Kontrol Technologies Operating Subsidiary CEM Specialties Receives Additional Orders from USA Customer; Continued Organic Growth in Regulated Emission Markets
TORONTO, November 03, 2023--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol" or the "Company"), operating subsidiary CEM Specialties (CEMS) continues to expand with its USA Customer (the "Customer") to design and integrate advanced emission technology in order to monitor ethylene oxide in real-time. Following the press releases dated February 13th, 2023, and August 2nd, 2023, CEMS has received additional orders for this new growth market, in support of its Customer, totalling approximately $1 Million CAD.
Ethylene Oxide Emissions
Ethylene oxide (EtO or EO) is widely used across various industries for the production of solvents, detergents, adhesives, antifreeze, textiles, and pharmaceuticals. Ethylene oxide is also present in sterility for cosmetics, fumigants, and hospitals for sterility of surgical equipment.
"The regulated emission market is a source of continued organic growth for the Company," says Paul Ghezzi, CEO of Kontrol. "In a short period, time we have been able to deliver leading hardware and software solutions to assist our customer with the real-time monitoring of ethylene oxide emissions. To date the Company has delivered numerous real-time monitoring technology solutions which are both stationary and portable. The majority of the deliveries are to the USA market with other markets including Australia and Mexico."
The EPA (Environmental Protection Agency) is proposing new health protections to reduce exposure to EtO including more stringent air emissions standards and additional protections for workers. www.epa.gov/hazardous-air-pollutants-ethylene-oxide. The ability to continuously monitor and quantify ethylene oxide is central to eliminating sources and reducing long-term exposure to this hazardous air pollutant.
Based on current supply chains and lead times the new orders are anticipated to add to revenues in Q4, 2023 and Q1, 2024. The Customer will not be named for industry competitive reasons.
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings. Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking information contained in this press releases includes, but is not limited to, the following: future emission monitoring solutions and products to be offered by Kontrol for its potential customers; that the future success of any of Kontrol’s products; and customer demand relating to continuous emissions. Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company; that the anticipated timing of implementing continuous emission monitoring solutions for Customers will go as planned; and that demand will continue for continuous emission monitoring technology and for the Company’s products in particular. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
