TORONTO, ON / ACCESSWIRE / May 28, 2020 / Kontrol Energy Corp. (CSE:KNR)(OTCQB:KNRLF)(FSE:1K8) ("Kontrol") is pleased to announce that it has signed a definitive share purchase agreement for its previously announced acquisition (May 19th, 2020) (the "Acquisition") of a building solutions company (the "Target") and has increased the size of its previously announced convertible debenture private placement (May 19th, 2020) (the "Offering") from $1.5 Million to $2.0 Million. Kontrol Energy intends to apply to list the convertible debentures issuable pursuant to the Offering on the Canadian Securities Exchange ("CSE"). Listing will be subject to CSE approval and satisfying all of the requirements of the CSE, and the expiry of applicable hold period.
"We look forward to adding this synergistic acquisition to our operating platform and expanding our recurring revenue business," says Paul Ghezzi, CEO Kontrol Energy. "The acquisition Target operates a building energy and equipment monitoring and service platform that helps ensure the effective operation and maintenance of essential heating, cooling and ventilation and utility systems."
The Acquisition, which is scheduled to be completed in the third week of June, is subject to a number of conditions, including the provision of certain confirmatory due diligence information to Kontrol, and the completion of the Offering. For commercial reasons, the identity of the target will remain confidential until the completion of the Acquisition.
About Kontrol Energy
Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) is a leader in the energy efficiency sector through IoT, Cloud and SaaS technology. With a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in greenhouse gas (GHG) emissions.
Kontrol Energy is one of Canada's fastest growing companies in 2018 and 2019 as ranked by Canadian Business and Maclean's.
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Additional information about Kontrol Energy Corp. can be found on its website at www.kontrolenergy.com and by reviewing its profile on SEDAR at www.sedar.com.
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For further information, contact:
Paul Ghezzi, Chief Executive Officer
[email protected] or [email protected]
Kontrol Energy Corp.,
180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8
Tel: 905.766.0400, Toll free: 1.844.566.8123
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding the Acquisition and the Offering, the listing of the convertible debentures issuable pursuant to the Offering on the CSE, possible future acquisitions and/or investments in operating businesses and/or technologies, organic growth, the provision of solutions to customers and Greenhouse Gas emissions reductions, proposed financial savings and sustainable energy benefits and energy monitoring. Subsequent to year-end, there was a global outbreak of COVID-19 (coronavirus), which has had a significant impact on businesses through the restrictions put in place by the Canadian, provincial and municipal governments regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown the extent of the impact the COVID-19 outbreak may have on Kontrol as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place by Canada and other countries to fight the virus. Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that the conditions to closing of the Acquisition will be satisfied, that the Offering will be completed, that the convertible debentures issued pursuant to the Offering will be approved for listing by the CSE, suitable businesses and technologies for acquisition and/or investment will be available, that such acquisitions and or investment transactions will be concluded, that sufficient capital will be available to Kontrol, that technology will be as effective as anticipated, that organic growth will occur, and others. 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 conditions to closing of the Acquisition not being satisfied, the Offering not being completed, the non-satisfaction of the conditions of listing the convertible debentures on the CSE, lack of acquisition and investment opportunities or that such opportunities may not be concluded on reasonable terms, or at all, 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 Kontrol'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 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, except as required under applicable securities law.
SOURCE: Kontrol Energy Corp.