Carmanah Technologies Corporation, an alternative energy manufacturer specializing in patented solar-powered LED lighting solutions has announced its audited results for the years ended December 31, 2002 and 2001. The company has reported significant gains including 91 percent growth and a net profit of over 36 thousand dollars compared to the previous years net loss of CAD$676,498.Victoria, British Columbia, Canada – March 12, 2003 [SolarAccess.com] Highlights for 2002: o Annual revenue up 91 percent over 2001 to CAD$6,468,899 o Net profit of $36,393, as compared to net loss in 2001 of CAD$676,498 o Q4 revenue of CAD$1.94 million up 127 percent over Q4 2001 o Q4 revenue up CAD$309,000 (19 percent) over Q3 2002 o Average gross profit margin of 56 percent, up from 53 percent in 2001 o Revenue growth (91 percent) outpaced expenditure growth (46 percent) o Aggressive investment in both R&D and business development for new markets continued “Our company has made great strides over the past twelve months, as we continue to expand into many new market sectors,” said Art Aylesworth, Carmanah’s CEO. “In 2002, we introduced new products into the global public transportation market, the North American railway market and the European roadway market. While continuing to increase our international sales in marine products, we are moving as quickly as we can to meet the worldwide demand for our core technology in a growing number of markets – 2002 was the most impressive year in Carmanah’s history and should provide a strong platform upon which we will build our future.” In other business news, Carmanah proposed to issue up to 2,000,000 common shares of the Corporation at a price of CAD$0.74 per share pursuant to a private placement, for gross proceeds of up to CAD$1,480,000. The private placement is subject to completion of formal documentation and receipt of regulatory approval. Canaccord Capital Corporation will receive a cash commission of 7.5 percent of the gross proceeds raised. Carmanah also announced that a sale of 2,000,000 common shares (the “Traded Shares”) has been effected through the facilities of the TSX Venture Exchange. A total of 998,000 of the Traded Shares are held by control persons and / or other insiders of the Corporation, and have been sold to arm’s length, public shareholders. These new shareholders are four European institutions that can be categorized as Socially Responsible Investors with a focus on environmental technology. From the proceeds of the sale of the Traded Shares, the sellers will purchase common shares pursuant to the private placement listed above. The company trades under the ticker CMH on the Toronto Stock Exchange. Carmanah’s total revenues for the 12 months ended December 31, 2002 increased 91 percent to CAD$6,468,899 compared with CAD$3,373,453 for the preceding year. Revenues were derived from the sale of solar powered light-emitting diode hazard and safety lights. Sales were sourced through a worldwide distribution network and direct sales efforts in key market segments and territories. Revenue growth was achieved through increased investment in direct sales and marketing resources and activities. Sales increased throughout the company’s existing product lines and through the introduction of several new products. EDITOR’S NOTE – All figures are in Canadian (CAD) currency.