Solar LED lighting manufacturer Carmanah terminated its contract to buy Lightech in Israel's drive manufacturer.
The transaction ended this time was affected by a number of factors, including Carmanah's completion of the public offering of a certificate worth not less than 15 million yuan. On October 25, 2010, a company with a 9.5% stake in Carmanah's outstanding common stock applied for a special meeting of Carmanah. The meeting was mainly about proposing an ordinary resolution to guide Carmanah not to complete the proposal to consolidate the funds needed to acquire Lightech. Otherwise, the resolution will consider expelling Carmanah's board of directors.
Because of the many volatility of this resolution, Carmanah believes that they can no longer meet the funding requirements for the acquisition on December 31, 2010, so they terminated the agreement with Lightech.
“A very difficult decision to terminate the agreement with Lightech, but after due consideration, the Board of Directors considered this to be the only decision we could make. In fact, the funding requirements could not be met until December 31, 2010. "Carmanah's chairman Rod Cruickshank said.
Instead, Lightech believes that Carmanah's reasons for terminating the Merger Agreement with Lightech are completely unfounded. Lightech also believes that Carmanah has not fulfilled its obligations under the Merger Agreement.
“Carmanah missed the opportunity to increase business and create value by merging Lightech,†said David Schreiber, CEO and Chairman of Lgihtech. “Lightech will continue to show its center OEMs in Europe and the US with strong market and profitable growth for those fast The growing LED lighting and signage market offers state-of-the-art power, while also focusing on dimming quality and energy efficiency. We are confident in our excellent team and strong customer relationships, and our groundbreaking products will be in the future. I was very excited to enter the market within a few months."
Carmanah's results:
Carmanah's sales for the previous quarter ended September 30 were $8.6 million, a decrease of $900,000 from the same period last year.
In the third quarter, sales of Signals & Illumination increased by $400,000 over the same period to $57.8 million, mainly due to the tremendous growth in sales of marine products. Excluding the Signals & Illumination section, EverGENTM lighting sales of outdoor lighting were only $700,000, a decrease of $500,000 from the previous quarter. Carmanah attributed the decline in sales to the “bumpy†of this product line, but also said that “the sales trend shows some rebound at the end of the yearâ€.
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