TORONTO – Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8), a leader in smart buildings and cities through IoT, Cloud and SaaS technology, has secured a $16 Million HVAC and Automation project, through its wholly owned subsidiary, Global HVAC and Automation, for a new high rise building in the Greater Toronto Area.
As described in the Company’s press release dated December 28, 2021, the Company has been quoting and bidding on various opportunities and this represents the awarding of one of those opportunities and follows the $9.7 million project award that was announced by the Company on March 9, 2022. The Company has executed on the contract and has commenced initial site preparations for the anticipated commencement of the project in Q3 2022, with estimated completion in Q4 2023.
“We continue to make advancements on large project opportunities with our Global team,” said Paul Ghezzi, CEO of Kontrol Technologies. “This project originates from an existing customer who has selected us for their next flagship multi-residential building, reflecting our ability to expand the scope of our current relationships.”
The customer for the project described above is a leading Canadian developer in the multi-family high rise sector with a significant number of projects in various stages of development. For industry competitive purposes the customer will not be named.
The project includes government subsidized affordable rental housing units which represents a new opportunity for the Company.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.