Carmanah Provides Update on Expected Tax Treatment of Purchase Price for Going Private Transaction

Jul 17, 2019

VICTORIA, British Columbia, July 17, 2019 (GLOBE NEWSWIRE) -- In connection with the previously announced going private transaction, Carmanah Technologies Corporation (TSX: CMH) (the “Company” or “Carmanah”) requested an advance tax ruling from the Canada Revenue Agency (the “CRA”) to determine whether the cash sale proceeds to be received by shareholders in connection with the going private transaction will be treated entirely as “proceeds of disposition” for the purposes of a capital gain (or loss) calculation, or whether they will instead be treated in part as a deemed dividend.

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