Carmanah Announces Closing of Private Placement

FOR IMMEDIATE RELEASE   March 28, 2002
   (No. 2002-03-05)

CARMANAH TECHNOLOGIES ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Vancouver, British Columbia - March 28, 2002 - Carmanah Technologies Corporation (CDNX: CMH) is pleased to announce that it has completed its non-brokered private placement announced on March 5, 2002, of 440,000 common shares of the Corporation at a price of $0.54 per share, for gross proceeds of $237,600. The securities issued pursuant to the private placement are subject to a four-month hold period expiring July 13, 2002.

The proceeds from the financing will be used for business development activities, new product development and increased production capacities.

About Carmanah Technologies Inc.

Carmanah specializes in the design, manufacture and supply of patented, proprietary solar-powered LED lighting solutions for marine, roadway and railway markets. The company currently has distributors in over 80 countries worldwide and more than 32,000 units installed to-date. The shares of Carmanah Technologies Corporation (parent company) are publicly traded on the Canadian Venture Exchange under the symbol CMH". For further information on the companys products and services, please visit www.carmanah.com <http://www.carmanah.com>.

On Behalf of the Board of Directors
Carmanah Technologies Corporation

Praveen Varshney "

Praveen Varshney, Director

Corporate Contact:
Mr. Praveen Varshney, Director
Tel: (604) 629-0264
Toll-Free: 1-866-629-0264
investors@carmanah.com

Media Contact:
Mr. David Davies
Harbourwerks Communications
Tel: (250) 382-4332
ddavies@harbourwerks.com

Investor Relations Contact:
Vanguard Shareholder Solutions
Tel: (604) 608-0824
Toll-Free: 1-800-567-6223
ir@vanguardsolutions.ca