Kontrol Technologies Provides Corporate Update; Initiates Review of Adding Bitcoin to Its Balance Sheet
TORONTO - Kontrol Technologies Corp. (Cboe CA:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”) provides a corporate update.
The Company operates a sustainable buildings platform and operates with a gross margin of approximately 50% and customers include REITS, municipalities, property managers and industrial and commercial buildings. The Company is currently reviewing multiple potential acquisition opportunities and has entered into a non-binding Letter of Intent to acquire an organization (the Target) operating in the Ontario, Canada market. The Target is operating with approximately $3 Million in revenues and $525K in EBITDA. The Company is anticipating an acquisition multiple of 3.5 times EBITDA. The potential acquisition is subject to customary due diligence and definitive agreements. The Company will provide further details subject to reaching definitive agreements.
Kontrol has initiated a strategic review with its Board to add Bitcoin or Bitcoin related investments and/or proxies to its balance sheet. The review is anticipated to be completed in November 2024. As at October 27, 2024 the Company currently has approximately $11 Million cash on hand of which approximately $10 Million is invested in short-term GICs and Government Bonds yielding approximately 4%.
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities and 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.sedarplus.ca.
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: the potential benefits of an acquisition; the completion of a Letter of Intent; the addition of Bitcoin to the Company’s balance sheet, the future operations of the Company; and the Company’s ability to make accretive acquisitions.
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 the Company will have sufficient financial and other resources to fulfil expectations with respect to future operations and meet contractual payment obligations.
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.
Contacts
Kontrol Technologies Corp.
Paul Ghezzi
CEO
info@kontrolcorp.com
11 CiderMill Road
Vaughan, ON L4K 4B6
Tel: (905) 766.0400