TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), a leader in smart building technology, secured multi-year service agreements for 18 new buildings. The multi-year service agreements add to Kontrol’s growing recurring revenue base.
“We continue to scale our business by adding new customers and by expanding the scope of our solutions with existing customers in our service and building asset management platform,” said Paul Ghezzi, CEO of Kontrol Technologies. “Our value proposition allows us to win competitive bid opportunities while maintaining our focus on scaling organically within our existing client base. Taking a methodical approach to growing our ecosystem of connected buildings provides us with visibility into our business as we continue to capture market share and drive sustainable growth for our shareholders.”
Ongoing Building Service
Kontrol provides ongoing service and asset management for a growing number of commercial and multi-residential REITs (real estate investment trusts) and property managers. Under the terms of a typical engagement, Kontrol provides exclusive ongoing service, asset management and mission-critical solutions for heating, cooling, and ventilation (HVAC) systems. The typical service engagement ranges from a period of 2 to 3 years and provides Kontrol with recurring revenues. The new buildings are located in Ontario, Canada and include the addition of a new portfolio customer.
SmartSuite® Technology Update
Kontrol’s SmartSuite® technology has been recently updated to provide peak shaving and peak demand management, an enhancement implemented in direct response to requirements by local utilities and customers.
Peak demand is a term describing periods in which electrical or utility power is expected to be provided for a period at a much higher than average supply level and associated rates. Peak demand fluctuations may occur on daily, monthly, seasonal, and yearly cycles, and are generally logged in 15-minute intervals by local utilities.
Avoiding these peak demand periods can often result in a lower overall cost of energy as local utilities seek to either reward good energy consumers or provide incentives for solutions which help mitigate peak demand from consumers.
“We continue to grow and evolve our multi-technology energy management platform to drive value for our customers by delivering energy savings and emissions reductions, while maintaining a clear focus on helping our customers achieve their sustainability targets,” concluded Ghezzi.
SmartSuite® delivers in-suite energy management and real-time control of any HVAC system through a proprietary Internet of Things (IoT), wireless and cloud-based technology.
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company's product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
