I suspect a major NR as this is first time I can remember KNR stop trading because of a coming announcement!!
it was worth the halt wonderful possibilities with a major player
Kontrol Energy Corp. and Toyota Tsusho Canada Inc. have signed an agreement to implement smart factory technology solutions combining Kontrol's Internet of things (IoT) hardware and software solutions with Toyota Tsusho's existing production, operating improvement platforms, and power generation/heating, ventilation and air conditioning products for the North American automobile and parts original equipment manufacturers.
"We are pleased to enter a significant new vertical market opportunity with a strong global partner in TTCI," said Paul Ghezzi, chief executive officer of Kontrol Energy. "Working in partnership with a global industrial leader such as Toyota Tsusho also provides us with an opportunity to scale our technology solutions across a large potential global customer base."
"We selected Kontrol as our partner in the smart factory initiatives due to their extensive experience in developing technology solutions which integrate IoT hardware and software to create a smart environment to optimize operating efficiencies. This agreement with Kontrol will enable us to deliver production and energy efficiencies, and give our customers a technology solution to drive down their costs and gain a competitive advantage," commented Hidetoshi Tada, president of Toyota Tsusho.
Under the agreement, Kontrol and Toyota Tsusho intend to establish a joint venture company to provide technology solutions and services to OEMs in the automotive sector to optimize production and manage energy in real time. A focus on optimizing production and energy management to improve operating efficiencies and reduce operating costs through digitization, real-time data analysis and machine learning will provide global OEMs with a compelling integrated solution. More specifically, Kontrol will design and provide monitoring software, quality assurance and technical support to Toyota Tsusho and its customers, and design and install building automation systems and heating and ventilation equipment, while Toyota Tsusho will procure customers, conduct engineering and installation, and after-sales services with customers. The agreement does not prescribe specific timelines or milestones or revenues, but initial pilots are expected to begin in April, 2019, with the goal of scaling the offering across North America in 2019. Any profits from the joint venture would be shared between Kontrol and Toyota Tsusho on a pro rata basis based on services provided by each of Kontrol and Toyota Tsusho. A more comprehensive news release will be issued once the pilot phase is complete and a definitive agreement is signed.
According to the Markets and Markets website, the smart factory market is expected to reach $358.01-billion (U.S.) by 2023. Smart factory refers to various fully integrated automation solutions adopted for manufacturing facilities. A fully optimized factory can provide a competitive advantage to OEMs seeking to reduce their overall operating costs and improve their profitability.
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