VICTORIA, British Columbia, March 14, 2018 (GLOBE NEWSWIRE) — Carmanah Technologies Corporation (TSX:CMH) (“the Company” or “Carmanah”) today reported that its wholly owned subsidiary, Carmanah Solar Power Corporation, has come to a negotiated resolution with respect to a previously disputed receivable involving one of its customers. As a result of the resolution, Carmanah will incur a one-time charge of USD $1.7 million, negatively impacting the net income from discontinued operations in the fourth quarter of 2017.
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.
Contact
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
[email protected]
For additional information on risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (AIF) and Annual 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 Carmanah’s AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah.