Newest acquisition completed
("Kontrol" or the "Company") announces that it has purchased the IP and Patents of Dimax Controls Canada Inc. ("Dimax") and rebranded the energy software technology as Kontrol SmartSite®.
Following the successful acquisition of the operating assets of MCW Dimax Ltd. on April 30, 2018, Kontrol has now acquired the IP, formerly licensed to MCW Dimax Ltd., which includes 2 US patents and 1 Canadian patent. The transaction has been structured as an asset purchase.
"Following the successful integration of the MCW Dimax team and operating assets into Kontrol Energy Group, we are pleased to have now closed on the IP and patents which will enable further technology development," says Paul Ghezzi, CEO of Kontrol Energy. "The Kontrol SmartSite® technology now joins Kontrol SmartSuite® in our growing portfolio of IOT enabled energy and property technologies."
The purchase price for IP and Patents Assets is 600,000 common shares of Kontrol at 70 cents per share and $400,000 in cash to be paid over the course of 18 months, for a combined value of $820,000. The common shares will be subject to a 3-year proportional escrow. A portion of the $400,000 cash payment will be structured as a Vendor Take Back over 18 months.
Following the completion of the transaction Dimax will be rebranded as Kontrol SmartSite®. Kontrol SmartSite® is a building energy software technology designed to assist in the operation and management of complex heating, ventilation and cooling systems for large multi-residential, commercial, and mission critical buildings. Kontrol SmartSite® operates as a Software as a Service (SaaS) platform and is highly scalable. Kontrol SmartSite® currently operates in more than 200 buildings, spanning more than 20 Million square feet of real estate.
About Kontrol Energy
Kontrol Energy Corp. (CSE: KNR, 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.
