Kontrol Wins Continuous Emission Monitoring Order in Kuwait

Rhea-AI Summary

Kontrol Technologies Corp. has secured a $450,000 contract through its subsidiary, CEM Specialties Inc., for continuous emission monitoring systems from a new oil and gas customer in Kuwait. This deal marks an expansion into the $2.5 billion global emission monitoring market, enhancing Kontrol's footprint in the Middle East. The systems are set for delivery in Q3 2021, tailored to meet stringent regulatory demands for monitoring emissions. CEO Paul Ghezzi highlights this order as a testament to the company’s capacity to deploy advanced environmental technologies in significant energy markets.

Positive

• Secured a $450,000 contract for continuous emission monitoring systems.
• Expanded into the $2.5 billion global emission monitoring market.
• Enhanced presence in the Middle East through this new deal.

Negative

• None.

Company Broadens Global Presence through Initial $450,000 Contract with New Customer

TORONTO, June 16, 2021 /PRNewswire/ - Kontrol Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE:1 K8) ("Kontrol" or the "Company"), a leader in smart buildings and cities, is pleased to announce that through its wholly owned subsidiary, CEM Specialties Inc. ("CEMSI"), it has been awarded a new  order for the supply of multiple continuous emission monitoring systems for an oil and gas customer in Kuwait.

"This order with a new customer represents our continued expansion into the $2.5 billion USD global emission monitoring system market¹, with Kontrol's Middle East footprint now including Kuwait," says Paul Ghezzi, CEO of Kontrol Technologies. "Our strategy is focused on deploying our environmental monitoring and building technologies in large energy markets, and this initial sale serves as a prime example of our ability to do so effectively.  Through our proprietary software, we will provide the customer with ongoing data and analytics needed to effectively monitor ongoing emissions which is paramount to enterprises within the oil and gas industry."

The system will be delivered in Q3 2021 with the assistance of local installation teams.  Continuous emission monitoring systems are engineered and built to meet the demanding regulatory needs for the determination of gas emissions, particulate matter concentration, or emission rate using optical based pollutant analyzer measurements. In addition, continuous emission monitoring systems include software and algorithms and graphic trending to produce results in units of the applicable regulatory emission limitation or standard. Through its wholly owned subsidiary CEMSI, Kontrol is delivering solutions to customers in Canada, USA, Mexico, and the Middle East.

1 From marketsandmarkets.com/Market Reports/Emission monitoring systems market report (2020)

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  and by reviewing its profile on SEDAR at www.sedar.com  

https://facebook.com/kontroltechcorp/

https://twitter.com/kontrolgroup

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

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; 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. 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.

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SOURCE Kontrol Technologies Corp.

FAQ

What contract did Kontrol Technologies announce on June 16, 2021?

Kontrol Technologies announced a $450,000 contract for continuous emission monitoring systems with a new customer in Kuwait.

How much is the global emission monitoring market worth?

The global emission monitoring market is valued at approximately $2.5 billion.

What is the expected delivery timeframe for the emission monitoring systems?

The systems are scheduled for delivery in Q3 2021.

Which subsidiary of Kontrol Technologies is involved in the Kuwait contract?

The contract is awarded through Kontrol's wholly owned subsidiary, CEM Specialties Inc.