Kontrol Technologies Provides Corporate Update - Seite 2

Forbearance Agreement

The Company is in compliance with its Forbearance Agreement and is working closely with its secured lender to transition from the Forbearance Agreement into a traditional lending agreement. The Company anticipates a transition to a traditional lending agreement in Q1 2024.

Global HVAC

Following a voluntary assignment into bankruptcy of its subsidiary Global HVAC, in Q1 2023, the Company now anticipates a positive recovery in the approximate range of $300,000 after payment of secured claims.

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 provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.

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.sedarplus.ca.

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. Forward-looking information contained in this press releases includes, but is not limited to, the following: the potential benefits of winding up Global; the future operations of the Company; and the Company’s ability to meet its contractual obligations to make payments under the FBA.

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 the Company will have sufficient financial and other resources to fulfil expectations with respect to future operations and meet contractual payment obligations, deliver future emission monitoring solutions and products to be offered by Kontrol for its potential customers; that the future success of any of Kontrol’s products; and that demand will continue for continuous emission monitoring technology and the success of the High-Temperature Dry Kiln technology and for the Company’s products in particular.