Investment to accelerate the production of innovative new technology while creating jobs
TORONTO, ON / February 4, 2021 / Kontrol Technologies Corp. (CSE:KNR)(OTCQB:KNRLF)(FSE:1K8) ("Kontrol Technologies" or "Kontrol" or "Company"), is pleased to announce that the Ontario government is providing $2 million to CEM Specialties Inc. ("CEMSI"), a London based subsidiary of Kontrol Technologies Corp., through the Ontario Together Fund to help commercialize and accelerate production of Kontrol BioCloudTM, a COVID-19 detector.
"From day one, Ontario unleashed its innovation and manufacturing might in the fight against COVID-19, with businesses rolling out new innovations and products to help keep the frontlines and the general public safe," said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. "It's the creativity and ingenuity of enterprising companies like CEMSI, with its innovative COVID-19 detection technology, that will help Ontario and the rest of the world successfully emerge from this pandemic, while creating hundreds of good jobs for our province's skilled workers."
Kontrol BioCloud ("BioCloudTM"), developed by CEMSI, is a made-in-Ontario real-time COVID-19 detection device that continuously monitors the presence of the SARS-COV-2 virus in the air. The technology promotes air circulation, monitors air quality and samples continuously for pathogens like viruses, bacteria and fungi. When the presence of the virus is detected, BioCloud provides an alert in the cloud or over a local intranet. The Company has received all approvals required to commercialize and produce the technology. Additional information about Kontrol BioCloud can be found on its website at www.kontrolbiocloud.com
With Ontario's support, CEMSI plans to increase production capacity to 20,000 units per month. The product will be manufactured in London with more than 85 per cent of its components produced in province. The company anticipates accelerating the production of the BioCloud will create up to 250 direct jobs and up to 750 indirect jobs.
"We want to thank the Ontario government for their support for commercializing and accelerating production of BioCloud," says Paul Ghezzi, CEO of Kontrol Technologies Corp. "Our CEMSI team has been focused on developing a solution to create safer spaces through the real-time monitoring of SARS-CoV-2. BioCloud seeks to provide an early detection mechanism with a silent alerting system. Just as smoke detectors and carbon monoxide detectors are now part of building safety, we have created BioCloud as an innovative viral detection technology to help get the economy and daily life back closer to normal. BioCloud is a complement and support to the province's vaccination rollout, rapid testing and contract tracing and can be located in schools, offices, places of worship, long-term care homes, hospitals and much more. We are proud to be a made-in Ontario technology and we are very pleased to be hiring and creating new jobs."
The investment funding agreement with government requires Kontrol to achieve certain production milestones and the investment funding will be issued in two tranches of $1.2 Million immediately and $800,000 on completion of the milestones by March 30th 2021. The agreement was executed on January 27th 2021 with a condition precedent of non-disclosure until February 4th, 2021.
Through the Ontario Together Fund, the government is delivering targeted investments that will increase the province's stockpile of made-in-Ontario products and PPE. This new innovative technology and manufacturing capacity will help the province to combat the current COVID-19 outbreak and prepare for potential challenges in the future, while supporting local businesses during the safe and gradual reopening of the province.
About Kontrol BioCloudTM
BioCloud is a real-time analyzer designed to detect airborne viruses. It operates as a safe space technology by sampling the air quality over time. With a proprietary detection chamber that can be replaced as needed, viruses are detected, and an alert system is created in the Cloud or over local intranet. BioCloud has been designed for spaces where individuals gather including classrooms, offices, retirement homes, hospitals, mass transportation and others.
BioCloud is an air quality technology and not a medical device. The Company is not making any express or implied claims that its product has the ability to eliminate or cure the COVID-19 (or SARS-2 Coronavirus). Safe Space Technology is a Kontrol Trademark.
About Kontrol Technologies
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol Technologies provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
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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.
Where the Company 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 and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, that technologies will not prove as effective as expected, that customers and potential customers will not be as accepting of the Company's product and service offering as expected, and government and regulatory factors impacting the energy conservation industry. In particular, successful development and commercialization of the Kontrol BioCloud are subject to the risk that the Kontrol BioCloud may not prove to be successful in detecting the virus that causes COVID-19 effectively or at all, uncertainty of timing or availability of any regulatory approvals and Kontrol's lack of track record in developing products for medical applications. Kontrol BioCloud is an air quality technology and not a medical device. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus).
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.
SOURCE: Kontrol Technologies Corp.