Carmanah Settles Lightech Lawsuit to Avoid Protracted Litigation

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Carmanah Settles Lightech Lawsuit to Avoid Protracted Litigation

posted on Sep 20, 2011 10:35AM

Press Release Source: Carmanah Technologies Corporation On Tuesday September 20, 2011, 9:00 am EDT

VICTORIA, British Columbia--(BUSINESS WIRE)-- Carmanah Technologies Corporation (TSX:CMH.to - News) (Pink Sheets:CMHXF.pk - News), announced today that it has entered into a settlement agreement to end the $6.0 million Lightech lawsuit relating to the 2010 terminated merger agreement between Lightech and Carmanah. As part of the settlement agreement, Carmanah agreed to drop its $625,000 counter lawsuit against Lightech. Completion of the settlement agreement is subject to ratification by the Israeli courts.

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