So now the company has satisfied its proposed take over due diligence and is increasing its debenture offer to aid in this project. We will have to wait until approval from CSE before the name of the acquisition will be revealed. Should be interesting.
("Kontrol") is pleased to announce that it has signed a definitive share purchase agreement for its previously announced acquisition (May 19th, 2020) (the "Acquisition") of a building solutions company (the "Target") and has increased the size of its previously announced convertible debenture private placement (May 19th, 2020) (the "Offering") from $1.5 Million to $2.0 Million. Kontrol Energy intends to apply to list the convertible debentures issuable pursuant to the Offering on the Canadian Securities Exchange ("CSE"). Listing will be subject to CSE approval and satisfying all of the requirements of the CSE, and the expiry of applicable hold period.
"We look forward to adding this synergistic acquisition to our operating platform and expanding our recurring revenue business," says Paul Ghezzi, CEO Kontrol Energy. "The acquisition Target operates a building energy and equipment monitoring and service platform that helps ensure the effective operation and maintenance of essential heating, cooling and ventilation and utility systems."
The Acquisition, which is scheduled to be completed in the third week of June, is subject to a number of conditions, including the provision of certain confirmatory due diligence information to Kontrol, and the completion of the Offering. For commercial reasons, the identity of the target will remain confidential until the completion of the Acquisition.
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.
