HURRAH! KNR confirms the very important agreement with NFA-New Found Air.
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" ("Kontrol" or "Company") announces that it has completed the acquisition of ("NFA"), previously announced on May 19, 2020. NFA leads a building energy and service platform that ensures the effective monitoring, operation and service of essential heating, cooling, ventilation, and utility systems. The operations of NFA are diversified across the commercial, industrial, and multi-residential building sector.
"By closing the NFA acquisition we are well positioned to expand our technology and smart buildings solutions," says Paul Ghezzi, CEO Kontrol Energy. "NFA has a blue-chip customer base and a service business with growing recurring revenues. These customers represent a new organic growth opportunity for Kontrol's products and services."
Kontrol has acquired 100% of the issued and outstanding shares of NFA for consideration of $2.7 Million; paid as $1.55 Million in cash, $750,000 vendor take-back loan having performance conditions, and the issuance of 727,272 Kontrol common shares at a deemed price of $0.55 cents per share.
NFA will initially be a separate operating subsidiary of Kontrol with an established strong management team which will remain in place. Over the coming six months there will be a transition to a full integration within Kontrol's operating platform and the potential for cost synergies based on the consolidation of staff and administrative systems.