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Carmanah Technologies Corp. recently reached an agreement with Soltek Powersource Ltd. to acquire the solar-power system supplier’s outstanding shares for $6 million cash and $4 million in equivalent common shares. The transaction is expected to close June 30.

SPS founders David Egles and Michael Cannon — who have more than 20 years’ experience in the solar industry — will become Carmanah executives.

“We anticipate a new range of co-developed solar/LED general illumination products … for applications in all of the markets we currently serve,” said Carmanah Chief Executive Officer Art Aylesworth in a prepared statement.

Carmanah supplies solar-powered light-emitting diode lighting and illumination products to the transit, marine, aviation, roadway, industrial worksite and illuminated signage markets.