TORONTO, ON / ACCESSWIRE / July 4, 2019 / Kontrol Energy Corp. (CSE: KNR, OTCQB: KNRLF, FSE:1K8) ("Kontrol" or "Company") is pleased to announce that it intends to reinstitute the Normal Course Issuer Bid ("NCIB") commencing on July 8th, 2019.
The Company's management and directors believe that from time to time the market price of Kontrol's Common Share price does not reflect the underlying value of the business and that the purchase of Common Shares for cancellation at such times is a prudent corporate measure that will both increase the proportionate interest in the Company of, and be advantageous to, all of the Company's remaining shareholders. The purpose of the NCIB is to facilitate this process.
On April 10, 2018, our Board of Directors announced its intention to make a Normal Course Issuer Bid to purchase, through the facilities of the Canadian Securities Exchange ("CSE"), certain of its common shares. The previously announced NCIB expired April 16th, 2019. 85,000 Common Shares were purchased pursuant to the NCIB will be cancelled by the Company and returned to Treasury.
As of July 2, 2019, the Company had 29,283,123 common shares issued and outstanding. Under the terms of the NCIB, Kontrol may acquire up to 1,464,156 of its Common Shares, representing 5% of its issued and outstanding common shares. Such Common Shares will be purchased only when and if the Company considers it advisable. The Company may purchase up to 5,125 Common Shares in any one trading day, being 25% of the average trading volume of the Common Shares on the Canadian Securities Exchange (CSE) over the past six-months and may purchase once per calendar week, in a block trade, a greater number of Common Shares. The Company has appointed PI Financial Corporation to coordinate and facilitate its NCIB purchases.
The NCIB will terminate on the earlier of July 8, 2020 and the date on which the maximum number of Common Shares that can be acquired pursuant to the NCIB have been purchased. All shares Common Shares purchased by the Company will be purchased on the open market through the facilities of the CSE and/or alternate Canadian trading systems at the market price at the time of purchase. Any Common Shares purchased pursuant to the NCIB will be cancelled by the Company.
Kontrol is planning to enter an Automatic Share Purchase Plan ("ASPP") under which a designated broker could purchase Common Shares pursuant to the NCIB on parameters established by the Company. The purpose of the ASPP is to permit Kontrol to purchase shares under its NCIB during internal blackout periods when Kontrol will not be permitted to trade in its shares, including regularly scheduled quarterly blackout periods.
About Kontrol Energy
Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) 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 (GHG) emissions
Kontrol Energy was recently announced as the 7th fastest growing Startup in Canada by Canadian Business and Maclean's.
For further information, contact us at [email protected] Kontrol Energy Corp., 180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8 Tel: 905.766.0400, Toll free: 1.844.566.8123
For further information, contact:
Paul Ghezzi, Chief Executive Officer
Kontrol Energy Corp.,
180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8
Tel: 905.766.0400, Toll free: 1.844.566.8123
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Statements:
This press release may contain certain information or statements that are forward looking, and, by its nature, such forward-looking information is subject to important risks and uncertainties. The words "anticipate", "expect", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward looking information. Those forward-looking, if any, are given as of the date noted on this presentation and reflect beliefs and assumptions based on information available at the time. Actual results or events may differ from those anticipated or predicted in these forward-looking statements, and the differences may be material. Factors which could cause actual results or events to differ materially from current expectations include, among other things: risks associated with the ownership and operation of businesses, including fluctuations in interest rates, rental rates; general economic conditions; local real estate markets; supply and demand for commodities; competition for available businesses; weather; the price of commodities; changes in legislation and the regulatory environment; and international trade and global political conditions. Although it is believed that the expectations conveyed by any forward-looking statements made (if any) are reasonable based on information available at the date such statements were made, no assurance can be given as to future results or events and so prospective investors are cautioned not to place undue reliance on any forward-looking statements made (if any). All forward-looking information, whether written or oral, are expressly qualified in their entirety by these cautionary statements. No obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise is undertaken. 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 the Company 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, except as required under applicable securities law.
SOURCE: Kontrol Energy Corp.