Jim Meekison Announces Disposition of Common Share

TORONTO, Oct. 10, 2017 (GLOBE NEWSWIRE) -- James Meekison announces that on October 5, 2017, he disposed of 2,834,039 common shares (“Shares”) of Carmanah Technologies Corporation (“Carmanah”), pursuant to Carmanah’s substantial issuer bid for a maximum of 6,000,000 Shares at a price of CAD $5.00 per Share (the “Offer”).

On October 5, 2017, Carmanah announced that it took up and paid for 6,000,000 Shares at a price of CAD $5.00 per Share under the Offer for a total cost of CAD $30.0 million. The Shares purchased represent 24.09% of the Shares outstanding immediately prior to the purchase. After giving effect to the purchase, Carmanah has 18,908,019 Shares issued and outstanding.

Mr. Meekison tendered 7,051,143 Shares and had 2,834,039 Shares taken up under the Offer, for an aggregate redemption price of CAD $14,170,195.

Prior to the Offer, Mr. Meekison owned, directly or indirectly, or exercised control or direction over 7,051,143 Shares and 100,000 options to acquire Shares (“Options”). After the completion of the Offer, Mr. Meekison now owns, directly or indirectly, or exercises control or direction over, 4,217,104 Shares and 100,000 Options. The 4,217,104 Shares represent approximately 22.3% of the total number of issued and outstanding Shares.

Mr. Meekison disposed of the Shares pursuant to the Offer. Mr. Meekison may, in the future, increase or decrease his beneficial ownership, control or direction over securities of Carmanah. A copy of the related early warning report may be obtained from Carmanah’s SEDAR profile at www.sedar.com.

“James Meekison”                                 James Meekison

Contact: 416-963-8880