13.12.05

13.12.2005: Meldung: Carmanah Signs 3 Year Contract With CEO

Carmanah Technologies Corporation ("Carmanah"), is pleased to announce that the Company has negotiated a contract extension with CEO, Art Aylesworth, through to December 31, 2008.

As part of his compensation under the terms of the employment agreement, Mr. Aylesworth will receive 500,000 stock options granted today that vest over the next three years; 100,000 in 2006 and 200,000 each year for 2007 and 2008. The exercise price of the options was set at the close of the market on Friday, December 9, 2005, at $3.42 per share.

"We are extremely pleased to have this long-term agreement in place with Art Aylesworth," states Dr. David Green, Chairman of the Board. "Over the course of his tenure, Art has proven to be an exceptional leader and ambassador for Carmanah. He has played an instrumental role in the Company"s transformation into a global leader in renewable and energy-efficient technology solutions. This agreement is in the best interest of all stakeholders of Carmanah and was a unanimous board decision."

Further, an additional 50,000 stock options similarly priced are being granted today to Mark Komonoski, a Director and employee of the Company. These options will vest over a period of 24 months.

All of the above stock options are granted subject to shareholder approval.

Contact:
Investor Relations:
Mr. Mark Komonoski
Director
Investor Relations
Tel: (403) 861-8384
Toll-Free: 1-877-255-8483
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