Carmanah Announces Change of Reporting Currency to US Dollars, Realigned Reporting Segments, and Release Date for 2009 Q3 Financial Results

VICTORIA, British Columbia - (BUSINESS WIRE) - Carmanah Technologies Corporation (TSX: CMH) today confirmed that the company will change the reporting currency of its financial information from Canadian dollars to US dollars, effective the third quarter of 2009. This action, previously communicated in the company's 2009 second quarter report, reflects the profile of its revenue and net profit which are now primarily generated in US dollars.

"The move to reporting in US dollars just makes sense," said Roland Sartorius, CFO, Carmanah Technologies. "As our business has evolved in recent years, so have the currencies in which we primarily transact our business. Our pricing, manufacturing, and most of our expenses are in US dollars, so we feel this change in reporting currency will better reflect our business activities, mirror our transactional functional currency and improve financial statement users' ability to compare our financial results."

The change will be effective for the three months ending and nine months ending September 30, 2009. These results will be reported on November 12, 2009 in US dollars. All comparative figures will be converted into US dollars. Carmanah, which is registered and has its headquarters in Canada, will maintain its listing on the Toronto Stock Exchange, with its shares quoted in Canadian dollars.

Also starting the third quarter of 2009, the company has realigned its reporting segments to better reflect how it views and manages its business. The categories previously referred to as "Strategic" and "Tactical," will now be segmented into:

• "Signals & Illumination" (which includes solar-powered beacons for marine, aviation & industrial applications and solar powered area lighting),
• "Systems & Other" (which includes mobile power systems, off grid and grid tie solar power systems for industrial applications). For comparative purposes, the Other category will reflect the businesses which the company has recently exited such as home power, distribution and edge-lit road signage).

The sale of the edge-lit interior signage business during the third quarter of 2009, will be reported as "Discontinued operations" and will be shown separately from continuing operations. According to Roland Sartorius, "this realignment in our reporting essentially reflects the end of our restructuring initiatives and will allow us to better present the results from our growth focus."

For comparative purposes, key quarterly historical reported results, dating back to the first quarter of 2008 and up to the second quarter of 2009, converted from Canadian dollars to US dollars and revised under the new reporting segments, have been attached to this announcement.

Carmanah will release its third-quarter 2009 financial results on Thursday, November 12, 2009 at 1:00 pm PT (4:00 pm ET). Conference call scheduling and contact information will be announced closer to that date. For more information, visit www.carmanah.com.

About Carmanah Technologies Corporation

As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH" . For more information, visit carmanah.com.

Carmanah Technologies Corporation

"Roland Sartorius"

Roland Sartorius, Chief Financial Officer

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 which 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, 2008, as filed on SEDAR at www.sedar.com. The risk factors identified in Carmanah's Annual Report 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.

Table 1: Consolidated Balance Sheets (Expressed in thousands of US Dollars)

			2008																	2009
			Q1				Q2				Q3				Q4					Q1				Q2
Assets
Current assets
Cash and cash equivalents			$	3,760			$	5,192			$	4,072			$	5,831				$	6,842			$	8,355
Accounts receivable, net				12,013				9,901				11,709				11,882					9,398				7,815
Inventories				9,397				9,284				8,782				6,274					5,353				4,124
Prepaid expenses and deposits				508				295				211				439					391				442
Income taxes receivable				-				-				140				-					-				-
Assets related to discontinued operations				1,785				3,295				2,791				1,606					1,349				1,258
				27,463				27,967				27,705				26,032					23,333				21,994
Equipment and leasehold improvements, net				2,640				2,595				1,908				1,322					1,236				1,242
Intangible assets, net				746				699				674				156					445				1,496
Goodwill				10,101				10,168				9,558				-					-				-
Investment tax credits				826				826				902				1,321					1,446				1,712
Future income taxes				2,923				3,018				2,886				2,093					2,123				2,525
Assets related to discontinued operations				263				251				527				418					424				514
			$	44,962			$	45,524			$	44,160			$	31,342				$	29,007			$	29,483
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities			$	7,652			$	7,044			$	6,719			$	7,444				$	6,188			$	5,471
Derivative liabilities				52				-				-				144					157				81
Bank loan/Debt				2				1				-				-					-				-
Deferred revenue				299				370				511				180					54				142
Income taxes payable				70				67				-				-					-				-
Liabilities related to discontinued operations				1,104				2,148				1,546				747					675				728
				9,179				9,630				8,776				8,515					7,074				6,422
Shareholders' Equity
Share capital				34,043				34,138				34,138				34,284					34,513				34,568
Contributed surplus				2,483				2,610				2,836				2,829					2,724				2,795
Accumulated other comprehensive income				7,590				7,828				6,346				1,672					904				2,642
Deficit, ending				(8,333	)			(8,682	)			(7,936	)			(15,958	)				(16,208	)			(16,944	)
				35,783				35,894				35,384				22,827					21,933				23,061
Total Liabilities and Shareholders' Equity			$	44,962			$	45,524			$	44,160			$	31,342				$	29,007			$	29,483

Table 2: Consolidated Income Statements (Expressed in US Dollars)

					2008																	2009
					Q1				Q2				Q3				Q4					Q1				Q2
Sales
Signals & Illumination					$	7,066			$	5,510			$	6,931			$	8,344				$	5,579			$	5,930
Systems & Other						7,241				7,713				5,239				3,861					2,241				1,559
						14,307				13,223				12,170				12,205					7,820				7,489
Cost of Sales
Signals & Illumination						3,683				2,997				3,439				4,632					3,325				3,354
Systems & Other						5,779				6,016				4,102				3,123					1,672				1,274
						9,462				9,013				7,541				7,755					4,997				4,628
						4,845				4,210				4,629				4,450					2,823				2,861
Operating Expenses
Sales and marketing						1,655				1,678				1,218				1,110					1,467				1,339
Product management & development						605				708				669				152					411				501
General and administration						2,079				1,958				1,713				2,062					1,449				1,193
Amortization						233				212				459				254					146				159
Restructuring						-				541				466				426					426				26
						4,572				5,097				4,525				4,004					3,899				3,218
Operating income/(loss)						273				(887	)			104				446					(1,076	)			(357	)
Other income/(expense)
Gain/Loss on disposal of assets						(4	)			-				-				(4	)				7				-
Goodwill impairment						-				-				-				(8,192	)				-				-
Intangible impairment						-				-				-				(452	)				-				-
Gain on sale of Roadway assets						-				-				-				-					659				-
Interest and other income						29				26				13				7					11				43
Foreign exchange (gain)/loss						323				27				202				865					190				(525	)
						348				53				215				(7,776	)				867				(482	)
Income/(loss) before income tax						621				(834	)			319				(7,330	)				(209	)			(839	)
Income tax (expense)/recovery
Current						(150	)			(42	)			182				-					(2	)			(1	)
Future						(169	)			(47	)			(222	)			(533	)				98				245
						(319	)			(89	)			(40	)			(533	)				96				244
Income/(loss) from continuing operations						302				(923	)			279				(7,863	)				(113	)			(595	)
Income/(loss) from discontinued operations						(214	)			574				467				(159	)				(137	)			(141	)
Net income/(loss) for the period						88				(349	)			746				(8,022	)				(250	)			(736	)
Deficit, beginning of period						(8,421	)			(8,333	)			(8,682	)			(7,936	)				(15,958	)			(16,208	)
Deficit, end of period					$	(8,333	)		$	(8,682	)		$	(7,936	)		$	(15,958	)			$	(16,208	)		$	(16,944	)

Carmanah Technologies Corporation
Investors:
Investor Relations:
Roland Sartorius, CFO
Toll-Free: 1-877-722-8877
rsartorius@carmanah.com
or
Media:
Public Relations:
David Davies, +1-250-382-4332
ddavies@carmanah.com