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(September 2009) posted on Fri Sep 11, 2009 9:35am EDT

Company will focus on solar lighting and power technology

Carmanah Technologies (Victoria, BC, Cananda) is announcing that Dr. David Green, through his holding company, has purchased Carmanah's LED edgelit signs business, Carmanah Signs Inc. (CSI), Calgary, AB, Canada. This transaction helps align the company’s focus on strategic solar-lighting and technology markets. As part of the transaction, Green has resigned as a member of the Carmanah board of directors, but he will maintain an equity position in Carmanah that represents roughly 3% of the total common shares outstanding.

Green founded Carmanah in 1995 and became chairman when the company went public in 2000. He resigned as chairman in May 2009, but stayed on the board to assist the new chairman with the transition into his new role.

Through an incorporated company controlled by him, Green will pay approximately $2 million for the shares of CSI and for repayment of CSI’s inter-company debt to Carmanah Technologies Corp. The deal includes a combination of cash payments and a common share buy-back by Carmanah of approximately 1 million of the company's shares owned by Dr. Green. These common shares will be returned to treasury.

Ted Lattimore, the new CEO, has completed a restructuring that has refocused Carmanah on its core strengths, developed a network of partners, and articulated a strategic plan that has the consensus of all of the management team.