Kontrol Energy Provides Update on Coronavirus Impact on Operations
TORONTO, ON - March 18, 2020 / Kontrol Energy Corp. (CSE:KNR)( OTCQB:KNRLF)(FSE:1K8) ("Kontrol" or 'Company') a leader in the energy efficiency sector through IoT, Cloud and SaaS technology provides an update on the novel Coronavirus (COVID-19) impact on Kontrol’s operations.
Kontrol’s business operations are primarily in Ontario, Canada, however the Company has numerous US customers with approximately ten percent (10%) in US revenues. Kontrol’s customers include owners, operators and managers of commercial and industrial facilities. Kontrol has an established and diversified customer base with approximately fifty percent (50%) of Kontrol’s annual revenue generated from repeat customer business.
While, to date, Kontrol has not experienced any direct cancellation of orders or projects, numerous customers are following the appropriate Government requirements in Canada and the US to initiate plans to manage on-site access, employee interactions and adhere to various travel bans. These customer actions will have an impact on overall revenues and earnings for 2020 and will vary with the length and duration of the COVID-19 crisis. The sum of these impacts can create variability on quarter over quarter performance.
“We appreciate the fact that we have strong repeat business from our existing customers, and we continue to quote new opportunities,” says Paul Ghezzi, CEO of Kontrol. “Kontrol is taking the appropriate measures to work through any customer disruptions. Kontrol will adhere to the policy and procedures put in place by our customers and follow the appropriate on-site protocols that may be required.”
In terms of the Company’s balance sheet, the majority of Kontrol’s existing debt is unsecured and Kontrol has successfully managed to re-finance existing debt as required in the past.
“COVID-19 is a health crisis first and foremast that we believe will be contained by our global health care system,” continues Paul Ghezzi. “Kontrol’s priority is to ensure the health and safety of its employees, customers, and partners. We continue to monitor the situation closely and at the same time remain focused on executing our strategic growth plans.”
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.
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
For further information, contact:
Paul Ghezzi, Chief Executive Officer
paul@kontrolenergy.com or admin@kontrolenergy.com
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 possible future acquisitions, organic growth, the provision of solutions to customers and Greenhouse Gas emissions reductions, proposed financial savings and sustainable energy benefits and energy monitoring. Where the Company 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 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 the Company, 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, 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 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 the Company 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.