Negotiation of BioCloud agreement with global leader in HVAC and Air Quality
TORONTO, Sept. 21, 2021 /PRNewswire/ - Kontrol Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE: 1K8) ("Kontrol" or the "Company"), a leader in smart building technologies, has entered into a Memorandum of Understanding (MOU) with an international heating, cooling and ventilation (HVAC company), for its BioCloud technology, to negotiate distribution and the potential for manufacturing outside of Canada. The HVAC company is part of large global industrial conglomerate with approximately $30 Billion of annual revenues which designs, manufactures, and distributes its proprietary products through more than 30,000 distributors globally.
"In addition to the success and growth of our core business, we have been keenly focused on all aspects of scaling our BioCloud technology," said Paul Ghezzi, CEO of Kontrol. "Initiating manufacturing solutions for regions outside of North America has been an important consideration and this is an ideal opportunity to advance with this segment of our strategic plan. BioCloud is accretive to overall consolidated revenues, while contributing to our growing patent portfolio, and represents successful internal innovation to ultimately generate sustainable value for our stakeholders."
The name of the HVAC company will not be disclosed for industry competitive purposes.
The Company has made a strategic decision to focus on global partnerships with international distribution capabilities which also includes after-installation service, while continuing to manage its existing internal regional distribution network. Growing a network of distribution partners with global scale and leveraging technical capabilities to provide after sales service and support provides a more optimal solution for Kontrol.
Early Viral Monitoring as a Service
As part of the distribution negotiations, the parties plan to review creating a service offering whereby customers can purchase BioCloud units on a stand-alone basis or with a monthly fee which includes ongoing technical service and support. The HVAC company has an existing infrastructure platform which BioCloud can integrate into.
About Kontrol BioCloudTM Kontrol BioCloud is an operating subsidiary of Kontrol Technologies. The BioCloud technology is a real-time analyzer designed to detect airborne viruses and pathogens. BioCloud is an air quality technology and not a medical device. BioCloud has been designed to operate as a safe space technology by sampling the air quality continuously. With a proprietary detection chamber that can be replaced as needed, viruses are detected, and a silent notification system is created. BioCloud can be applied to any space where individuals gather. Additional information about Kontrol BioCloud can be found on its website at www.kontrolbiocloud.com
About Kontrol Technologies Corp. Kontrol Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE: 1K8) 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
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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; those 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.