Kontrol Responds to US Government Agency Request and Wins New Recurring Revenue Customer
TORONTO, Aug. 27, 2021 /PRNewswire/ - Kontrol Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE: 1K8) ("Kontrol" or the "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technologies, established its first recurring revenues from its recent acquisition, Global HVAC and Automation ("Global") and continued market expansion of its BioCloud technology.
"Global has folded seamlessly into the Kontrol platform, having already started to grow our recurring revenue base in the several weeks since closing the acquisition," said Paul Ghezzi, CEO of Kontrol. "We are pleased to already see value generation from this business and look forward to delivering on further operational synergies. In addition, our substantial progress with the expansion of our innovative BioCloud technology continues to materialize in both the public and private sector."
HDIAC (Homeland Defense & Security Information Analysis Center)
Through its previously announced agreement with Marshall Communications, Kontrol responded to an enquiry for BioCloud from the HDIAC. The response includes updated independent lab testing for BioCloud and research, as detailed below, and was managed by the Marshall Communications team.
New Recurring Revenue Win
The acquisition of Global provides an opportunity for Kontrol to continue to grow its recurring revenue platform. Global has traditionally focused on large projects while outsourcing building service and software revenues to third parties. By bringing those projects in house through a vertical integration strategy, Kontrol seeks to benefit from additional margin growth. Typically, Kontrol operates its building service platform at approximately 60% gross margin. Kontrol is pleased that it established its first recurring service customer with the assistance of Global in a short period of time and is quoting many other opportunities with Global. Service agreements can range from $125,000 to $150,000 per annum and span multi-years for Global's customer base.
Updated Lab Testing and Report
Kontrol BioCloud recently completed 8 months of independent lab testing and its research is being shared with various levels of Government and key distribution partners under NDA. A summary of the updated research will be published to Kontrol's website following legal and patent review. The independent lab testing was conducted at a leading Canadian University.
Health Canada
As previously announced, the BioCloud testing at a Health Canada Level 4 lab, at the request of various Government organizations, is ongoing. The Company has no control over the timing of the testing. To be invited to test at a Level 4 lab is a great accomplishment, given BioCloud is not a medical device. The Company will provide the results when it receives them. As BioCloud is not a medical device, it does not require Health Canada or FDA approvals.
Steelcase Inc.
As Kontrol mobilizes for the Biocloud launch with Steelcase Inc. ("Steelcase"), the Company is preparing new videos and joint marketing materials for Steelcase's impressive distribution network. Kontrol expects to share those materials shortly and appreciates the efforts from the Steelcase marketing and operations team.
Annual General Meeting
The Company has set its Annual General Meeting date for Thursday, September 30th, 2021. The Information Circular and other meeting documents and forms are scheduled to be mailed out on August 31st, 2021.
About 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.
About Kontrol BioCloudTM
Kontrol BioCloud ("BioCloud") is a real-time analyzer designed to detect airborne pathogens. It has been designed to operate as a safe space technology by sampling the air quality over time. With a proprietary detection chamber that can be replaced as needed, viruses are detected, and an alert system is created. BioCloud has been designed for spaces where individuals gather including classrooms, offices, retirement homes, hospitals, mass transportation and others.
Additional information about Kontrol BioCloud can be found on its website at www.kontrolbiocloud.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. Kontrol BioCloud is an air quality technology and not a medical device. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus).
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.
SOURCE Kontrol Technologies Corp.
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