Early in August it was announced from Victoria BC, Canada, that Carmanah Technologies Corporation had closed its previously announced transaction to acquire New Zealand-based Vega Industries Limited. The purchase price is NZD $12.0 million (USD $9.0 million) subject to certain adjustments and escrow holdbacks, it is understood.

This acquisition brings together Sabik Marine, Carmanah, Ekta, and Vega to create a global leader in the marine aids to navigation market. Integration plans, with a specific focus on providing marine aids to navigation customers comprehensive single-source solutions, are expected to be implemented over the coming months.