VICTORIA, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) -- Carmanah Technologies Corp. (TSX:CMH) (“Carmanah” or “the Company”) today announces that it has acquired a portfolio of patents and patent applications from Stop Experts, Inc. and R.D. Jones. The patents, issued by the US. Patent and Trademark Office, as well as additional patent applications all relate to traffic control devices most specifically, Rectangular Rapid Flashing Beacons (“RRFB”). RRFB devices are deployed in mid-block crosswalks, are pedestrian actuated and have a unique flashing pattern. Independent testing has proven that RRFBs have a significantly higher driver yield rates than conventional flashing lights and are quite economical and easy for municipal customers to deploy.
Total consideration to be paid for the patent portfolio will be USD $2.4 million. Payment is comprised of a lump sum initial payment together with a series of 48 monthly payments that will end in 2022. As a result of the transaction the patent infringement claims and litigation against the Company originally disclosed on August 8, 2013 will be dismissed.
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 Airfield Ground Lighting, Aviation Obstruction, Offshore Wind, Marine, Traffic and Telematics markets. The Illumination segment provides solar powered LED outdoor lights for municipal and commercial customers.
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
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,” “estimates,” “could,” “will” or variations of such words and phrases. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Carmanah disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
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.
Source: Carmanah Technologies Corporation