CARMANAH AGREES TO PURCHASE SOL INC IN A SHARE EXCHANGE VALUED AT ~$7.5M
Carmanah Technologies Corporation (TSX: CMH) and SOL, Inc., a privately-owned Florida-based company, today
jointly announced that Carmanah has entered into a binding Letter of Intent with SOL, Inc. and Michael
Sonnenfeldt. Mr. Sonnenfeldt is a director of Carmanah and the controlling shareholder of SOL. Under the terms
of the Letter of Intent, Carmanah has agreed to buy all outstanding shares of SOL owned by Mr. Sonnenfeldt and
the parties intend to take the necessary steps to ensure that all other owners of SOL shares prior to closing
enter into a definitive agreement to sell their shares to Carmanah. As a result, upon completion of the
transaction, SOL will become a wholly-owned subsidiary of Carmanah.
