CARMANAH TECHNOLOGIES CORP CMHXF

Carmanah joins TSX-V Tier 1

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Carmanah joins TSX-V Tier 1 2005-05-10 12:06 ET - News Release Mr. Praveen Varshney reports CARMANAH GRADUATES TO TIER 1 STATUS ON THE TSX VENTURE EXCHANGE Carmanah Technologies Corp. has achieved Tier 1 status on the TSX Venture Exchange. This reclassification recognizes the management experience and current financial strength of the company. "We are pleased that Carmanah's strong financial performance and structured growth have been recognized by the TSX Venture Exchange," stated Art Aylesworth, Carmanah's chief executive officer. "This is another step in the maturing of the company and confirms the overall strength of Carmanah's business strategy." The achievement of Tier 1 status follows the recent release of the company's Dec. 31, 2004, audited year-end results. Carmanah maintained its annual growth rate of approximately 70 per cent over recent years while retaining healthy average gross margins and record profitability. This increased status should ease exchange procedures, and facilitate transaction approvals and reporting requirements, as well as allow more flexibility with respect to future financings. The annual general meeting for Carmanah will be held on a newly scheduled date of Friday, May 27, 2005, at 11:30 a.m. PT at the Delta Victoria Ocean Pointe Resort, 45 Songhees Rd., Victoria, B.C. Attendance is not limited to shareholders, so other guests are welcome. Should you wish to attend, please e-mail the company at AGMQcarmanah.com.