Confirmation of the rumoured plans to uplist KNR! Welcomed
but management should be more careful in handling their activities.
("Kontrol" or "Company"), a leader in smart buildings and cities through IoT, Cloud and SaaS technology, is pleased to announce that it has completed its previously announced debenture exchange (see press release dated June 9, 2020 and November 2, 2020) by private placement. The 2020 Debenture holders exchanged a total of $3,650,000 for 2022 Debentures and new proceeds of $871,000 were raised. The remaining 2020 Debenture balance of $2,061,000 was redeemed in cash by the Company. Each unit is comprised of one $1,000 8% unsecured debenture (and non-convertible) of the Company maturing on October 31, 2022 and 10 common shares.
Paul Ghezzi, CEO of Kontrol, commented:
"With the exchange of the 2020 Debentures we have improved the balance sheet and the Company's net equity position. As we continue to execute on our business plan, we believe this is an opportune time to begin the graduation process to the senior North American exchanges for an uplisting in 2021."
Name Change
Further to the passing of a resolution of shareholders at its most recent general and special meeting of shareholders, the Company intends to proceed with a corporate name change to "Kontrol Technologies Corp.", which is anticipated to be completed prior to December 31, 2020.
Uplisting to TSX, NASDAQ
The Company's board of directors has authorized management to review the process to graduate the Company from the CSE to the TSX. If the Company is successful in uplisting to the TSX, Kontrol intends to, as soon as practical, begin the process of filing a Form F-1 Registration Statement with the Securities and Exchange Commission of the United States (the "SEC"), which will enable Kontrol to apply to be listed on the NASDAQ.
Completion of any uplisting is subject to meeting certain conditions, as well as the approval of the TSX. There is no assurance that the TSX will approve the listing application or that Kontrol will complete the uplisting as contemplated. There is no assurance that either the SEC or NASDAQ will approve the Company's respective applications or that Kontrol will complete the listing to the NASDAQ as proposed.
About Kontrol Energy
Kontrol Energy Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol Energy provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
