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Slide #29. Carmanah Technologies Corporation — SOL Inc.
Carmanah Technologies Corporation (CMH.CA)
Carmanah Technologies Corporation (TSX:CMH.CA) and SOL, Inc., a privately-owned Florida-based company, today jointly announced that Carmanah has entered into a binding Letter of Intent with SOL, Inc. and Michael Sonnenfeldt. Mr. Sonnenfeldt is a director of Carmanah and the controlling shareholder of SOL. Under the terms of the Letter of Intent, Carmanah has agreed to buy all outstanding shares of SOL owned by Mr. Sonnenfeldt and the parties intend to take the necessary steps to ensure that all other owners of SOL shares prior to closing enter into a definitive agreement to sell their shares to Carmanah. As a result, upon completion of the transaction, SOL will become a wholly-owned subsidiary of Carmanah.
Carmanah Technologies and its subsidiaries are engaged in designing and manufacturing renewable and energy-efficient lighting products and electronics, incorporating light emitting diode (LED) and proprietary self-contained off-grid energy management system technology comprising solar charge controller, LED driver, microprocessor and wireless communication elements. Co. is organized through 2 divisions: the Signals and Illumination segment which primarily consists of outdoor area lighting illumination and lanterns and beacons for marine, aviation, traffic, and construction; and the Grid-tid and Mobile segment which primarily consists of mobile systems, grid-tie systems, and off-grid systems.
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