Carmanah Acquires Information Display Company
VICTORIA, British Columbia, Oct. 02, 2018 (GLOBE NEWSWIRE) -- Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that it has completed an acquisition of Information Display Company (“IDC”).
Headquartered in Portland, Oregon, IDC was established in 1993 and is one of the industry’s most respected names in radar speed signs. IDC’s portfolio of radar speed display signs is complementary to Carmanah Traffic’s product lineup of traffic beacons. Over the coming months, Carmanah will focus on the integration of IDC with Carmanah Traffic. Management control of IDC will be effected by the management of Carmanah’s Traffic division, located in Victoria, Canada.
“The acquisition of IDC will enhance our Traffic division’s product portfolio and provide a more complete product offering to both our distributors and end customers,” said John Simmons, Carmanah CEO. “This acquisition continues our growth strategy in the Signals market.”
The purchase price was USD $1.45 million, subject to certain adjustments and holdbacks.
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 , , , , , and markets. The 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
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