Carmanah Technologies announced that the company and Dr. David Green today closed on an agreementlimited Dr. Green, through his holding company, has purchased Carmanahs LED edge-lit signs business, Carmanah Signs Inc. ("CSI"). This transaction is aligned With Carmanahs business strategy to focus on strategic solar lighting and technology markets. As part of the transaction, Dr. Green has resigned as a member of the Carmanah Board of Directors in order to pursue this opportunity.
Under the agreement, Dr. Green, through an incorporated company controlled by him, will pay a combined total of approximately $2M for the shares of CSI and for repayment of CSIs inter-company debt to Carmanah Technologies Corporation. The deal includes a combination of Cash payments and a common share buy-back by Carmanah of approximately 1 million of the Companys shares owned by Dr. Green. These common shares will be returned to Treasury.
Following the transaction, Dr. Green will maintain an equity position in Carmanah, representing approximately 3% of the total common shares outstanding.
Dr. Green founded Carmanah in 1995, becoming Chairman when the Company went public in 2000. He resigned as Chairman in May, 2009, but stayed on the Board to assist the new Chairman with the transition into his new role. According to Dr. Green , he looks forward to retiring from the Board to pursue this private business venture, confident that Carmanahs strategic growth plan is in capable hands.
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