A timely update from management re the company's position in the present environment.
"("Kontrol" or "Company") a leader in the energy efficiency sector through IoT, Cloud and SaaS technology provides an update on the novel Coronavirus (COVID-19) impact on Kontrol's operations.
Kontrol's business operations are primarily in Ontario, Canada, however the Company has numerous US customers with approximately ten percent (10%) in US revenues. Kontrol's customers include owners, operators and managers of commercial and industrial facilities. Kontrol has an established and diversified customer base with approximately fifty percent (50%) of Kontrol's annual revenue generated from repeat customer business.
While, to date, Kontrol has not experienced any direct cancellation of orders or projects, numerous customers are following the appropriate Government requirements in Canada and the US to initiate plans to manage on-site access, employee interactions and adhere to various travel bans. These customer actions will have an impact on overall revenues and earnings for 2020 and will vary with the length and duration of the COVID-19 crisis. The sum of these impacts can create variability on quarter over quarter performance.
"We appreciate the fact that we have strong repeat business from our existing customers, and we continue to quote new opportunities," says Paul Ghezzi, CEO of Kontrol. "Kontrol is taking the appropriate measures to work through any customer disruptions. Kontrol will adhere to the policy and procedures put in place by our customers and follow the appropriate on-site protocols that may be required."
In terms of the Company's balance sheet, the majority of Kontrol's existing debt is unsecured and Kontrol has successfully managed to re-finance existing debt as required in the past.
"COVID-19 is a health crisis first and foremast that we believe will be contained by our global health care system," continues Paul Ghezzi. "Kontrol's priority is to ensure the health and safety of its employees, customers, and partners. We continue to monitor the situation closely and at the same time remain focused on executing our strategic growth plans."
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.
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