation
Carmanah Technologies is a world leading manufacturer of solar-based technologies designed for industrial and commercial applications worldwide. Market-driven to deliver reliable and dependable solar LED light and power system solutions, Carmanah’s trusted expertise in energy management, LED optics and controls is leveraged across the Company’s six business groups. The Outdoor Lighting group provides solar LED outdoor lighting systems unrivalled in reliability and performance, serving the needs of government agencies, commercial organizations, military and industrial markets around the globe, For more information about Carmanah Outdoor Lighting, visit www.carmanah.com/outdoor-lighting. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH”. For more information, visit carmanah.com.
About Acuity Brands
Acuity Brands, Inc. is a North American market leader and one of the world’s leading providers of lighting solutions for both indoor and outdoor applications. With fiscal year 2012 net sales of over $1.9 billion, Acuity Brands employs approximately 6,000 associates and is headquartered in Atlanta, Georgia with operations throughout North America, and in Europe and Asia. The Company’s lighting solutions are sold under various brands, including Lithonia Lighting®, Holophane®, Peerless®, Gotham®, Mark Architectural Lighting™, Winona® Lighting, Healthcare Lighting®, Hydrel®, American Electric Lighting®, Carandini®, Antique Street Lamps™, Tersen®, Sunoptics®, Sensor Switch®, Lighting Control & Design™, Synergy® Lighting Controls, Pathway Connectivity™, Dark to Light®, ROAM®, RELOC® Wiring Solutions, and acculamp®.
Carmanah Technologies Corporation
Roland Sartorius, Chief Financial Officer
For further information:
Investor Relations: Roland Sartorius
Public Relations: Natasha Bartlett
This news release contains “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements are generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets,” “could,” “estimates,” “expects,” “forecasts,” “projects” and similar expressions, and the negative of such expressions. Forward-looking statements in this news release include statements about the reliability and attributes of Carmanah’s solar LED lights and solar power systems; and Carmanah’s strategy, future operations, prospects and the plans of management; additional product sales opportunities; increased top line revenue; and extending existing product lines through internal development efforts, strategic business relationships as well as focused acquisitions.
With respect to the forward-looking statements contained in this news release, Carmanah has made numerous assumptions regarding, among other things, that the Company’s proprietary solution presented a compelling off-grid, sustainable lighting solution; and additional product sales result in increased top line revenues. While Carmanah considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Carmanah’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained herein. Known risk factors include, among others: the products contemplated in this sale may not be completed or function as currently anticipated, or the installations may not be completed in the timeframe contemplated and general risks related to the competitive environment, competition with other energy sources, technological changes, anticipated adoption rates for Off-Grid LED lighting; ability to manage expansion effectively, foreign exchange, reliance on third party manufacturers, reliance on outside agents and distributors, reliance on key employees, intellectual property risks, environmental and regulatory compliance, government contracts and subsidies, product quality and reliability and warranty liability risk, downturn in economic and market conditions, liquidity and capital requirements, litigation risk, potential reorganization of operations or product offerings, and geopolitical and other global or local events; there can be no assurances that the Company can increase or maintain current top line revenue; there can be no assurances that the Company will achieve additional product sales; and there can be no assurances the Company can extend existing product lines through internal development efforts, strategic business relationships and focused acquisitions.
A more complete discussion of the risks and uncertainties facing Carmanah appears in Carmanah’s most recently filed Annual Information Form, Annual MD&A, and other continuous disclosure filings which are available on SEDAR at www.sedar.com and on the Company’s website at Carmanah disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.