Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8), a leader in the energy efficiency sector, this morning announced its entry into a letter of intent to acquire an established and leading provider of electrical retrofit services (the “Target”). Per the update, the Target has been providing the Canadian market with high quality, value-added electrical efficiency services and retrofit applications for more than 15 years. It has reported averaged unaudited revenues of over $6.5 million and normalized EBITDA of approximately $700,000 over the past three years. The proposed purchase price is C$3 million, subject to working capital adjustments with a holdback of $300,000 for 12 months. “There are many strategic synergies between Kontrol and the Target including a complimentary customer base, product offering and distribution network for our existing smart building technologies,” Paul Ghezzi, CEO of Kontrol Energy, stated in the news release. “The Target currently provides services and solutions to many of Kontrol’s existing customers and we see an immediate expansion potential across a growing combined customer base as we vertically integrate across our broader operating platform.”
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About Kontrol Energy
Kontrol Energy Corp. 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 emissions. For more information, visit the company’s website at www.KontrolEnergy.com
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