Carmanah To Acquire Vega Industries Limited
VICTORIA, BC, CANADA (July 31, 2017) Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that it has signed a share purchase agreement to acquire Vega Industries Limited (“Vega”).
Vega was established in 1972, and is a leading competitor in the worldwide marine aids to navigation market. Vega was the first company to design and manufacture a port entry light and has many complementary products to the current Sabik and Carmanah marine product offerings. Vega’s operations are headquartered in Porirua, New Zealand.
“The Vega acquisition will strengthen our worldwide product portfolio and allow us to provide more comprehensive single-source solutions for our marine customers.” said John Simmons, Carmanah CEO. “The acquisition of Vega has been on our roadmap for many years, and continues our growth strategy in the Signals market.”
The purchase price is NZD $12 million (USD $9 million) subject to certain adjustments and escrow holdbacks.
Subject to the satisfaction of remaining customary conditions, the transaction is expected to close by August 1, 2017.
About Carmanah Technologies Corporation
Carmanah designs, develops, and distributes a portfolio of products focused on energy-optimized LED solutions for infrastructure. Since 1996, we have earned a global reputation for delivering durable, dependable, efficient, and cost-effective solutions for industrial applications that perform in some of the world’s harshest environments. We manage our business within two reportable segments: Signals and Illumination. The Signals segment serves the Airfield Ground Lighting, Aviation Obstruction, Offshore Wind, Marine, and Traffic markets. The Illumination segment provides solar-powered LED outdoor lights for municipal and commercial customers.
Contact Carmanah Technologies Corporation:
Evan Brown, 250 380 0052 Chief Financial Officer/Corporate Secretary firstname.lastname@example.org