Industry News
Carmanah Unilaterally Terminates Lightech Merger
November 10, 2010
On November 10, 2010, Carmanah Technologies Corporation notified Lightech Electronic Industries Ltd. of Carmanah's unilateral termination of the Agreement and Plan of Merger it had entered with Lightech on September 21, 2010.
Lightech believes that Carmanah's stated reasons for terminating its Merger Agreement with Lightech are entirely without merit and that Carmanah has failed to discharge its obligations under the Merger Agreement.
In response David Schreiber, Chairman and CEO, said “Carmanah has missed an opportunity to grow its business and create value through the merger with Lightech. Lightech continues to show strong and profitable growth in its core OEM market in Europe and North America, providing state-of-the-art power supplies for the rapidly growing LED lighting and signage markets, with focus on quality dimming and energy efficiency. We have confidence in our excellent team and strong customer relationships and are very excited about ground-breaking products coming to market over the next few months”.
For further information, please contact Arye Schreiber,
VP Corp & Bus Dev, [email protected] or 972 8 913 8000
