Kontrol Files Revised Business Acquisition Report

Source: www.gulfoilandgas.com 4/14/2022, Location: North America

Kontrol Technologies Corp. a leader in smart buildings and cities through IoT, Cloud and SaaS technology, announces that today it has revised and refiled its business acquisition report (the “Revised BAR”) in connection with its previous acquisition of all of the issued and outstanding shares of Global HVAC & Automation Inc. (“Global”). The Revised BAR contains interim financial statements of Global for the period ended July 31, 2021, rather than for the period ended June 30, 2021, which was contained in the business acquisition report initially filed with respect to the acquisition of Global. The financial statements have also been revised to address certain deficiencies (such as not including a statement of retained earnings, cash flow statement or notes to the financial statements).

This filing is being made at the request of staff of the Ontario Securities Commission (the “OSC”) in connection with an OSC review being conducted in connection with the filing of a short form base shelf prospectus by Kontrol. The Revised BAR replaces and supersedes the business acquisition report filed by the Company on October 13, 2021, with respect to the acquisition of Global.

Kontrol also wishes to provide an update on its previously disclosed intention to seek a listing on a major US stock exchange, as set out in a previous press release on December 29, 2021. While Kontrol has had preliminary discussions with a US stock exchange in respect of this objective, due to market conditions no formal application to list on any US exchange has been made at this time.


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