Kontrol Technologies Announces AGM Results

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TORONTO, Oct. 4, 2021 /PRNewswire/ – Kontrol Technologies Corp. (NEO: KNR) (OTCQB: KNRLF) (FSE: 1K8) (“Kontrol” or the “Company“), a leader in smart building technologies, is pleased to announce the results of voting at its Annual General Meeting held Thursday, September 30, 2021.

Shareholders overwhelmingly voted in favour of all items put forward by the Board of Directors (“the Board”) and Management. At the meeting, Mr. Joseph Ragusa was elected to the Board.  Kontrol’s Board now consists of Paul Ghezzi (CEO), Claudio Del Vasto (CFO), Andrew Bowerbank (Independent), Ernest Belyea (Independent), Joanna Osawe (Independent), Zhengquan Chen (Independent) and Joseph Ragusa (Independent).

As a founding partner and former Principal of Sussex Strategy Group (“Sussex“), Mr. Joseph Ragusa was involved in every facet of the business, taking the firm from being a start up to one of Canada’s premier public affairs consulting firms. With over 30 years of experience in business, government, consulting, and politics, Mr. Ragusa has strength in assessing complex situations, devising plans to achieve outcomes, then leading the execution of those plans. Mr. Ragusa is an expert at identifying and working toward the right solutions, be they legislative, regulatory, policy, fiscal or political, to accomplish win-win scenarios for clients and government.

Shareholder also voted in favour of: (i) receiving and considering the comparative financial statements of the Company for the financial year ended December 31, 2020; (ii) setting the number of Directors at seven; (iii) electing Directors for the ensuing year as noted above; (iv) appointing MNP LLP, Chartered Professional Accountants as auditor of the Company; (v) approving the adoption of the Company’s Stock Option Plan, as described in the Information Circular; and (vi) approving the adoption of the Company’s Restricted Share Compensation Plan, as described in the Information Circular.

Company COO Transition

Mr. Kristian Lavereau will transition from the Company’s Chief Operating Officer (COO) to Director of Smart Building Technologies. Mr. Lavereau will take on the important responsibility of product management and innovation for Kontrol’s smart building technologies. In particular, he will focus on the growth of the SmartSuite and SmartSite building technologies which also has a direct relationship with the monetizing of carbon credits for customers.

“We thank our Board and welcome Mr. Joseph Ragusa as new independent board member,” said Paul Ghezzi. “We would also like to thank Mr. Lavereau for his efforts as he continues as part of the Kontrol leadership team in the role of Director of smart building technologies.”

About Kontrol Technologies Corp.

Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol 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.

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 Kontrol 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 those technologies will not prove as effective as expected; those 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.

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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SOURCE Kontrol Technologies Corp.

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