KONTROL TECHNOLOGIES CORP - KNRLF STOCK NEWS

Kontrol Technologies Corp. (NEO:KNR, OTCQB:KNRLF) announced a new credit agreement with a Schedule 1 bank, providing $50 million in senior secured credit facilities. The financing includes a $20 million term loan, a $10 million revolving credit facility, and a $20 million accordion feature. The company expects to draw $6 million on the term loan to refinance existing debt, thereby reducing capital costs and enhancing liquidity for future acquisitions.

Kontrol Technologies Corp. reported record Q2 revenues of $29.1 million, a 599% increase year-over-year, contributing to total six-month revenues of $55.8 million. Adjusted EBITDA for Q2 and the first half were $2.0 million and $4.5 million, respectively. Net income for the first half was $2.7 million, reversing a previous loss of $(645,597). The company announced new project contracts and launched Kontrol BioWater for viral detection in water systems.

Kontrol Technologies Corp. (OTCQB:KNRLF) has signed a binding Letter of Intent (LOI) for a $10 Million HVAC and Automation project in the Greater Toronto Area. This project, initiated in Q3 2022 via its subsidiary, Global HVAC and Automation Inc., marks a repeat order from a major client in the multi-family high-rise sector. Completion is projected within the next 12 months. CEO Paul Ghezzi highlighted this as a testament to the company’s ability to secure ongoing business through a unified technology platform.

Kontrol Technologies Corp. (NEO:KNR, OTCQB:KNRLF) has announced a new Normal Course Issuer Bid (NCIB) to repurchase up to 2,431,898 common shares over a 12-month period, starting August 8, 2022. This represents approximately 5% of the issued shares as of July 29, 2022. The NCIB aims to enhance shareholder value and reflect the company’s underlying worth. The previous NCIB allowed repurchase of 2,102,885 shares, with 82,600 shares bought at a weighted average price of $1.27. All purchases will occur through PI Financial Corporation and be in compliance with NEO regulations.

Kontrol Technologies Corp. (NEO:KNR, OTCQB:KNRLF) announced that its subsidiary, CEM Specialties Inc., is receiving up to $300,000 from the NRC IRAP for the development of the new Kontrol BioWater analyzer. This technology aims to offer real-time detection of viruses, including COVID-19, in wastewater, significantly reducing the time required for testing compared to traditional methods. With growing emphasis on wastewater surveillance for public health, this project enhances Kontrol's technology portfolio and responds to market needs.

Kontrol Technologies Corp. (OTCQB:KNRLF) has been selected by a leading Canadian university to provide energy assessments and a carbon reduction roadmap, set for completion in June 2022. This partnership marks a new market vertical for Kontrol, which aims to expand its energy management solutions. The university's goal is to achieve Net Zero emissions by 2040, covering 32 buildings and 2.5 million square feet. Kontrol’s SmartSite platform will facilitate real-time monitoring to enhance energy efficiency.

Kontrol Technologies Corp. (OTCQB: KNRLF) has successfully completed its first SmartSuite installation in Florida, marking a significant step in its expansion into the U.S. market. The SmartSuite platform integrates with HVAC systems to provide real-time energy management and emission reduction. Kontrol aims to scale its solutions to assist customers in lowering energy costs and meeting sustainability targets. The company is preparing for a second installation expected by June 2022, reinforcing its commitment to enhancing energy efficiency and sustainability in buildings.