Highlights:
OTTAWA, ONTARIO – October 23, 2017 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSXV: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, today announced its financial results for the three-month period ended August 31, 2017. All figures are in Canadian dollars. “Following our record revenue for all of fiscal year 2017, we achieved record revenue again for the first quarter of fiscal 2018 with growth of 45.1%,” said William Crossland, CEO of Thermal Energy. “Four hospital projects and the early stages of a project for our leading Fortune 500 food and beverage customer contributed to a strong increase in heat recovery revenue during the quarter. Also of significance during the quarter, we announced a $1.46 million ‘Super-Efficient Cogeneration™’ heat recovery project with the same Fortune 500 food and beverage customer. Our order backlog remains strong at $7.8 million, and we remain focused on executing our business plan, growing the company and capitalizing on the positive market outlook for industrial energy efficiency and emissions reduction solutions worldwide.” Q1 2018 Financial Review: Revenue for the quarter increased 45.1% to $3.1 million compared to $2.1 million for the first quarter of last year. The increase was due to higher heat recovery systems revenue, which was up 168.6% for the quarter, and included the partial delivery of a system to a leading producer of industrial and fuel alcohols (announced September 28, 2016); the substantial completion of installations at four major hospitals; and the early stages of a project at a sixth site of a leading Fortune 500 food and beverage producer (announced July 6, 2017). While GEM revenue was down 19.0% for the quarter, it still represented the second best first quarter GEM revenue in the Company’s history following last year’s exceptionally strong first quarter during which GEM sales were up 57% over the prior year. GEM revenue for the most recent quarter included further orders from a leading performance materials company as well as the conversion of a site of a major pharmaceutical company. Gross profit for the quarter increased 4.3% to just over 1.5 million. However, with a much higher proportion of revenue coming from heat recovery systems, gross profit as a percentage of sales fell to 49.0% from 68.2% for the same quarter a year ago. Operating expenses for the quarter were $1.7 million versus $1.5 million for the same period last year. Approximately half of the increase relates to new sales and technical staff. Other factors contributing to the increase included, higher commissions payable due to the higher revenue; costs related to strategic growth initiatives; and, lower foreign exchange gains experienced in the quarter, due to a weaker pound sterling against the dollar. Despite these factors, operating expenses as a percentage of revenue fell to 56% for the quarter compared to 70% for the same period last year. EBITDAS for the quarter was negative $186 thousand, compared with EBITDAS of $3 thousand in the first quarter of last year. The Company incurred a net loss of $181 thousand for the quarter versus a loss of $80 a year earlier. Order and Backlog Summary During the quarter, the Company received orders totaling $3.28 million from a leading Fortune 500 food and beverage customer, including a $1.82 million heat recovery order (announced July 6, 2017) and a $1.46 million “Super-Efficient Cogeneration™” project (announced August 31, 2017). While the Company received revenue during the first quarter for the early stages of the July 6th heat recovery order, the remainder of the revenue for these two projects is expected to be earned during the current fiscal year. Subsequent to quarter end, on October 12, 2017, the Company announced that it had received a $1.32 million heat recovery order from an existing hospital group customer. The revenue from this project is also expected to be earned during the current fiscal year. The following notable GEM orders were also received during the quarter or subsequent to quarter end:
Including the above mentioned orders, the Company had an order backlog of approximately $7.8 million as at October 19, 2017, compared to $7.8 million at the same time last year. The Company includes in “order backlog” the value of projects in respect of which purchase orders have been received but have not yet been reflected as revenue in the Company’s published quarterly financial statements.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors. Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers. Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE® - Direct contact condensing heat recovery, and Dry-Rex® - Low temperature biomass drying systems. Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG. For more information, visit the Company's website at www.thermalenergy.com and follow them on Twitter at http://twitter.com/GoThermalEnergy.
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Thermal Energy Int. (TSX-V: TMG) announced today that it had received a $1.32 million heat recovery order from an existing hospital customer. The order is expected to be completed and revenue earned over the next six months. All figures are in Canadian dollars. "15% to 20% of the energy used in a typical hospital boiler plant is lost as exhaust gas exiting the boiler stack. Increasing energy efficiency, reducing greenhouse gas emissions and saving costs are of increasing importance to hospitals around the world, and our solutions help them accomplish all three." - William Crossland, CEO. Thermal Energy's heat recovery system will recover waste heat from four steam boilers at this hospital and is expected to result in annual savings of approximately $338 thousand while reducing greenhouse gas emissions annually by 1,738 tonnes. In addition to having installed GEM(TM) steam traps at this particular hospital a few years ago, Thermal Energy previously sold GEM traps to another hospital and a heat recovery system to a third hospital in this hospital group. Including this project and previous orders and products installed to date, doing business with Thermal Energy International is expected to provide this group of hospitals with approximately $950 thousand in annual savings, while reducing its carbon emissions by more than 3,900 tonnes per year. To learn more about how Thermal Energy has helped hospitals across North America and Europe save money and become more sustainable, review the Company's case studies on its website at http://www.thermalenergy.com/hospitals.html.
This morning, Ottawa-based cleantech company, Thermal Energy International Inc. (TSX-V: TMG), announced its financial results for its fiscal year ended May 31, 2017.
HIGHLIGHTS:
“Our record highs in revenue and gross profit in fiscal 2017 are the result of the successful execution of our strategy on multiple fronts. We gained new customers; sold more to existing customers; and continued to develop our corporate accounts. We also launched our new ‘Super-Efficient Cogeneration™’ service offering during the year, subsequently announcing our first project under this offering at the end of August. Importantly, this provides us with another complementary service to sell to both existing and prospective customers. We look to build on our momentum and capitalize on the very favourable market conditions we have been witnessing around the world for emission reduction and energy efficiency solutions.” - William Crossland, CEO. Fiscal Year 2017 Financial Review: The Company had record high revenue for the fiscal year 2017. Revenue for the year was $13.2 million, representing an increase of 6.4% over revenue of $12.4 million for fiscal 2016. While heat recovery revenue was down 9.4%, GEM revenue increased 28.6% for the year. Heat recovery revenue for the year included the substantial completion of installations at two major hospitals as well as the substantial completion of an extension project at another major hospital. Other projects included an installation at a global brewing company (announced August 8, 2016), an installation at a leading food products business (announced May 3, 2016), and a second equipment sale to a global mining company. In addition, an equipment sale to a leading producer of industrial and fuel alcohols (announced September 28, 2016) was partially complete by year end. Higher GEM revenue for the year included an increase in orders from a leading performance materials company, orders from an international textiles manufacturer and a multinational biotech company (as reported in the press release dated September 20, 2016), plus two hospitals. Gross profit increased 9.5% to a record high $7.4 million compared with $6.8 million the year before. As a percentage of revenue, gross profit increased to 56.4% from 54.8% in fiscal 2016. The higher gross profit and gross profit percentage were due primarily to the higher proportion of GEM sales during the period. Operating expenses were $6.9 million compared to $6.5 million in fiscal 2016. Despite additional costs associated with new staff and marketing activities mentioned earlier, operating expenses as a percentage of revenue were essentially unchanged at 52.0% for the year, compared to 52.1% a year earlier. EBITDAS increased 32.9% to $750 thousand compared with $564 thousand in the prior year. Net income increased 51.7% to $393 thousand compared with $259 thousand in the prior year. Recent Order and Backlog Summary: Subsequent to year end, the Company had received orders totaling $3.28 million from a leading Fortune 500 food and beverage customer, including a $1.82 million heat recovery order (announced July 6, 2017) and a $1.46 million “Super-Efficient Cogeneration™” project (announced August 31, 2017). Also subsequent to year end, the Company had received $244 thousand in GEM orders representing repeat business from a leading performance materials company. These orders had not been previously announced. Including the above mentioned recent orders, the Company had an order backlog of approximately $9.0 million as at September 22, 2017, compared to $7.3 million when it reported fiscal 2016 results a year earlier. The Company includes in “order backlog” the value of projects in respect of which purchase orders have been received but have not yet been reflected as revenue in the Company’s published quarterly financial statements. About Thermal Energy International Inc. Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors. Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers. Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE® - Direct contact condensing heat recovery, and Dry-Rex® - Low temperature biomass drying systems. Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG. For more information, visit the Company's website at www.thermalenergy.com and follow them on Twitter at http://twitter.com/GoThermalEnergy. OTTAWA, ONTARIO / August 31, 2017 - Thermal Energy International Inc. (TSX-V: TMG) has been engaged by a leading Fortune 500 food and beverage customer to implement a $1.46 million "Super-Efficient Cogeneration(TM)" heat recovery project at one of its plants. The project is expected to be completed and revenue earned over the next six to nine months. All figures are in Canadian dollars. Partially utilizing the FLU-ACE(R) unit previously installed, Thermal Energy will work with this customer to implement a number of additional energy efficiency and heat recovery measures related to three new reciprocating engine units to be installed on-site. These measures are expected to result in the customer's cogeneration plant being more than 88% efficient, in line with Thermal Energy's new best-in-class Super-Efficient Cogeneration offering. Typical cogeneration systems operate between 65% and 75% efficiency. This complete Super-Efficient Cogeneration project is expected to reduce the customer's use of coal-generated power by 23 million kWh per year, resulting in a net greenhouse gas reduction of 14.5 thousand tonnes of CO2 (equivalent) per year. The increased efficiency related to Thermal Energy's heat recovery scope is expected to result in annual utility savings of approximately $945 thousand for the customer. Including this project and previous orders and products installed to date, doing business with Thermal Energy International is expected to provide this customer with estimated annual energy savings of $3.3 million. "This leading food and beverage customer chose Thermal Energy for this project because of our proven expertise in recovering waste heat and our long track record of success delivering projects at this customer's sites. With the implementation of this project we are demonstrating that this expertise goes well beyond our proprietary FLU-ACE and GEM technologies. Our solutions - our technologies and expertise - enable us to squeeze more usable energy out of each unit of fuel. Our Super-Efficient Cogeneration solution represents a dramatic energy efficiency improvement over typical cogeneration systems widely available. This has allowed us, at this site, to roughly double the revenue that we will earn when compared to providing a FLU-ACE system alone. We are moving to replicate this at other sites with this and other customers, thereby growing Thermal Energy's aggregate revenue by increasing the number of potential sites as well as increasing the potential revenue at each site." - William Crossland, CEO. Key Benefits of Thermal Energy's Super-Efficient Cogeneration Solution
Typical cogeneration systems produce combustion efficiencies in the range of 65% to 75% (compared to 35% to 45% for a non-integrated reciprocating engine or gas / steam turbine plant). By combining a typical cogeneration unit with Thermal Energy's energy efficiency and heat recovery expertise and technology, cogeneration efficiencies can now be pushed as high as 95%. Other key benefits include:
About Thermal Energy International Inc. Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors. Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers. Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE(R) - Direct contact condensing heat recovery, and Dry-Rex(R) - Low temperature biomass drying systems. Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG. Thermal Energy International Inc. is a Canadian cleantech company with proprietary and proven energy efficiency and emission reduction solutions. The company saves manufacturers and other industrial and institutional operations money, improving their bottom lines by reducing their fuel use and cutting their carbon emissions. Thermal Energy's common shares are listed on the TSX Venture Exchange (TSX-V) under the symbol TMG. Large, fast-growing market with strong fundamentals Governments and businesses around the world are taking unprecedented action on emissions and climate change. Increasing energy productivity is the most cost-effective way to reduce GHG emissions. Not surprising then that $21.8 trillion is expected to be invested in end-use energy efficiency between 2015 and 2040(1). The global waste hear recovery market, the subset of the global cleantech market most relevant to Thermal Energy International, is expected to grow at a CAGR of 6.8% from now to 2022(2). Proven products with application across many industry sectors Thermal Energy has two main products - FLU-ACE Heat Recovery Systems and GEM Steam Traps. Combined, these solutions can increase the efficiency of an industrial or institutional heating and steam system to as much as 95% with typical project paybacks within three to five years. These products have proven applications across many industry sectors, from food and beverage, pulp and paper, chemicals and petrochemicals, to hospitals, pharmaceuticals, tire manufacturing, laundries, and more. Customers include Fortune 500 and many other multinational companies. Strong year-to-date financial performance On April 18, 2017, Thermal Energy announced its financial results for the three months and nine months ended February 28, 2017. Those financial results included revenue and profitability for the year-to-date that were ahead of last year’s pace. In fact, the company's gross profit for the year-to-date was the highest on record for the first nine months of the company's fiscal year. In addition, the company reported that it had no debt and its working capital and net cash balances were up from the end of fiscal 2016. According to the Clayton News Review, Thermal Energy currently has a Gross Margin score of 6.00000. This score is derived from the Gross Margin (Marx) stability and growth over the previous eight years. The Gross Margin score lands on a scale from 1 to 100 where a score of 1 would be considered positive, and a score of 100 would be seen as negative. The Clayton News Review also shows that Thermal Energy has a Piotroski F-Score of 8. The F-Score is a measure of a company's financial strength as demonstrated by its balance sheet. Joseph Piotroski developed the F-Score which employs nine different variables based on the company's financial statements. A single point is assigned to each test that a stock passes. Typically, a stock scoring an 8 or 9 would be seen as strong. On the other end, a stock with a score from 0-2 would be viewed as weak. Any statements on this website that are not statements of historical fact should be considered forward-looking statements. These forward-looking statements generally can be identified by phrases such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," "intends," or other words or phrases of similar import. All such forward–looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. (1) International Energy Agency World Energy Outlook 2015
(2) P&S Market Research Report on Global Waste Heat Recovery Market
Reducing harmful emissions and using resources more efficiently is not only good for the environment, it is also good for business competitiveness and profitability.
The industrial sector accounts for about one third of the total energy consumed and one-third of fossil fuel related greenhouse gas emissions in the United States. In fact, it is estimated that between 20 to 50% of industrial energy input is lost as waste heat in the form of hot exhaust gases, cooling water, and heat lost from hot equipment surfaces and heated products. Improving industrial energy efficiency provides an attractive opportunity not only for significantly reducing GHG emissions, but also significant cost savings for manufacturers, processors, and pretty well any organization with a boiler plant and steam operations. What makes this opportunity even more attractive is that instead of investing heavily into research and development in search of new solutions, technologies that can benefit businesses and fight the climate change battle are available today. In fact, a Canadian company has a few of these proven solutions and they have already made a big impact in reducing carbon emissions. Thermal Energy International Inc. is an established global supplier of proprietary and proven energy efficiency and emission reduction solutions to the industrial and institutional sectors. The company saves its customers money and improves their bottom lines by reducing their fuel use and cutting their carbon emissions. Thermal Energy is a Canadian publicly-traded clean-technology company with shares listed on the TSX Venture Exchange (TSX-V) under the symbol TMG. Thermal Energy has two main products - FLU-ACE Heat Recovery Systems and GEM Steam Traps. These products have proven applications across many industry sectors, from food and beverage, pulp and paper, chemicals and petrochemicals, to hospitals, pharmaceuticals, tire manufacturing, laundries, and more. Customers include Fortune 500 and many other multinational companies. Combining Thermal Energy’s two proven technologies can recover from 20 to 30% of the energy wasted by many industrial and institutional operations, and reduce greenhouse emissions by comparable amounts. Again, these technologies are available today. There is no need to redesign and implement an entirely new system. Take a look at the Tweet below to see the impressive impact this company and its proven solutions have made to date.
For more information on Thermal Energy International, visit their website at www.thermalenergy.com and follow @GoThermalEnergy on Twitter. OTTAWA, ONTARIO – April 18, 2017 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, today announced its financial results for the three months (Q3) and nine months (YTD) ended February 28, 2017. All figures are in Canadian dollars. Highlights:
“Thermal Energy International is well-positioned to capitalize on the strong market conditions we are witnessing around the world. Our order backlog is up 70% compared to this time last year. Our revenue and profitability for the year-to-date are ahead of last year’s pace. In fact, our gross profit for the year-to-date was the highest on record for the first nine months of our fiscal year. We have no debt and our working capital and net cash balance are up from the end of fiscal 2016. We have a growing international sales force selling well-proven products with applications in a multitude of industries. In addition to increasing our penetration with our existing products, we remain on the lookout for other complementary products and services that we can offer to our broad, existing client list.” - William Crossland, CEO of Thermal Energy Q3 2017 Financial Review: Revenue for the quarter was $3.2 million, which was comparable to the revenue in the third quarter of last year. Higher sales of heat recovery systems, which were up 9.7% compared to the same quarter a year ago, were offset by a 25.4% decrease in GEM™ sales. The third quarter included heat recovery revenues from three ongoing hospital projects, as announced July 25, 2016, August 4, 2016 and November 2, 2016 respectively, as well as the partial installation of a heat recovery system at a global brewing company, as announced August 8, 2016 and the early stages of an installation at a leading producer of industrial and fuel alcohols, as announced September 28, 2016. GEM revenues in the quarter included the conversion of one site of a Fortune 500 food and beverage company, one hospital conversion, and revenues from further sales to a major performance materials company, as mentioned in the news release dated September 20, 2016. Gross profit for the quarter was approximately $1.7 million, down 17.4% from the gross profit of $2.0 million in the third quarter of last year. As a percentage of sales, gross profit for the quarter was 52.0% compared with 63.0% in the third quarter a year ago. The decrease was attributable to a higher percentage of revenues from heat recovery systems and current heat recovery projects carrying lower margins than in the previous year. Profitability year-to-date remains well ahead of a year ago, however, third quarter EBITDAS was negative $2 thousand and the Company had a net loss of $56 thousand. In the third quarter of last year, the Company had EBITDAS of $505 thousand and net income of $418 thousand. The lower EBITDAS and resulting net loss for the third quarter of this year was primarily attributable to the impact of the product mix and project timing on gross profit as described above, as well as higher operating expenses due to recruitment costs associated with the addition of staff, and the effect of foreign currency exchange fluctuations. Adjusted operating cash flow (defined as net income for the period, plus items not involving cash, plus lease payments received) for the quarter was $20 thousand compared to $496 thousand for the same period last year. As at February 28, 2017, the Company had a net cash balance of nearly $2.6 million. With cash balances and unused borrowing capacity combining for just over $2.8 million, management believes that it has sufficient capital resources to fund existing operations and anticipated capital requirements for the remainder of fiscal 2017 and into fiscal 2018. Order and Backlog Summary The Company had an order backlog of $8.0 million as at April 13, 2017, compared with $4.7 million a year earlier. The current order backlog is comprised of several heat recovery orders announced during the first half of fiscal 2017, including $3.5 million remaining in orders from three hospital customers, and $1.6 million from a leading ethanol producer. The order backlog also includes heat recovery orders from two pulp and paper companies totaling $415 thousand, which were not previously announced. The order backlog is also comprised of a number of GEM orders, which were not previously announced including, $412 thousand in repeat business from a leading Fortune 500 food and beverage company, $115 thousand from another food and beverage customer, and $274 thousand in repeat business from a performance materials company. The Company includes in “order backlog” the value of projects in respect of which purchase orders have been received but have not yet been reflected as revenue in the Company’s published quarterly financial statements. About Thermal Energy International Inc. Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors. Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE® - Direct contact condensing heat recovery, and Dry-Rex® - Low temperature biomass drying systems. Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG. For more information, visit the Company's website at www.thermalenergy.com and follow them on Twitter at http://twitter.com/GoThermalEnergy. OTTAWA, ONTARIO – March 30, 2017 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, has received a $1.7 million order from a major hospital group for one of the Company’s proprietary FLU-ACE® heat recovery systems. The project is expected to be completed and revenue earned over the next six months. “This is the third heat recovery order received from this customer since they signed a corporate level supply agreement with Thermal Energy in July of 2015. This customer has a number of other hospitals and healthcare facilities that could benefit from our products. And, as this customer and our other hospital customers are aware, the savings that can be realized using our proven energy efficiency technologies are substantial. In addition to freeing up funds that can be reallocated to other critical areas, our products also make hospitals more environmentally friendly by reducing their carbon emissions significantly.” - William Crossland, CEO of Thermal Energy. This latest heat recovery project is expected to provide this particular hospital with annual energy savings of approximately $403 thousand, resulting in a simple payback of approximately four years. The Ottawa-based cleantech company has several case studies available on their website at www.thermalenergy.com/hospitals.html.
TORONTO, March 9, 2017 /CNW/ - Kontrol Energy Corp. (CSE: KNR) (the "Company") announced that it has closed the previously announced non-brokered private placement (the "Offering") oversubscribed for aggregate gross proceeds of $555,000. Pursuant to the Offering, the Company issued 792,857 units (each a "Unit") at a price of $0.70 per Unit, with each Unit consisting of one common share and one common share purchase warrant. Each warrant will be exercisable to acquire one common share of the Company at a price of $0.85 for a period of one (1) year.
One director of the Company (the "Interested Person") subscribed for an aggregate of 72,857 Units under the Offering for aggregate cash consideration of $51,000. The participation of these parties in the offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of securities being issued to the Interested Person nor the consideration being paid by the Interested Person will exceed 25% of the Company's market capitalization. The Interested Person have no knowledge of any material information concerning the Company or its securities that has not generally been disclosed. Following the Offering, the combined direct and indirect voting interest of the Interested Person is 60%. Proceeds from the Offering will be used for acquisition deposits and general working capital. All securities purchased under this Offering will be subject to a four month and one day hold period. Finders' fees may be payable on a portion of the Offering in accordance with the policies of the CSE. Completion of the Offering is subject to the acceptance of the CSE. For more details, read the full news release here. About Kontrol Energy Corp. Kontrol Energy Corp. 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 Green House Gas (GHG) emissions. Additional information about Kontrol Energy Corp. can be found on its website at www.kontrolenergy.com and by reviewing its profile on SEDAR at www.sedar.com |
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