Delayed contract awards impact quarter

Business WirePress Release: Carmanah Technologies Corporation – Tue, May 15, 2012 4:00 PM EDT

Carmanah Technologies Corporation (TSX: CMH.TO - News) (“the Company” or “Carmanah”) today reported its first quarter results for the period ended March 31, 2012.

For the three months ended March 31, 2012, the Company recorded a net loss of $0.9 million on revenues of $5.4 million. Total Q1 2012 revenues were down $4.2 million over the same period in 2011. The net loss is primarily driven by lower Grid-tie revenues in the quarter due to a delay in contract awards caused by uncertainties in Ontario, Canada’s Feed in Tariff ("FIT") program. Q1 2012 lower results also reflect longer than expected timing of closing sales in our Outdoor Lighting and Aviation markets, as well as the first quarter of 2012 not having a number of significant project-based sales compared to the same period in 2011.

“In a word, disappointing sales results,” stated Bruce Cousins, Chief Executive Officer. “We believe that this has been a unique quarter and is not reflective of the balance of the year expectations. We remain committed to revenue growth in 2012. Significant progress was made in the quarter in support of expected improvements in revenue. We announced new products, strengthened our sales channels and enhanced our partnerships.”

Complete release...