Enters into Exclusive Negotiations for North American Joint Venture with European Manufacturer of Continuous Emission Monitoring Technology
TORONTO – Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), operating subsidiary CEM Specialties Inc. (CEMSI) continues to expand with its new USA Customer (the “Customer”) to design and integrate specialized emission technology in order to monitor ethylene oxide in real-time. Following the press release dated February 6th, 2023, CEMSI has received additional orders for this new growth market in support of its new Customer.
Ethylene Oxide Emissions
The ability to monitor and quantify Ethylene oxide (EtO or EO) is central to eliminating sources and reducing long-term exposure to this hazardous air pollutant. Ambient air monitoring System for Ethylene oxide continuously and automatically monitors and quantifies low, ambient levels of EtO. It is ideal for use in community monitoring stations and at industrial fence-lines.
Exclusive Negotiations with European Manufacturer of Emission Technology for North American Joint Venture
Kontrol has entered into exclusive negotiations with a European manufacturer (“Manufacturer”) of emission technology to establish a joint venture for the North American market (USA, Canada and Mexico). The purpose of the joint venture is to establish a North American, jointly owned company, which will distribute continuous emission technology across North America, and leverage the Manufacturer’s success in Europe and non-North American markets. The Manufacturer operates globally with more than 30 years of history. Final documentation is anticipated to be completed in Q1 2023 or early Q2 2023.
“Kontrol’s emission platform continues to accelerate as new regulations take hold across multiple global industries including oil, gas, cement, plastics, biogas and more,” says Paul Ghezzi, CEO of Kontrol. “We are building our platform with a particular focus on scalable opportunities which include specialized integration and distribution of emission technology with global applications. The emissions team continue to open new markets and opportunities as we seek to execute on robust organic growth in 2023.”
The emission monitoring systems market size was valued at USD 3.86 Billion in 2020 and is projected to reach USD 8.58 Billion by 2028. Restrictions by the governments, with an increase in awareness regarding health and safety of the environment and increasing usage of oil, gas and petrochemicals are the factors driving the growth of the industry. source: www.verifiedmarketresearch.com
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 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.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. Forward-looking information contained in this press releases includes, but is not limited to, the following: future emission monitoring solutions and products to be offered by Kontrol for its potential customers; that the future success of any of Kontrol’s products; and customer demand relating to continuous emissions.
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; that the anticipated timing of implementing continuous emission monitoring solutions for Customers will go as planned; and that demand will continue for continuous emission monitoring technology and for the Company’s products in particular.
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.
Kontrol Technologies Corp.
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