VICTORIA, British Columbia--(BUSINESS WIRE)--Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) announced today that the previously announced consolidation (the “Consolidation”) of its common shares (the “Common Shares”) on the basis of (1) post-Consolidation Common Share for every ten (10) pre-Consolidation Common Shares will be effective as of August 14, 2014 and trading of the Common Shares will commence on a consolidated basis on the TSX at the opening on such date.
The Consolidation has been approved by the Toronto Stock Exchange (the “TSX”), and a related bulletin was issued by the TSX on August 12, 2014.
The Company’s outstanding options will also be adjusted on the same basis (10:1) as the Common Shares, with proportionate adjustments being made to exercise prices.
A letter of transmittal was mailed to shareholders on August 8, 2014 advising that shareholders should surrender their existing share certificates (representing pre-Consolidation Common Shares) for replacement share certificates (representing post-Consolidation Common Shares). Until surrendered, each existing share certificate will be deemed, for all purposes, to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation.
Following the Consolidation, the Company will have approximately 16,977,062 Common Shares outstanding.
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 business is operated within two distinct business segments, Signals and Power. The Signals segment includes products offered into the marine, aviation, obstruction and traffic industries. The Power segment offers Solar Engineering, Procurement and Construction services, mobile power solutions and solar outdoor lighting systems. Carmanah is actively seeking additional product sales opportunities to add to its top line revenue, as well as extending existing product lines through internal development efforts, strategic business relationships and focused acquisitions. 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, Chief Financial Officer
For further information:
Investor Relations: Stuart Williams
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. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to the effective date of the Consolidation and the number of post-Consolidation Common Shares. 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.