Kontrol Technologies enters into MOU with HVAC company
Negotiation of BioCloud agreement with global leader in HVAC and Air Quality.
Research & Development
TORONTO — Kontrol Technologies Corp., a company involved in smart building technologies, has entered into a Memorandum of Understanding (MOU) with an international heating, cooling and ventilation (HVAC company), for its BioCloud technology, to negotiate distribution and the potential for manufacturing outside of Canada. The HVAC company is part of large global industrial conglomerate with approximately $30 Billion of annual revenues which designs, manufactures, and distributes its proprietary products through more than 30,000 distributors globally.
“In addition to the success and growth of our core business, we have been keenly focused on all aspects of scaling our BioCloud technology,” said Paul Ghezzi, CEO of Kontrol. “Initiating manufacturing solutions for regions outside of North America has been an important consideration and this is an ideal opportunity to advance with this segment of our strategic plan. BioCloud is accretive to overall consolidated revenues, while contributing to our growing patent portfolio, and represents successful internal innovation to ultimately generate sustainable value for our stakeholders.”
The name of the HVAC company will not be disclosed for industry competitive purposes.
The Company has made a strategic decision to focus on global partnerships with international distribution capabilities which also includes after-installation service, while continuing to manage its existing internal regional distribution network. Growing a network of distribution partners with global scale and leveraging technical capabilities to provide after sales service and support provides a more optimal solution for Kontrol.
As part of the distribution negotiations, the parties plan to review creating a service offering whereby customers can purchase BioCloud units on a stand-alone basis or with a monthly fee which includes ongoing technical service and support. The HVAC company has an existing infrastructure platform which BioCloud can integrate into.