Carmanah to Revise Approach to Home Power and Transit Markets
"We're still early into our 100-day plan for aligning thecompany," saidCEO Ted Lattimore, "yet these changes appear to be relativelystraightforward. The management and employee base is excitedabout a futurewhere growth will target improved revenue, margin and marketshare from aportfolio of more closely aligned offerings. We'll shedsome business inorder to expand our efforts to lead in selected marketsand compete throughdifferentiated and integrated products and systems."
According to Lattimore, the business of installing and designingsolarpanel energy systems for homes is becoming better addressedby smallercraftsman organizations and large hardware retailers, whileCarmanah'sexpertise is ideally suited to the larger industrial andcommercialprojects that are projected to become a significant partof the westernworld's power requirements. As a result, Carmanah will shiftits focus todistributing standard solar power systems products to theHome Power marketthrough its established dealer market, and away from buildingcustomproducts that are better served by the smaller craftsmanorganizations.
The Transit business, which features unique solar poweredlighting,includes a highly specific and customized segment and isforecasted tocontinue to do so for the near future. "As such," said Lattimore,"it isdifficult for Carmanah to apply the necessary economiesof scale toprofitably grow in the specialized segment of this industryniche. In thefuture, we'll place more energy on our emerging GeneralIlluminationportfolio, which is suitable for shelters and remote situations,but shiftfrom being a provider of highly customized Transit solutions.The companywill continue to monitor the growth potential of the Transitindustryclosely."
"Our move from low margin Home Power products and highlycustomized Transitproducts is a case of selective pruning and nurturing inorder to grow andflourish," said Lattimore. "By reducing the time, investment,and skilledresources that it takes to manage the Home Power and specializedTransitbusinesses, we can renew and refresh our focus on the customers,productsand businesses that will be more responsible for the revenue,margin andmarket growth of our planned future," Lattimore stated.
Carmanah's approach to the Home Power and customized Transitmarkets willbe phased in over the next few months, and the company looksforward toservicing existing customers and current commitments withinthose markets.
To discuss this strategy, Carmanah has scheduled a conferencecall forThursday, November 22, 2007 at 2:00 pm Pacific time (5:00pm Eastern time).To access this conference call by telephone, dial 1-888-882-9090(Canadaand US) or 1-403-770-0861 (international) approximatelyfive to ten minutesbefore start time. When prompted for the conference ID,enter 5388629.
A recording of the conference will also be available onCarmanah'scorporate website within three business days. For more information,visit.
About Carmanah Technologies Corporation
With more than 250,000 installations worldwide, Carmanahis one of theworld's premier suppliers of renewable and energy-efficienttechnologies,including solar-powered LED lighting, solar power systems& equipment andLED illuminated signage.
Carmanah is a technology leader in solar-LED lighting, solarpower systemsand LED-illuminated signage. From its headquarters in Victoria,BritishColumbia, Canada, Carmanah oversees a network of branchoffices and salesrepresentatives across Canada, the United States and theUnited Kingdom.Carmanah is a publicly traded company, with common shareslisted on theToronto Stock Exchange under the symbol (Toronto: - ). Formore information,visit .
Carmanah Technologies Corporation
"Roland Sartorius "
Roland Sartorius, Chief Financial Officer
This release may contain forward-looking statements. Often,but not always,forward-looking statements can be identified by the useof words such as"expects," "plans," "estimates," "intends," "believes,""could," "might,""will" or variations of such words and phrases. Forward-lookingstatementsinvolve known and unknown risks, uncertainties, and otherfactors which maycause the actual results, performance, or achievements ofCarmanah to bematerially different from any future results, performance,or achievementsexpressed or implied by the forward-looking statements.These statementsare based on management's current expectations and beliefsand are subjectto a number of risks and uncertainties which are describedunder thecaption "Note Regarding Forward-looking Statements" and"Key Information -Risk Factors" and elsewhere in Carmanah's Annual Reportfor the fiscal yearended December 31, 2006, as filed on SEDAR at .The riskfactors identified in Carmanah's Annual Report are not intendedtorepresent a complete list of factors that could affect Carmanah.Accordingly, readers should not place undue reliance onforward-lookingstatements. Carmanah does not assume any obligation to updatetheforward-looking information contained in this press release.
(No.2007-11 #33)
Carmanah Technologies CorporationBuilding 4, 203 Harbour RoadVictoria, B.C.Canada V9A 3S2Phone (250) 380-0052Toll Free 1-800-665-3749Fax (250) 380-0062E-mail:
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