Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) announced that it has entered into a binding letter of intent (LOI) for a C$10 million heating, ventilation, and air conditioning (HVAC) and automation project through its wholly-owned Global HVAC and Automation Inc subsidiary.
The Canadian technology company said the project, which began in the third quarter of this year, relates to a new high rise building in the Greater Toronto Area and will be completed over the next 12 months.
“This is a new order from an existing customer and demonstrates our ability to generate repeat business in our solutions and offerings,” Kontrol Technologies CEO Paul Ghezzi said in a statement.
READ: Kontrol Technologies says it intends to implement a new Normal Course Issuer Bid (NCIB) program to buy back its common shares
“As we work diligently to consolidate our technology platform, we can offer our customers a unified platform which includes building automation, ongoing software and service as well as large project integration,” Ghezzi added.
Kontrol noted that the customer, which will not be named for industry competitive purposes, is a leading Canadian developer in the multi-family high rise sector with a significant number of projects in various stages of development.
It added that a final contract is anticipated to be completed in the third quarter of 2022.
Toronto-based Kontrol Technologies is a leader in smart buildings and cities through IoT, Cloud and SaaS technology.
Contact Sean at sean@proactiveinvestors.com