VICTORIA, BRITISH COLUMBIA--(Marketwired - July 16, 2015) - Carmanah Technologies Corporation (TSX:CMH) ("the Company" or "Carmanah") today announced that its subsidiary, Sabik GmbH ("Sabik Offshore"), which was acquired on July 2, 2015, has been awarded a contract to provide a marking system for the Nordergründe offshore wind project including marine lights, monitoring & control for all 18 turbines. Sabik Offshore's contribution to the project will commence immediately and is targeted to be 50% complete this year with the remaining portion during the first half of 2016.
The Nordergründe project, together with several other projects awarded to Sabik Offshore in the month prior to its acquisition by Carmanah, brings the total value of recently awarded contracts to approximately EUR3.8 million. Collectively the projects comprise marking solutions for 200+ turbines. The projects are located in the North and Baltic Seas with three in Germany and one in the UK. The UK project marks Sabik Offshore's first award in the country. All four projects were part of Sabik Offshore's financial forecast that was relied upon by Carmanah when considering the acquisition.
"We are excited to be part of the offshore wind industry - an industry that is set for substantial growth," said John Simmons, Carmanah chief executive officer. "We are also pleased to see our Sabik Offshore colleagues performing to plan and following through on its initiative to expand into the United Kingdom."
About Carmanah Technologies Corporation
Since its founding in 1996, Carmanah has become one of the most trusted names in solar technology, delivering reliable and cost-effective solar powered products and systems for industrial applications worldwide. To date, Carmanah's solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, as well as on and off-grid power generation, have been successfully deployed in over 400,000 installations in 110 countries with proven performance in conditions ranging from desert heat to arctic cold. On July 2, 2015, Carmanah completed the acquisition of the Sabik Group of Companies.
About Sabik Offshore
Since 2001, Sabik Offshore, a subsidiary of Carmanah Technologies Corporation, has worked closely with customers and authorities to develop specialized marking solutions for waterways and offshore structures. The Schwerin, Germany based company has developed aids to navigation systems for over 1000 offshore wind turbines and established itself as an expert in aids to navigation in the UK and German Offshore Wind markets. Mark it, Light it, Keep it Safe! www.sabikoffshore.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
Contact Information:
Evan Brown
Chief Financial Officer/Corporate Secretary
(250) 380-0052
investors@carmanah.com