Kontrol Technologies Provides Corporate Update

Rhea-AI Summary

Kontrol Technologies Corp. (OTCQB:KNRLF) provided an update regarding a breach of financial covenants as of September 30, 2022. The company is in discussions with its lender to seek a waiver for these covenants. CEO Paul Ghezzi emphasized the company's focus on energy savings and sustainability solutions amid these challenges. Kontrol Technologies is recognized for its leading role in smart buildings and cities, leveraging IoT, Cloud, and SaaS technologies.

Positive

• Focused on energy savings and sustainability solutions.
• Continues to serve a blue-chip customer base.

Negative

• Breach of financial covenants as of September 30, 2022.

TORONTO--(BUSINESS WIRE)-- 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 technology is providing an update to its previously announced financial covenants breach as at September 30, 2022 (see press release dated November 14, 2022). The Company is in discussions with the relevant financial institution to request a waiver with respect to the breached covenants.

“We are working closely with our lender and reviewing a number of potential solutions,” says Paul Ghezzi, CEO of Kontrol Technologies. “The business of Kontrol continues to deliver energy savings, emission monitoring and reduction, HVAC integration and indoor air quality solutions to our blue-chip customer base. We are focused on getting through this challenging period and are firmly committed to the long-term success of the Company.”

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 solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.

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

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https://www.linkedin.com/company/kontrol-group

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 the Company 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 technologies will not prove as effective as expected, that 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221118005411/en/

Kontrol Technologies Corp.

Paul Ghezzi

CEO

info@kontrolcorp.com

601 Rowntree Dairy Road, Unit B

Woodbridge, ON L4L 5T8

Tel: (905) 766.0400

Source: Kontrol Technologies Corp.

FAQ

What financial covenant breach occurred for KNRLF?

Kontrol Technologies reported a breach of financial covenants as of September 30, 2022.

What is Kontrol Technologies doing about the covenant breach?

The company is in discussions with its lender to request a waiver regarding the breached covenants.

Who is the CEO of Kontrol Technologies?

Paul Ghezzi is the CEO of Kontrol Technologies Corp.

What are the main services offered by Kontrol Technologies?

Kontrol Technologies offers energy savings, emission monitoring, HVAC integration, and indoor air quality solutions.