Carmanah Technologies Corporation: Appointment of New Directors
Victoria, British Columbia - Carmanah Technologies Corporation announced the appointment of two new directors to the board, Jim Meekison and Terry Holland.
"Both new board members bring the business leadership, strategic background and operational experience required to help us build Carmanah into a franchise that will instill pride in our shareholders, employees and customers," said Chairman of the Board, Michael Sonnenfeldt.
"While there is much to do to reverse the slide of the last few years, our goal is to achieve success within the clean-tech sector by targeting solid, growth-oriented business opportunities," continued Sonnenfeldt. "We are committed to growing our existing lines organically while we aggressively pursue acquisitions that leverage our strong reputation in the clean-tech space. Our future success will be driven by combining operational discipline with excellent execution. In the few months since our change in leadership, John Simmons our new President and CEO has streamlined operations, re-positioned our executive team and reduced our overhead while introducing new performance metrics across all departments. Having a strong board is a key complement to these efforts. Both Jim and Terry have a history driving performance at businesses they have led or owned, and have deep backgrounds in business analysis and acquisitions. With their inclusion, a new chapter has begun at Carmanah and we couldn't be more excited."
Jim Meekison is currently Chairman and CEO of Trimin Capital Corp., a Canadian private equity company. Jim's career has spanned over 40 years in the investment banking, cable television and private equity industries. He has served as a Director of Nesbitt Thomson Limited, Chairman of Cablecasting Limited, a Canadian cable television company, which he co-founded in 1969, and Chairman and Director of several companies in which he indirectly invested in his career in private equity. He also served as a Director of First Marathon Inc. from 1984 until it was sold in 1999. Jim holds an MBA degree from Harvard University and B.A. and M.A. degrees from the University of British Columbia. He is a member of the board of Directors of GMP Capital Trustand Pathways to Education Canada
Terry Holland has been involved in the Canadian private equity market for over 25 years. A commerce graduate of the University of British Columbia, Terry earned his CA designation in 1981 and was awarded the FCA designation in 2009. After a few years in public practice, Terry left to join a real estate development company as VP of finance. He later moved to the Equity Group of Companies, serving as VP of finance there as well. In 1990, Terry joined Trimin Enterprises Inc., a private equity firm, as President. Over the next 14 years Terry would play a lead role in Trimin Enterprises' (and later Trimin Capital Corp.'s) success as a growth partner for mid-sized businesses. Both Trimin Enterprises and Trimin Capital Corp. experienced investment returns that rank highly in comparison to other funds in their category during their years of operation. Terry left Trimin Capital in 2004, when he launched Krystal Financial Corp., and currently serves as Krystal's president and CEO. Through Krystal, Terry has investments in eight private companies, all of them based in B.C., and two public companies, Amica Mature Lifestyles Inc. and Hardwoods Distribution Inc.
About Carmanah Technologies Corporation
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective solar products for roadway, marine, airfield, traffic and obstruction applications worldwide. With products proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights, signalling and solar power systems provide durable, dependable and cost effective alternatives. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH". For more information, visit www.carmanah.com.
Carmanah Technologies Corporation:
Stuart Williams, (250) 380-0052
Chief Financial Officer/Corporate Secretary