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Press release from Business Wire

Carmanah Technologies Corporation and Sabik Oy Sign New Long-term Exclusive Cooperation Agreement

<p class='bwalignc'> <i>Enhanced Carmanah/Sabik Brand</i> </p>

Wednesday, March 21, 2012

Carmanah Technologies Corporation and Sabik Oy Sign New Long-term Exclusive Cooperation Agreement09:00 EDT Wednesday, March 21, 2012 VICTORIA, British Columbia (Business Wire) -- Carmanah Technologies (TSX: CMH)(Pink Sheets: CMHXF) and Sabik Oy, based in Finland, have a signed a new five year Exclusive Cooperation Agreement. This agreement builds on the successful two year history of marketing and sales collaboration between the two marine signaling pioneers and initiates a period of deeper integration. Under the terms of the new agreement, reciprocal technology access as well as joint development activities will be undertaken. The combined resources of the two companies will ensure a leadership position in the marine signaling market is maintained based upon leading edge technologies. All marine signaling products will be marketed under the Carmanah/Sabik brand. “The extended Carmanah/Sabik Exclusive Cooperation Agreement demonstrates the commitment of both companies to the marine signaling market. The new agreement builds upon the success both Carmanah and Sabik have enjoyed over the first two years of our strategic alliance. Core to this extended agreement is the further integration of our technologies. This broadened scope includes both technology sharing and joint product development,” explained Bruce Cousins, Carmanah CEO. “Customers can expect the continued industry leading performance, reliability and innovation both Carmanah and Sabik are known for with the addition of increased compatibility between product offerings.” The new Carmanah/Sabik Marine alliance signals that Carmanah Technologies Corporation has moved from its roots in self-contained solar powered marine lanterns to full service marine navigation solutions. Cousins elaborated that, “Sabik has developed a leadership position in marine signaling command/control and communication systems and we are extremely excited to introduce this technology within Carmanah's existing product portfolio. We remain responsive to our customers' needs; translating advances in LED, battery and communications technology into improved efficiency, convenience and cost savings for marine navigation authorities worldwide.” “The relationship between our companies has been very effective and we are delighted to move this to the next level,” states Lars Mansner, Sabik Oy CEO. “Carmanah's reputation within the industry, strong distribution channel and solid technology platform form an important foundation in this partnership. Sabik advances in command/control technology will provide a meaningful enhancement in the value proposition of our combined product offering and we are excited about our combined prospects.” About Carmanah Technologies CorporationAs 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.About Sabik OySabik is a Finnish company with sister companies in Germany and Denmark. Sabik is in the business of enhancing safety for traffic at sea, on the road and on the railways.Sabik specializes in optical engineering, traffic telematic solutions and their components, and has accumulated knowledge in optics and microprocessor technology as well as in embedded and system level software. Sabik offers its clients the latest technical solutions and the technical support needed including installation and maintenance services.Sabik is a certified ISO 9001:2008 Quality Assurance System as well as a IS0 14001:2004 Environmental Management system, and has been a member in IALA since 1992, currently representing the European industry within the IALA Industrial Members Committee. For more information about Sabik, visit www.sabik.com.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.Carmanah TechnologiesInvestors:Roland Sartorius, CFO, 1-877-722-8877Investor Relationsinvestors@carmanah.comorMedia:David Davies, +1-250-382-4332Public Relationsddavies@carmanah.com