TORONTO, ON / ACCESSWIRE / May 20, 2020 / Kontrol Energy Corp. (CSE:KNR)(OTCQB:KNRLF)(FSE:1K8) ('Kontrol' or 'Company') is pleased to announce that it has entered into a Memorandum of Understanding (MOU) with a European Original Equipment Manufacturer (OEM).
On May 19th, 2020, following the announcement on May 13th, 2020 for the launch of 2 SmartSite® pilots with the OEM, Kontrol and the OEM (collectively, 'the parties') have entered into an MOU. The purpose of the MOU is to provide the parties with an agreement on intellectual property rights, software development and equipment data ownership.
Under the terms of the MOU, the OEM is responsible for selecting pilot sites and providing access to local site equipment and applicable data. The OEM has the option to select 2 additional pilot sites to bring the total number of pilot sites to 4. Kontrol will provide its software and data analytics and control platform for 90 days and also allow for data access for up to one year. Kontrol will retain the rights to its intellectual property and software development. The OEM will retain the rights to any equipment data and equipment analytics supplied by Kontrol.
The parties agree that the initial pilots will form the basis on an ongoing discussion around building a larger platform to be deployed by the OEM as a white label solution operating across the OEM's portfolio. Currently the OEM has its equipment installed in approximately 20,000 building locations. Subject to ongoing discussion and potential future agreements the parties will consider exclusivity for the OEM across the heating, cooling, and ventilation (HVAC) sector.
Under the terms of the MOU the OEM and pilot sites will remain confidential until the pilots are complete.
About SmartSite® enterprise solution
Through the use of Kontrol's patented technology the SmartSite® enterprise solution is enabled through the Cloud and provides real-time data, analytics, alerts as well as smart-learning and predictive maintenance. SmartSite® has been designed to manage, monitor, and control HVAC equipment and related building sites in real-time across tens of thousands of locations.
About Kontrol Energy
Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) is a leader in the energy efficiency sector through IoT, Cloud and SaaS technology. With a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in greenhouse gas (GHG) emissions.
Kontrol Energy is one of Canada's fastest growing companies in 2018 and 2019 as ranked by Canadian Business and Maclean's.
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Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute 'forward-looking statements'. Such forward-looking statements include, without limitation, statements regarding possible future acquisitions and/or investments in operating businesses and/or technologies, accelerated organic growth, expansion of smart energy technologies into US markets, strategic partnerships to expand into North American Markets, acceleration of recurring SaaS revenues, the provision of solutions to customers and Greenhouse Gas emissions reductions, proposed financial savings and sustainable energy benefits and energy monitoring. Subsequent to year-end, there was a global outbreak of COVID-19 (coronavirus), which has had a significant impact on businesses through the restrictions put in place by the Canadian, provincial and municipal governments regarding travel, business operations and isolation/quarantine orders. At this time, it is unknown the extent of the impact the COVID-19 outbreak may have on the Company as this will depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place by Canada and other countries to fight the virus. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that suitable businesses and technologies for acquisition and/or investment will be available, that such acquisitions and or investment transactions will be concluded, that sufficient capital will be available to the Company, that technology will be as effective as anticipated, that organic growth will occur, and others. 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, lack of acquisition and investment opportunities or that such opportunities may not be concluded on reasonable terms, or at all, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, that technologies will not prove as effective as expected that 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. 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 the Company 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, except as required under applicable securities law.
SOURCE: Kontrol Energy Corp.
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