Carmanah Announces Annual Financial Results for 2006



    VICTORIA, March 12 /CNW/ - Carmanah Technologies Corporation (TSX: CMH)
is pleased to announce its results for the years ended December 31, 2006 and
2005.

    Highlights for the Year

    
    -  Record 2006 annual revenues of $62,446,000, representing a 61%
       increase over 2005;

    -  Outstanding orders of $4,170,000 at 2006 year end;

    -  2006 EBITA of $2,299,000, representing a 26% increase over 2005;

    -  2006 Earnings before tax of $1,339,000, representing a 7% increase
       over 2005;

    -  2006 Net earnings of $134,000;

    -  Net working capital of $27,315,000 at 2006 year end, up from
       $26,332,000 at 2005 year end.
    

    Download financial results:

    www.carmanah.com/documents/news_releases/070312_CarmanahRelease.pdf

    Summary of Results

    For Carmanah, the overall theme for 2006 was continued market penetration
and operational development. During the year, the Company laid the groundwork
for future growth by (1) finalizing the integration of its Solar Power Systems
Group (obtained via the acquisition of Soltek Powersource Ltd. in 2005), (2)
completing major facilities expansion at its Victoria, BC, Calgary, AB and
Santa Cruz, CA locations, and (3) investing record R&D resources in the
development of new technologies, such as the Company's general illumination
products and next generation wirelessly-controlled solar LED aviation lighting
systems. Meanwhile, Carmanah achieved record annual revenues of approximately
$62.4M, on track with Management's revenue expectations, and the Company
continued to operate profitably.
    Sales performance of the core Solar LED Lighting Group realized annual
revenues of $26,951,000, representing an increase of 46% over 2005 at
$18,413,000. Revenues in all primary solar LED lighting markets grew year over
year with an average gross margin of 45% in 2006.
    Revenues from the LED Sign Group were $4,442,000 in 2006, down from
$4,736,000 in 2005. These revenues do not include the growth in outdoor LED
edge-lit sign sales that are reported in the roadway and transit divisions of
the Solar LED Lighting Group.
    The revenues from the Solar Power Systems Group increased to $31,053,000
in 2006 from $15,580,000 in 2005, reflecting the impact of its first full year
of contribution versus six months of contribution in 2005. With the
integration of people and systems complete, the operations of the Solar Power
Systems Group have normalized and they are trending in line with the Company's
forecasts.
    "Overall, we are pleased with the results of 2006 and the platform we
have established as part of our five year strategic plan," states Carmanah's
CEO, Art Aylesworth. "In 2006, we made significant changes to the Company, its
product mix and its infrastructure, and we are confident that the Company is
poised to enjoy the resulting benefits over the course of the coming year and
beyond."

    About Carmanah Technologies Corporation

    Carmanah is an award-winning manufacturer specializing in renewable and
energy-efficient technology solutions. The Company is currently focused on
three technology groups: solar power systems & equipment, solar-powered LED
lighting and LED illuminated signage.
    Carmanah is headquartered in Victoria, British Columbia, Canada and has
branch offices and/or sales representation in 11 cities across Canada, the
United States and the United Kingdom. With more than 250,000 installations
worldwide, Carmanah is one of the world's premier suppliers of
energy-efficient products.
    The shares of Carmanah Technologies Corporation are publicly traded 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 (less than)http://www.carmanah.com/(greater than)

    This release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements are based on management's current expectations
and beliefs and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties 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, 2005, as filed with the U.S. Securities and Exchange
Commission and which are incorporated herein by reference. Carmanah does not
assume any obligation to update the forward-looking information contained in
this press release.





For further information:

For further information: Media contact: David Davies, Tel: (250)
382-4332, ddavies@carmanah.com

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CARMANAH TECHNOLOGIES CORPORATION

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