Kontrol Technologies Secures $16 Million HVAC and Automation Project from Canadian Multi-Family High Rise Customer

Rhea-AI Summary

Kontrol Technologies Corp. (NEO:KNR, OTCQB:KNRLF) has secured a $16 million HVAC and Automation project for a new high-rise building in the Greater Toronto Area. This project is funded by an existing customer and follows a previous $9.7 million contract. Initial site preparations are underway, with project completion expected in Q4 2023. The project includes affordable rental housing units, expanding the company's business opportunities.

Positive

• Secured a $16 million HVAC and Automation project.
• Follows a previous award of $9.7 million.
• Project includes government-subsidized affordable rental housing.

Negative

• None.

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, has secured a $16 Million HVAC and Automation project, through its wholly owned subsidiary, Global HVAC and Automation (“Global”), for a new high rise building in the Greater Toronto Area.

As described in the Company’s press release dated December 28, 2021, the Company has been quoting and bidding on various opportunities and this represents the awarding of one of those opportunities and follows the $9.7 million project award that was announced by the Company on March 9, 2022. The Company has executed on the contract and has commenced initial site preparations for the anticipated commencement of the project in Q3 2022, with estimated completion in Q4 2023.

“We continue to make advancements on large project opportunities with our Global team,” said Paul Ghezzi, CEO of Kontrol Technologies. “This project originates from an existing customer who has selected us for their next flagship multi-residential building, reflecting our ability to expand the scope of our current relationships.”

The customer for the project described above is a leading Canadian developer in the multi-family high rise sector with a significant number of projects in various stages of development. For industry competitive purposes the customer will not be named.

The project includes government subsidized affordable rental housing units which represents a new opportunity for the Company.

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

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. Forward-looking statements in this press release include, but are not limited to, statements with respect to the following the timing of initiation and completion of future projects of the Company, and the Company’s future business plans and operations.

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; that the Company will be able to carry out the activities under the contracts described in this press release on the terms and in the timeframe as currently anticipated; and that the Company’s customers will continue to utilize the Company’s products as currently 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 the following: that the Company may encounter delays in carrying out the activities contemplated in the contracts described in this press release; that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that the Company’s 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/20220330005346/en/

Kontrol Technologies Corp.

Paul Ghezzi

CEO

info@kontrolcorp.com

180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8

Tel: (905) 766.0400

Investor Relations:

Brooks Hamilton

MZ Group – MZ North America

KNRLF@mzgroup.us

Tel: +1 (949) 546.6326

Source: Kontrol Technologies Corp.

FAQ

What is the recent project secured by Kontrol Technologies Corp. (KNRLF)?

Kontrol Technologies Corp. has secured a $16 million HVAC and Automation project for a new high-rise building in the Greater Toronto Area.

When is the anticipated completion date for the new project by Kontrol (KNRLF)?

The project is expected to be completed in Q4 2023.

How much was the previous project awarded to Kontrol Technologies Corp. (KNRLF)?

The previous project awarded to Kontrol was worth $9.7 million.

What opportunities does the new project provide for Kontrol Technologies Corp. (KNRLF)?

The new project includes government-subsidized affordable rental housing units, representing a new business opportunity for the company.