Carmanah: Preliminary Unaudited 2011 Yearend Guidance
Carmanah Technologies Corporation, announced preliminary unaudited revenue guidance of $35.9 million for fiscal year ended 2011, reflecting an increase of 5.8% versus prior year results. In addition, the Company will write off capitalized non-cash tax assets totaling approximately $8.0 million, reflecting a non-cash charge as at year end December 31, 2011. The tax assets relate to $4.0 million in investment tax credits and $4.0 million in deferred income taxes. The decision to write-off the non-cash tax assets was made following a review of their carrying value in comparison to a number of factors including Carmanah's early stage of development, the Company's current and anticipated revenue stream and its historical net income results. As a result of this current period analysis, management concluded that it was no longer appropriate to recognize these assets.
Complete fiscal year ended 2011 audited financial results will be released on March 16, 2012.
About Carmanah Technologies Corporation
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. 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.
Carmanah Technologies Corporation
Roland Sartorius, Chief Financial Officer