Kontrol Technologies Receives $9.7 Million HVAC Contract Under New Subsidiary
Kontrol Technologies (NEO: KNR) this morning indicated it has secured a major contract through its recently acquired subsidiary. The contract pertains to HVAC and building automation, with the contract to be fulfilled in the greater Toronto area.
The contract in question is pegged at a value of $9.7 million, with the company to install the HVAC and automation equipment in a new high rise building being constructed. The contract comes via the firms Global HVAC and Automation subsidiary, which was acquired last August.
While the project has officially been awarded to Global, the purchase order is currently classified as a binding letter of intent while a final contract is currently in the draft stages. The project itself is expected to begin in the third quarter of 2022, and is slated for completion by the end of 2023.
The contract is reportedly part of the $35.0 million in “potential revenue opportunities” as announced by the firm at the end of December. This is believed to be the only opportunity to date awarded out of that initial figure.
Kontrol Technologies last traded at $1.65 on the Neo.
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