Carmanah Technologies Corp. said it entered into a $10 million non-binding letter of agreement with one of its master distributors for the procurement, commissioning and installation of aids to navigation within a broader significant marine project on a major navigable waterway in South America.
Carmanah declined to announce the location at this time.
The agreement will include buoys, fixed aids and the Victoria, British Columbia-based company’s proprietary floating aids. It is subject to funding and the finalization of technical specifications by all parties, which is expected to be completed within the next 30 days. The company said more details will be disclosed at that time.