Sol Energy Manage

Carmanah Buys SOL for $7.5M

Sol Energy ManageSolar company Carmanah Technologies has a signed a letter of intent to buy SOL, a privately-owned, Florida-based company, specializing in commercial outdoor LED lighting powered by solar energy.

Based on Carmanah’s current trading price, the total value of the transaction is about Canadian $7.5 million. Completion of the transaction is subject to a number of conditions including receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the approval of shareholders of Carmanah at the annual general meeting currently scheduled to be held on or about May 8, 2014.

If all conditions are satisfied or waived, the transaction is currently expected to close in May, 2014.

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