New Recurring Revenue Win TORONTO, Aug. 27, 2021 /PRNewswire/ - Kontrol Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE: 1K8) ("Kontrol" or the "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technologies, established its first recurring revenues from its recent acquisition, Global HVAC and Automation ("Global") and continued market expansion of its BioCloud technology.
"Global has folded seamlessly into the Kontrol platform, having already started to grow our recurring revenue base in the several weeks since closing the acquisition," said Paul Ghezzi, CEO of Kontrol. "We are pleased to already see value generation from this business and look forward to delivering on further operational synergies. In addition, our substantial progress with the expansion of our innovative BioCloud technology continues to materialize in both the public and private sector."
HDIAC (Homeland Defense & Security Information Analysis Center)
Through its previously announced agreement with Marshall Communications, Kontrol responded to an enquiry for BioCloud from the HDIAC. The response includes updated independent lab testing for BioCloud and research, as detailed below, and was managed by the Marshall Communications team.
New Recurring Revenue Win
The acquisition of Global provides an opportunity for Kontrol to continue to grow its recurring revenue platform. Global has traditionally focused on large projects while outsourcing building service and software revenues to third parties. By bringing those projects in house through a vertical integration strategy, Kontrol seeks to benefit from additional margin growth. Typically, Kontrol operates its building service platform at approximately 60% gross margin. Kontrol is pleased that it established its first recurring service customer with the assistance of Global in a short period of time and is quoting many other opportunities with Global. Service agreements can range from $125,000 to $150,000 per annum and span multi-years for Global's customer base.
Updated Lab Testing and Report
Kontrol BioCloud recently completed 8 months of independent lab testing and its research is being shared with various levels of Government and key distribution partners under NDA. A summary of the updated research will be published to Kontrol's website following legal and patent review. The independent lab testing was conducted at a leading Canadian University.
Health Canada
As previously announced, the BioCloud testing at a Health Canada Level 4 lab, at the request of various Government organizations, is ongoing. The Company has no control over the timing of the testing. To be invited to test at a Level 4 lab is a great accomplishment, given BioCloud is not a medical device. The Company will provide the results when it receives them. As BioCloud is not a medical device, it does not require Health Canada or FDA approvals.
Steelcase Inc.
As Kontrol mobilizes for the Biocloud launch with Steelcase Inc. ("Steelcase"), the Company is preparing new videos and joint marketing materials for Steelcase's impressive distribution network. Kontrol expects to share those materials shortly and appreciates the efforts from the Steelcase marketing and operations team.
Annual General Meeting
The Company has set its Annual General Meeting date for Thursday, September 30th, 2021. The Information Circular and other meeting documents and forms are scheduled to be mailed out on August 31st, 2021.
About Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, 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.
About Kontrol BioCloudTM
Kontrol BioCloud ("BioCloud") is a real-time analyzer designed to detect airborne pathogens. It has been designed to operate as a safe space technology by sampling the air quality over time. With a proprietary detection chamber that can be replaced as needed, viruses are detected, and an alert system is created. BioCloud has been designed for spaces where individuals gather including classrooms, offices, retirement homes, hospitals, mass transportation and others.
Additional information about Kontrol BioCloud can be found on its website at www.kontrolbiocloud.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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