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Q1mar02.pdf

QUARTERLY AND YEAR END REPORT
British Columbia
BC FORM 51-901F (previously Form 61)
Securities Commission
Freedom of Information and Protection of Privacy Act: The
personal information requested on this form is collected under the authority of and used for the purpose of administering the Securities Act. Questions about the collection or use of this information can be directed to the Supervisor, Financial Reporting (604-899-6731), P.O. Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver, BC V7Y 1L2. Toll Free in British Suite 1304 – 925 West Georgia Street, Cathedral Place The three schedules required to complete this Report are attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this Report will be provided to any shareholder who requests it. (Electronic signatures should be entered in “quotations”.) CARMANAH TECHNOLOGIES CORPORATION

For the three months ended March 31, 2002
(Unaudited – Prepared by Management)
Breakdown, by major category, of Cost of Goods Sold during the current fiscal year-to-date: Indirect materials, supplies, freight-in Breakdown, by major category, of office and administration during the current fiscal year-to-date: Building repairs, maintenance and security Computers and equipment repairs and maintenance Breakdown, by major category, of research and development during the current fiscal year-to-date: CARMANAH TECHNOLOGIES CORPORATION

For the three months ended March 31, 2002
(Unaudited – Prepared by Management)
Breakdown, by major category, of sales and marketing during the current fiscal year-to-date: Transactions with non-arms length parties during the current fiscal year-to-date: A salary of $20,000 was paid for research and development to a Director and contract fees of $71,790 to a company part owned by a Director of the Corporation. The contracted company provides three senior management positions to CTI. Management fees of $30,000 were paid to a company controlled by director of the Corporation. A. Securities issued during the current fiscal year-to-date: B. Options granted during the current fiscal year-to-date: CARMANAH TECHNOLOGIES CORPORATION

For the three months ended March 31, 2002
(Unaudited – Prepared by Management)
Section 3 A. Authorized and issued share capital as at March 31, 2002: Authorized share capital - unlimited common shares without par value. A total of 20,652,710 shares have been issued for a total of $3,267,346. B. Options, warrants and convertible securities outstanding as at March 31, 2002: C. Shares in escrow or subject to pooling as at March 31, 2002: Common shares in escrow – 7,206,021 D. List of directors as at March 31, 2002: CARMANAH TECHNOLOGIES CORPORATION
For the three months ended March 31, 2002
Financial Result:

For the three month period ended March 31, 2002, the Company recorded a record quarter with revenues of
$1,381,044. This was an increase of 65% over the same period in 2001. Revenue growth was achieved
through (1) the continued growth of marine sales in existing product lines, (2) expansion into the railway and
mining markets with existing products, and (3) expansion into the transportation and transit markets with
entirely new products. Unit sales increased from 3,241 units sold and delivered for first quarter 2001 to 4,860
for first quarter 2002.
Direct cost of goods totaled $598,330 in the three month period ended March 31, 2002 as compared to
$394,214 for the three months ended March 31, 2001. Gross profit as a percentage of sales at March 31, 2002
was 57% as compared to 53% during same period in 2001. This is a result of the Company’s movement
towards more direct selling through dedicated sales staff and an aggressive e-commerce program.
Total operational expenses for the three month period ended March 31, 2002 were $831,242 overall, a 65%
increase over the $503,747 in the same period in 2001. This is the result of increased staff and administrative
expenses to support the Company’s expansion into new products and new markets. Increasing investment is
being made into markets that will be primary sources of revenues in the months and years to come.
Net loss for the three month period ended March 31, 2002 was $48,528 as compared to a net loss of $60,107
for the same period in 2001. The overall loss position is a result of additional resources and administrative
expenses required to provide and support the extensive sales and marketing activities. The Company also
made a further investment of $155,894 into research and development expenses during the three month period
ended March 31, 2002 as compared to $98,312 in the same period in 2001.
The Company’s cash balance increased from $192,623 as at March 31, 2001 to $1,174,918 as at March 31,
2002, an increase of $982,295. The increase was primarily attributable to the cash received pursuant to the
financing carried out in conjunction with the reverse takeover of Carmanah Technologies Inc. (“CTI”) in 2001.
CTI is a technology corporation specializing in the design, manufacture and supply of patented, proprietary
solar L.E.D. (light emitting diode) lighting solutions for the marine, roadway and railway markets worldwide.
CTI’s products are designed for markets with strict, regulated requirements for performance, dependability and
vandal resistance. CTI’s products are built to require no servicing for five years and are virtually indestructible.
They are sold around the world through an extensive system of distributors and via e-commerce at
www.carmanah.com. Established in 1993 and headquartered in Victoria, British Columbia, Canada, CTI
currently has over 80 distributors worldwide and approximately 42,000 lights installed to-date.

Operations:

The Corporation had an eventful first quarter as sales of the Corporation’s products continued to increase
steadily. The performance, quality and reliability of Carmanah’s products continue to be recognized
internationally. Operating systems and production infrastructure have been enhanced to meet growing
demands.
CARMANAH TECHNOLOGIES CORPORATION
For the three months ended March 31, 2002

Introduction of Solar-Powered LED Products to Transportation Market
On February 12, 2002, the Corporation expanded its platform technology into the multi-billion dollar
transportation market. CEO Art Aylesworth unveiled the Corporation’s new product line of solar-powered light
emitting diode (LED) lighting products, designed for the roadway safety industry, at the American Traffic Safety
Services Association's (ATSSA) annual Convention & Traffic Expo in Dallas, Texas.
This is a mass market for the Corporation’s technology, with immediate potential. Field trials are already
underway on Carmanah’s new transportation products in Europe and the United States.
Carmanah’s new products include programmable School Crossing Flashers, which are easy to install and
provide huge cost savings for school crossings. It is a stand alone self contained product that eliminates the
need to dig up roads and wire in standard electrical crosswalk markers. Carmanah’s proprietary software can
program the light to turn itself on and off, taking into account school holidays, using a Handspring Visor or Palm
Pilot. Other products include Roadway Hazard Markers, Directional Lights and Sign Enhancers, all of which
improve safety and reduce power costs.
Product Orders for Transportation Market in U.K.
On March 26, 2002, the Corporation announced that it had received orders for its new solar powered LED transportation products for $200,000 from Solagen Ltd. (U.K.) designed to fast track innovative solar LED solutions from Carmanah to transportation organizations throughout the United Kingdom and Europe. The transportation and transit markets in the U.K. represent a huge opportunity for Carmanah and Solagen. Each year, England alone spends over £200 million on maintenance, public lighting and safety for its share of Great Britain's 390,000-kilometer road system. Carmanah's proven solar LED technology adapts well to a range of products for this market – low cost, low-maintenance and long lasting with an autonomous light and power source. Solagen is exclusively marketing products jointly developed with Carmanah, and will sell direct into the U.K.'s local government Traffic and Transportation sector as well as to highway contractors, schools and bus operators. Solagen’s order, which will be filled by the end of March, was for solar powered LED school crossing flashers, and bi-directional road hazard marker posts.
Private Placement
On March 28, 2002, the Corporation announced that it had completed a non-brokered private placement of
440,000 common shares of the Corporation at a price of $0.54 per share, for gross proceeds of $237,600.
The proceeds from the financing are intended to speed up the Corporation’s business development activities
and new product development and to increase the Corporation’s production capacities.
Board of Directors Nominees
On May 7, 2002, the Corporation announced the nomination of Trevor Johnstone and Kelly Edmison to the Corporation’s Board of Directors. CARMANAH TECHNOLOGIES CORPORATION
For the three months ended March 31, 2002

Mr. Johnstone holds a Masters of Business Administration from the University of California, Berkeley, along
with Chartered Accountant and Certified Public Accountant designations. He is a founder and principal of
Tricor Pacific Capital, Inc. (“Tricor”), a private equity investment firm. He participates in all aspects of Tricor's
investment activity and is an active director of each of its portfolio companies, namely, Tree Island Industries
Ltd., Halsteel, Inc., Industrial Wire Products Corp., NorskeCanada, AG Growth Industries Inc., and Swiss Water
Decaffeinated Coffee Company Inc. Prior to forming Tricor, he was a principal and acted as Chief Financial
Officer of Macluan Capital Corporation. He also spent nineteen years as a practicing public accountant, initially
with Arthur Andersen & Co. and thereafter as a founding partner of a local Vancouver accounting firm. Mr.
Johnstone acts as a director of a number of public and private companies. As both a principal and advisor, he
has gained experience in Canadian, US and international transactions. He was Chairman of Pacifica Papers
Inc. during its billion-dollar merger with Norske Skog Canada Limited, and now sits on the board of the
combined entity. He was instrumental in the formation and creation of Helijet Airways Inc., where he acts as
Corporate Secretary and Director.
Kelly Edmison has been active in the Vancouver junior tech market for the past decade. A graduate of the
University of Toronto and Queen's University, Mr. Edmison has practiced law for over 20 years. He spent his
early career in Calgary and Hong Kong before joining Ladner Downs (now Borden Ladner Gervais) in 1985
where he practiced securities and commercial law until 1995. He then established his own practice focused
exclusively on representing Vancouver based junior technology companies. During the past five years,
companies represented by Mr. Edmison have closed over forty financings raising aggregate proceeds in excess
of $200,000,000. Mr. Edmison has been an officer of a number of high profile venture capital financed
companies such as NxtPhase Corporation and Sonigistix Corporation. He has also been a director and/or
officer of various public companies listed on the TSX Venture Exchange and / or the Toronto Stock Exchange
such as PCS Wireless Inc., eDispatch Wireless Data Inc. and A.L.I. Technologies Inc.
Mr. Edmison is currently President, Chief Executive Officer and a Director of Devon Ventures Corporation
(“Devon Ventures”), a merchant banking firm listed on the TSX Venture Exchange. Devon Ventures has
recently purchased 600,000 common shares of Carmanah as a portfolio investment.
The Board of Directors look forward to updating shareholders on several other exciting opportunities that the
Corporation is currently developing. We thank you for your continued support.
On Behalf of the Board of Directors
Carmanah Technologies Corporation

“ Praveen Varshney ”
Praveen Varshney, Director

Source: http://www.small-cap-news.de/pdf/41_q1mar02.pdf

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