KONTROL ENERGY FILES YEAR END 2017 FINANCIAL STATEMENTS WITH YEAR OVER YEAR REVENUE GROWTH OF 265%
Kontrol Energy Corp.'s revenue for the year ended Dec. 31, 2017, was $6,888,265, an increase of $5-million or 265 per cent over the comparative year.
"The acceleration in revenue reflects Kontrol Energy's two key acquisitions in 2017. Our current annual revenue run rate is now in excess of approximately $10 million, reflecting our continued focus on adding growth." says Paul Ghezzi, CEO Kontrol Energy.
EBITDA for the year ended December 31, 2017 improved to $(1,938) from $(301,308) for the prior year. Net loss for the year before tax was $(1,391,729), which includes amortization & depreciation and non-operational expenses totalling $1,389,791. Of the non-operational expenses, approximately $600,000 were arranger fees, legal fees and interest expense related to the short-term bridge loan used to acquire Ortech, an operating subsidiary of the Company in 2017. The short-term bridge loan was replaced with competitively priced conventional debt financing of up to $1 Million from a major Canadian financial institution.
"Our growth plans for 2018 include closing two more acquisitions and financing these new acquisitions with the previously announced debenture and equity financing," continues Paul Ghezzi (see press release dated April 18 th, 2018).
The company anticipates that the EBITDA run rate will be in line with previous estimates of $1.3 million for 2018. This figure may change with future acquisitions and performance of the underlying business units.
About Kontrol Energy Corp.
Kontrol Energy Corp. (CSE:KNR, FSE:1K8) is a leader in energy efficiency solutions and technology. Through 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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