Carmanah Technologies: Marketing Agreement Discontinued
The exclusive marketing agreement between Carmanah Technologies Corporation and Ruud Lighting, Inc., a wholly-owned subsidiary of Cree, Inc., will discontinue as of the expiration of the current agreement on November 6th, 2011. This agreement was established in May, 2008 and effectively paired Carmanah stand-alone solar power engines with Ruud Lighting’s specification-grade BetaLED® exterior LED luminaires. While Carmanah intends to work with Ruud on a non-exclusive basis in continuing to offer these luminaires, the company also recognizes that other world class luminaires will complement its proprietary solar power engines. The alliance between the two companies has resulted in Carmanah’s portfolio of award-winning solar outdoor lighting products, including the EverGEN 30, EverGEN 1500, and EverGEN 1700 series, all powering BetaLED® LED luminaires. Carmanah is very pleased with the performance and reliability of the BetaLED luminaires and will continue to supply EverGEN solar outdoor lighting systems with BetaLED luminaires as an option into the future. The expiration of the agreement between Carmanah and Ruud Lighting is an evolution of our relationship and provides both companies the flexibility to explore other opportunities to continue to develop and supply innovative solar powered outdoor lighting products as the adoption of this technology continues to grow.
Carmanah CEO Bruce Cousins states, "The high-quality luminaires and leading-edge technologies that Ruud Lighting develops complement Carmanah’s innovative and versatile stand-alone solar power systems, and we look forward to continuing to work with Ruud Lighting as we foster increased adoption of solar powered lighting. We also look forward to investigating new supply opportunities for Carmanah as the market for solar powered outdoor illumination continues to grow in the future.”
BetaLED is a registered trademark of Ruud Lighting, 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 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 www.carmanah.com.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors 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 statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these 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. 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.
Carmanah Technologies Corporation
Investor Relations: Roland Sartorius, CFO