VICTORIA, BRITISH COLUMBIA--(Marketwired - Jul 27, 2015) - Carmanah Technologies Corporation (CMH.TO) ("the Company" or "Carmanah") today announces that in its second quarter financial statements, the Company will reinstate a tax asset totaling approximately $11.0 million US dollars. The asset was previously deemed to be impaired and was written off by the Company on February 7, 2012 on the determination, at that time, that the Company had less than reasonable certainty of realizing its value. The decision to reinstate is based upon the financial performance of the Company over the past six quarters and management's outlook for future periods which lead to the conclusion it's probable these tax assets will be utilized. The tax asset includes both investment tax credits and deferred income taxes, both of which will allow the Company to reduce taxes on current and future earnings realized within Canada.
To record the tax asset the Company will realize non-cash, non-recurring income of approximately $11.0 million as at June 30, 2015. Full financial statement disclosure are expected on or about August 10, 2015 after which the company will hold an analyst conference call. Details respecting the analyst call will be released approximately one week prior to the call.
About Carmanah Technologies Corporation
Since its founding in 1996, Carmanah has become one of the most trusted names in solar technology, delivering reliable and cost-effective solar powered products and systems for industrial applications worldwide. To date, Carmanah's solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, as well as on and off-grid power generation, have been successfully deployed in over 400,000 installations in 110 countries with proven performance in conditions ranging from desert heat to arctic cold.
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company's website at www.carmanah.com. The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.