TORONTO - Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) ('Kontrol' or 'Company') a leader in the energy efficiency and smart building sector through IoT, Cloud and SaaS technology is pleased to announce that it, through its wholly owned subsidiary CEM Specialties Inc. (collectively 'Kontrol' or the 'Company'), has entered the Saudi Arabian energy and emission compliance market.
'We see great opportunity in this expansion to Saudi Arabia especially in the areas of technology deployment for improved emission compliance and real-time management of energy,' says Paul Ghezzi, CEO of Kontrol Energy.
Kontrol and its new regional partner the Zedan Group ('Zedan') have entered into a letter of understanding (LOU) whereby Zedan will distribute Kontrol's emission compliance and energy IOT and Cloud technology. Further to the LOU Kontrol and Zedan are negotiating preferred distribution rights driven by sales volumes. Under the terms of the LOU Zedan will provide Kontrol with opportunities from its established customer base and Kontrol will support Zedan as a distributor and solution provider.
'To have success in Saudi Arabia, a strong local partner with an established customer base is essential. We look forward to supporting the Zedan team as they grow their solutions to customers which include government, industrial and the oil and gas sectors,' says Gary Saunders, President of CEM Specialties Inc.
'Zedan Group is a conglomerate that is focussed on engineering, procurement and construction in the infrastructure and energy sectors, with customers including large integrated national and global leaders such as Saudi Aramco, SABIC, Al Khafji Joint Operations (KJO) and Saudi Electricity Co,' says Adam Majzoub, Business Development Manager, Zedan. 'Kontrol and CEM Specialities provide us with a robust platform of solutions and technologies that we are excited to bring to our customers.'
Kontrol and Zedan have started the process of exploring specific customer opportunities while ensuring Kontrol's solutions and technologies meet all the certification requirements of the region.
About Kontrol Energy
Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) is a leader in the energy efficiency and smart building sector through IoT, Cloud and SaaS technology. With a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in greenhouse gas (GHG) emissions.
Kontrol Energy is one of Canada's fastest growing companies in 2018 and 2019 as ranked by Canadian Business and Maclean's.
Contact:
Tel: 905.766.0400
About Zedan Group
Zedan Group is based in Al-Khobar, Eastern province of the Kingdom of Saudi Arabia. Zedan Group consists of a number of companies that focus on engineering, procurement and construction in the infrastructure and energy sectors, with customers including Saudi Aramco, SABIC, Al Khafji Joint Operations (KJO) and Saudi Electricity Co. Our company was founded to capitalize on new opportunities in the following sectors: Power and Water Oil, Gas and Petrochemicals Engineering Maritime Our ongoing focus is, enhancing value and market need through sustaining strength and operational flexibility combined with our skilled work force. Further, our philosophy is to serve the requirement and growth of the Saudi energy sector by providing our services and supply of equipment through around Saudi entities or through the strategic creation partnerships with internationally renowned companies, where we both leverage and combine our know how's to the benefit of the growth of our Saudi energy economy. Zedan Group recognizes its role as a corporate citizen in the communities we work as well as our global community. We are proud of our long-standing commitment towards our market-place and economy.
Forward-Looking Information
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute 'forward-looking statements'. Such forward-looking statements include, without limitation, statements regarding possible future/next acquisitions and/or investments in operating businesses and/or technologies, accelerated organic growth and revenue growth, strategic partnerships to promote and deploy energy and asset performance tracking software and technology deployment for improved emission compliance and real-time management of energy, acceleration of recurring SaaS revenues, the provision of solutions to customers and Greenhouse Gas emissions reductions, proposed financial savings and sustainable energy benefits and energy monitoring. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that suitable businesses and technologies for acquisition and/or investment will be available, that such acquisitions and or investment transactions will be concluded, that sufficient capital will be available to the Company, that technology will be as effective as anticipated, that organic growth will occur, and others. 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, lack of acquisition and investment opportunities or that such opportunities may not be concluded on reasonable terms, or at all, 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. 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 the Company 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, except as required under applicable securities law.
KONTROL TECHNOLOGIES CORP. 
