Victoria, BC-based Company Signs $10-Million Non-Binding Letter of Agreement

Carmanah Technologies Corporation, Victoria, BC, has entered into a non-binding letter of agreement with one of its  distributors for a major navigable waterway in South America.

The potential deal, estimated to be worth approximately $10 million dollars includes the procurement, commissioning and installation Carmanah's solar-powered aids to navigation ("AToN').

“The project provides the catalyst for us to complete development on our 708 series light with the inclusion of Automatic Identification System ("AIS') as well as Global System for Mobile Communications ("GSM') communication,' said Bruce Cousins, CEO of Carmanah. "Together with our partner, Sabik, we will leverage technologies from both companies in this solution. In addition, Carmanah will remain prime in this contract for all AToN and work closely with marine buoy and fixed aid partners in fulfilling on the agreement.'

According to the company, the agreement is part of a broader significant marine project that's taking place in the area where the AToNs would be deployed.

The agreement, subject to funding and technical specifications finalization by all parties, is expected to be completed within the next 30 days. However, the company says that there is no assurance the transaction contemplated in the non-binding letter of agreement will be completed.