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Carmanah Announces Three-Year Operating Credit Facility with BMO
Financial Group
VICTORIA, BC, CANADA (May 13, 2008) Carmanah Technologies Corporation (TSX:
CMH), a provider of solar power technology, has negotiated a new $10M,
three-year committed operating facility arrangement with BMO Financial
Group.
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According to Roland Sartorius, Chief Financial Officer for Carmanah, the
three-year bank credit facility offers greater convenience, flexibility and
stability for the long term than a month-to-month arrangement. "The amount
available under this facility is based on certain covenants, including the
company's EBITDA performance (earnings before interest, taxes, depreciation
and amortization); this format is clearly in line with our corporate
commitment to steady, measured growth," said Sartorius. "Carmanah remains
debt-free, and we have no immediate plans to draw on the line, although a
committed operating facility can prove invaluable for facilitating large
orders, mergers and acquisitions, or other opportunities if necessary."
"We are very pleased to be Carmanah Technologies Corporation's new financial
partner," said James Gallagher, Regional Vice President, Corporate Finance,
BMO Bank of Montreal. "We look forward to assisting this growing and
exciting business by providing expert financial advice and ancillary banking
services," Gallagher added. BMO Bank of Montreal's clients benefit
significantly from full relationship management with considerable resources
and financial expertise provided through a single local point of access.
For more information on Carmanah Technologies Corporation, visit
www.carmanah.com
About Carmanah Technologies Corporation
As one of 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 LED lights and power systems provide
a durable, dependable and cost effective energy alternative. Carmanah is a
publicly traded company, with common shares listed on the Toronto Stock
Exchange under the symbol "CMH" and on the Berlin and Frankfurt Stock
Exchanges under the symbol "QCX". For more information, visit www.carmanah.com
.
About BMO Financial Group
Established in 1817 as Bank of Montreal - Canada's first bank - BMO
Financial Group is a highly diversified North American financial services
organization. With total assets of $366.5 billion as at October 31, 2007,
and more than 35,000 employees, BMO provides a broad range of retail
banking, wealth management and investment banking products and solutions.
BMO Financial Group serves clients across Canada through its Canadian retail
and commercial arm, BMO Bank of Montreal, and through its wealth management
firms, BMO Nesbitt Burns, BMO InvestorLine and BMO Harris Private Banking.
Carmanah Technologies Corporation
Roland Sartorius, Chief Financial Officer
For further information:
Investors:
Investor Relations: Roland Sartorius
Toll-Free: 1.877.722.8877
investors@carmanah.com
Media:
Public Relations: David Davies
Telephone: +1.250.382.4332
ddavies@carmanah.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 which are described under the caption
"Note Regarding Forward-looking Statements" and "Key Information - Risk
Factors" and elsewhere in Carmanah's Annual Report for the fiscal year ended
December 31, 2007, as filed on SEDAR at www.sedar.com.
The risk factors identified in Carmanah's Annual Report 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.
InvestorIdeas.com Disclaimer: Issuers of press releases are solely responsible for the accuracy of the content.
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