Solar LED lighting manufacturer Carmanah terminated merger with Lightech, a driver manufacturer based in Israel, but the reason was not clear.
A leader of Carmanah said, the decision to terminate the Lightech agreement was a very difficult one, but after due deliberation, the Board of Directors determined that it was the only decision that could be made in light of the fact that the financing condition is incapable of being fulfilled by December 31, 2010.
However, Lightech noted that Carmanah's stated reasons for terminating its Merger Agreement with Lightech were entirely without merit. Lightech also said that Carmanah had failed to discharge its obligations under the Merger Agreement.
