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Carmanah Announces Results of Special Meeting

VICTORIA, British Columbia, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Carmanah Technologies Corporation (TSX:CMH) (the “Company” or “Carmanah”) today announced the voting results from its special meeting held on January 22, 2019. The shareholders voted in favour of a special resolution (the “Transaction Resolution”) approving an asset sale contemplated by a purchase agreement dated December 12, 2018 between the Company and SPX Corporation (the “Transaction”). Under the Transaction, the Company will divest a significant portion of its assets to SPX Corporation. The anticipated closing date for the Transaction is on or about January 31, 2019.

For further information on the Transaction, please see the Company’s news release dated December 12, 2018 and the management information circular dated December 14, 2018, both available on SEDAR at www.sedar.com.

The voting results for the Transaction Resolution were as follows:

Votes For Votes Against
# % # %
       
14,747,669 99.98% 3,082 0.02%

/EIN News/ -- About Carmanah Technologies Corporation

Carmanah designs, develops, and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure.  Since 1996, we have earned a global reputation for delivering durable, dependable, efficient, and cost-effective solutions for industrial applications that perform in some of the world’s harshest environments.  We manage our business within two reportable segments: Signals and Illumination.  The Signals segment serves the Airfield Ground Lighting, Aviation Obstruction, Offshore Wind, Marine, Traffic, and Telematics markets.  The Illumination segment provides solar-powered LED outdoor lights for municipal and commercial customers.

Contacts
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
investors@carmanah.com

This release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation.  All information contained herein that is not historical in nature may constitute forward-looking information.  Often, but not always, forward-looking statements can be identified by the use of words such as “expects”, “estimates”, “could”, “will”, or variations of such words and phrases.  Forward-looking statements herein include, but are not limited to, statements regarding the sale of substantially all of Carmanah’s assets, the consideration to be paid under the Agreement, the closing of the Transaction, calling a special meeting of shareholders, the contents and expected timing of mailing the Circular, the expected date of the special meeting of shareholders, the anticipated closing date of the Transaction, the satisfaction of closing conditions, including obtaining the requisite regulatory and shareholder approvals, use of proceeds from the Transaction, estimated revenues for the Residual Businesses in the trailing 12-months, value and opportunities for Carmanah customers and employees, product development and reach for Marine, Aviation and Airfield Ground Lighting Products, and are based on management’s current expectations and assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties, and contingencies 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 forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Carmanah disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law. Risk factors include, among others: risks related to certain conditions contemplated by the Agreement.

For additional information on these risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (“AIF”) and Annual MD&A (“MD&A”), which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com.  The risk factors identified in the AIF and MD&A 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, unless required by law.

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Distribution channels: Building & Construction Industry


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