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Kontrol Technologies Subsidiary CEM Specialties Wins New Emissions Analyzer Order from Global Cement Company
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Kontrol Technologies Corp. (OTCQB:KNRLF) announced a new Emission Analyzer order from a global cement company through its subsidiary CEM Specialties. This new order marks a significant growth opportunity in the U.S. cement market. The Analyzer will provide real-time emissions analysis and include annual maintenance. Delivery and installation are expected in Q4 2022 and Q1 2023. The company is currently addressing compliance issues with financial covenants as of September 30, 2022, and is seeking a waiver from its financial institution.
Positive
New Emission Analyzer order from a global cement company indicates strong demand.
Potential for organic growth in the U.S. cement market.
Negative
Non-compliance with 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 pleased to announce that its operating subsidiary, CEM Specialties (“CEMSI”), has received a new Emission Analyzer order from a global cement company (the “Customer”).
The Analyzer will deliver real-time analysis of continuous emissions from a cement plant located in the U.S. CEMSI is a recognized leading integrator of turn-key continuous emissions and process monitoring equipment solutions, servicing the Canadian and U.S. markets. The solution for the Customer includes ongoing annual preventative maintenance.
“This is a flagship win for the CEMSI team and adds a new organic growth opportunity in our emissions business in the strategically important U.S cement plant market” stated Paul Ghezzi, CEO of Kontrol Technologies.
It is anticipated that the Analyzer solution will be delivered and installed over the periods of Q4 2022 and Q1 2023. For industry competitive purposes the Customer will not be disclosed.
As previously announced, the Company was not in compliance with certain financial covenants as at September 30, 2022 (see press release dated November 14, 2022). The Company continues to work closely with the relevant financial institution, reviewing a number of potential solutions, and remains in discussions to establish a waiver with respect to the breached covenants.
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 information contained in this press releases includes, but is not limited to, the following: future retrofit solutions to be offered by Kontrol for its potential customers; the anticipated timing of the initial design, feasibility, implementation, and potential energy savings; installation of and energy savings that the Company’s technology will provide for the Customer; the future success of any of Kontrol’s products; and customer demand relating to energy management.
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; that future Carbon solutions can be conducted as planned; that technology will be as effective as anticipated; that existing relationships and contracts entered into by the Company will continue on the same or similar terms, or at all; that the anticipated timing of implementing the energy saving design for the Customer will go as planned; and that demand will continue for energy management products and for the Company’s products in particular.
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.
