Carmanah Technologies Corp. has signed a definitive agreement with David Egles, whereby Egles has purchased the inventories and other assets of Carmanah's solar home power business. Egles has resigned as a member of the Carmanah board of directors in order to pursue this opportunity as a private business.
According to the agreement, Egles, or an incorporated company controlled by him, will pay $1.5 million to Carmanah Technologies Corp., with $1.15 million attributed to Carmanah's solar home power inventory and $350,000 for equipment and fittings at the business' leased facility in Barrie, Ontario, as well as access to marketing material, customer and vendor lists, and an amendment to his noncompete agreement that permits him to return only to the solar home power business.
