Kontrol Technologies Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) ("Kontrol Technologies" or "Kontrol" or "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technology announces the release of its financial results for the fiscal year ended December 31st, 2020. A complete set of the Financial Statements and Management's Discussion & Analysis have been filed on SEDAR (www.sedar.com).
"Kontrol demonstrated strong financial discipline during the 2020 fiscal year as we successfully navigated through the pandemic headwinds to meet the needs of our customers, expand into new markets and create a significant increase in shareholder value," said Paul Ghezzi, CEO of Kontrol Technologies. "We are pleased that Q4 2020 was the strongest quarter in our operating history. We executed on BioCloud innovation, improved the balance sheet and expanded our customer base. We are proud of our team's accomplishments and look forward to our best year in 2021."
Highlights
Record Q4 2020 Revenues of $4.3 million compared to $3.7 million for Q4 2019
Adjusted EBITDA for the 2020 fiscal year was just under $2 million; a significant improvement over the prior fiscal year
Revenues for the 2020 fiscal year were $12.3 million, down 15% over the prior year
Cash flow from operating activities were $483,686 for the 2020 fiscal year; an improvement of $697,689 over the prior year
On August 1, 2020 Kontrol completed the acquisition of Newfound Air, a building energy solutions business
Capital management activities during the year have strengthened the balance sheet
Proceeds of $3.8 million were received from options and warrants exercise during the 2020 fiscal year
During the 2020 fiscal year, $1.9 million of convertible debentures were converted to common shares
Based on investor demand, the Company extended unsecured debentures to October 31, 2022
Continued progress made on Kontrol BioCloudTM viral and air-borne pathogen detection technology
Webcast Recording of the Fiscal Year End 2020 Financial Results
The recording of the Company's webcast held on April 30, 2021 is available here:
https://produceredition.webcasts.com/starthere.jsp?ei=1459147&tp_key=a3c7b20df9
About 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 Technologies provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
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.
Non-IFRS Financial Measures
The Company defines Adjusted EBITDA as net income or loss before interest, income taxes, amortization, and depreciation, share based compensation, and acquisition related expenses. The Company believes Adjusted EBITDA is a useful measure as it provides information to management about the operating and financial performance of the Company and its ability to generate operating cash flow to fund future working capital needs, as well as future growth. Adjusted EBITDA may also be used by investors and analysts for the purpose of valuing the Company. Readers are cautioned that these non-IFRS definitions are not recognized measures under IFRS, do not have standardized meanings prescribed by IFRS, and should not be construed to be alternatives to net earnings determined in accordance with IFRS or as indicators of performance, liquidity or cash flows.
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.
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. 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.
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