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| Press Release

Carmanah Announces Final Results of Substantial Issuer Bid

VICTORIA, British Columbia, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Carmanah Technologies Corporation (TSX:CMH) (“the Company” or “Carmanah”) announces that it has taken up and paid for 6,000,000 million common shares (“Shares”) at a price of CAD $5.00 per Share under Carmanah’s substantial issuer bid (the “Offer”) for a total cost of CAD $30.0 million. The Shares purchased represent 24.09% of the Shares outstanding immediately prior to the purchase. After giving effect to the purchase, Carmanah has 18,908,019 Shares issued and outstanding.

Shareholders had the opportunity under the Offer to tender Shares until 5:00 p.m. (Vancouver time) on October 4, 2017. Approximately 14,862,667 Shares were tendered to the Offer. The Shares will be taken up on a prorated basis in accordance with the terms of the Offer.

Payment for the purchased Shares will be completed by Computershare Investor Services Inc. (the “Depositary”) in accordance with the Offer. Any Shares tendered and not purchased will be returned to shareholders promptly by the Depositary.

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.

Contact
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
investors@carmanah.com

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. Forward-looking statements or information in this news release relate to, among other things: payment for the purchased Shares being completed by the Depositary and the return of any Shares tendered and not purchased to shareholders promptly by the Depositary. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to: delays to (i) the payment for purchased Shares to shareholders by the Depositary and (ii) the return of Shares tendered but not purchased to shareholders by the Depositary. 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.

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