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"Kontrol Energy Corp. (CSE:KNR) ("Kontrol" or the "Company") announces that it has entered into a Letter of Intent (LOI) to acquire an energy analytics company (the "Target") which specializes in the application of energy software tools to analyze the management of complex heating, ventilation and cooling systems for large residential, commercial, and mission critical real estate owners. The Target provides real-time operational monitoring and analytics with cloud-based solutions and detailed asset management analytics. With more than 10 years of operating experience and currently installed in over 120 buildings, spanning more than 12 million square feet of real estate, the software and related services are both robust and scalable. "The Target acquisition will facilitate our growth in energy analytics and provide us with access to an existing customer base that aligns with our blockchain technology strategy," says Paul Ghezzi, CEO of Kontrol Energy.
The Target's existing customers include some of Canada's largest owners and managers of large residential, commercial, and mission-critical buildings. The Target generates approximately $1 Million of annual revenue with normalized EBITDA of 20%. Approximately 60% of the revenue is annual recurring revenue. The transaction will be structured as an asset purchase.
"Our blockchain technology solution, for the energy and carbon markets, includes decentralized, secure contracts to clear physical and financial markets, automating dispatch of energy load, power generation and storage. Demand response capability, wholesale market trading and eventually fully distributed micro-grids will follow. Further, for each kilowatt of energy saved, a corresponding value of carbon can be measured, verified and monetized," continues Paul Ghezzi.
The purchase price for the Target is $1 million, subject to closing adjustments. No common shares of Kontrol will be issued as part of the transaction. The transaction is anticipated to close by March 31, 2018 subject to due diligence, regulatory approvals and satisfaction of closing conditions.
About Kontrol Energy Corp.
Kontrol Energy Corp. (CSE:KNR) is a leader in energy efficiency solutions and technology. Through 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."