Investor Update...
Stephen, I think it's just you and I here, but I'll post this anyway. One for the scrapbook...
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CARMANAH TECHNOLOGIES CORPORATION
www.carmanah.com
Investor Update
Issued: Monday, September 15, 2003
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In This Issue:
1. Update on London Bus Project
2. Carmanah Supplies Lights for USCG Humanitarian Mission in Iraq 3. Update on the Proposed Acquisition of AVVA 4. Update on North American Transit 5. Staff Profile: Mr. Thomas Major 6. Canaccord Research Report 7. Jupiter Environmental Research Bulletin 8. Carmanah Ranked #9 Fastest Growing Company in Canada
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1. UPDATE ON LONDON BUS PROJECT
In August 2003, Carmanah was awarded a contract with Trueform Group (U.K.) for approximately $1.6 million in solar-powered bus shelter lighting systems. Trueform Group is the contracted solutions provider of bus shelter infrastructure for London Bus Services. With this contract, Trueform will be outfitting an estimated 300 bus shelters with solar / LED illumination within Greater London. The Company estimates that 50% of these installations will be complete by year-end with the balance installed next year. It is important to note that this order is independent of the solar-powered, illuminated bus stop project Carmanah has been working on with London Bus Services.
Project Background
Since late 2001, Carmanah has been participating in a project with London Bus to establish the possibility of illuminating up to 12,000 of the city's bus stop schedules using solar-powered LED illumination. The Company has now participated in 2 successful field trials and is confident that its proven, patented technology has shown excellent performance and reliability. Carmanah is now awaiting a final decision on the project, which has been delayed primarily due to funding constraints. It is important to note that London Bus commissioned an independent research project to determine the public's opinion of Carmanah's solar-powered LED bus stop. Analysis of the results showed that London's population was overwhelmingly supportive of the technology and its benefits.
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2. CARMANAH SUPPLIES LIGHTS FOR USCG HUMANITARIAN MISSION IN IRAQ
On May 6, 2003, the US Coast Guard announced that its USCG cutter Walnut completed a 20 day humanitarian mission setting up a navigational channel through the Khawr Abd Allah waterway leading from the North Arabian Gulf to the critical Iraqi port of Umm Qasr. During this mission, the Walnut replaced 30 buoys and repaired an additional five along the 41-mile waterway, "vastly improving the navigational safety of the waterway for humanitarian aid sailing to the port and providing a critical step towards the economic recovery of the people of Iraq." Carmanah is proud to announce that all buoys were outfitted with Carmanah 700 Series marine lights. Fully integrated and self-contained, these lights were ideal for the job due to their compact size and top performance. The 700 Series are also the only LED-based marine lights officially approved by the USCG for use in its homeland aids-to-navigation system.
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3. UPDATE ON THE PROPOSED ACQUISITION OF AVVA
On June 24, 2003, Carmanah announced its intention to purchase AVVA Technologies Inc., a leading manufacturer of LED edge-lit sign products. The due diligence and other processes necessary for this acquisition are continuing on schedule and the acquisition is expected to complete on Oct.1st, 2003. The AVVA shareholders have a meeting to approve the transaction on Monday, Sept.29, 2003.
For more information about AVVA, please visit the Company's web site at:
avva.com
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4. UPDATE ON NORTH AMERICAN TRANSIT
Carmanah now has more than 45 agencies using its i-STOP(tm) solar-powered LED bus stops. The Company has now introduced the i-SHELTER(tm), a solar-powered illuminated bus shelter. With a low-profile integrated design and LED illumination rather than incandescent bulbs or fluorescent tubes, Carmanah is offering a solution that is far more advanced than anything else available on the market. The response to the i-SHELTER(tm) during its design phase has been exceptional and the first field trial was installed with Long Beach Transit at the end of July 2003.
The i-STOP(tm) makes its television debut on Honolulu cable TV... The mayor of Honolulu, Mayor Jeremy Harris, was so taken with the environmentally clean i-STOP(tm) that he has decided to feature a demonstration unit on his TV show, "Mayor's Report". Produced by Honolulu Municipal Television (HMTV), the mayor uses this 1/2 hour TV show to highlight important events going on in the city. With Mayor Harris' backing, Carmanah is confident that a field trial with Honolulu transit is on the horizon.
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5. STAFF PROFILE
Mr. Thomas Major
Product Development Manager
Carmanah is pleased to introduce Thomas Major, the Company's Product Development Manager since February, 2003. A graduate of MIT, Thomas oversees Carmanah's Engineering Division and is responsible for the development of new products as well as the ongoing refinement of Carmanah's existing line of solar-powered LED lighting. Thomas is also responsible for the Company's product development process, which continues to evolve as the Company grows toward its business plan targets.
Thomas' prior experience includes a long management career with Philips Semiconductor (USA). From 1994 to 1998, Thomas managed the video section of the company's Digital Media Lab in Sunnyvale, CA., where he worked in the field of Digital Video Entertainment systems architecture definition and demo application development. From 1998 to 2001, Thomas held the position of Development Director and General Manager of Philips' Chief Technology Office in Bangalore, India, one of six R&D facilities worldwide. In 2001, Thomas accepted a position in Richmond, British Columbia as Software Director and Site Manager of Philips' Cellular Americas business line. This division was divested to Holley Group in late 2001 and Thomas chose to retire from Philips at this juncture.
Before joining Philips, Thomas worked as Product Design Engineer / Manufacturing Engineer with Ford Electronics from 1989 to 1994. In this capacity he was responsible for the full cycle of product development - from concept to high volume manufacturing.
Thomas has an M.S. in Electronics and Computer Control Systems from Wayne State University in Detroit, MI and a B.S. in Electrical Engineering from MIT in Cambridge, MA. Thomas brings to Carmanah a versatile skill set and an extensive background in both engineering and business. He has become an integral part of the Company's management team.
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6. Canaccord Analyst Report
This summer on June 23, 2003, an extensive analyst report from a senior Canaccord Capital Corporation analyst in Vancouver, BC, Sara Elford, was released. Canaccord is a large national brokerage firm in Canada.
Previously, the Company had received coverage from 2 other Canadian brokerage firm analysts that wrote research reports on Carmanah:
- John Clarke, Octagon Capital Corporation (Toronto, ON)
- Marcel Brichon, Global Securities Corporation (Vancouver, BC)
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7. Jupiter Environmental Research Bulletin
The summer issue of the Jupiter Environmental Research Bulletin is now out. This issue examines the pressures on business to be proactive in effecting environmental and social change. It also includes the results of Jupiter's survey on Socially Responsible Investment. Jupiter Asset Management Limited is a socially responsible capital investment firm and an institutional investor in Carmanah. Download a copy of the bulletin at:
ethicalinvestors.co.uk
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8. Carmanah Ranks #9 Fastest Growing Company in Canada
In the June 2003 issue of PROFIT, a prominent Canadian national business magazine, the publication announced its 15th annual 2003 PROFIT 100: the definitive ranking of Canada's best and brightest growth firms.
Carmanah is pleased to announce that with 3,669% revenue growth since 1997, it ranks #9 in Canada among the nation's fastest growing companies! For more details visit the publication's official web site at:
profitguide.com |
