Kontrol Energy Corp. provides update in connection with proposed acquisition of up to 20 Megawatts of solar energy power generation assets under the Ontario Feed-in Tariff Program

Kontrol Energy Corp. provides update in connection with proposed acquisition of up to 20 Megawatts of solar energy power generation assets under the Ontario Feed-in Tariff Program (CNW Group/Kontrol Energy Corp.)

TORONTO, July 20, 2017 /CNW/ - Further to its news release of May 4, 2017 Kontrol Energy Corp. (CSE:KNR) (the "Company") announces that the targeted closing date for its previously announced proposed acquisition of up to 20 MW of solar power generating assets has been changed from July 31, 2017 to September 30, 2017. The definitive terms of the proposed transaction remain under negotiation and closing of the proposed transaction remains subject to the several conditions, including Kontrol's due diligence, the obtaining of an independent valuation of the assets by the vendor, obtaining applicable regulatory approvals, the execution of a definitive agreement and satisfaction of other customary closing conditions.

About Kontrol Energy Corp.

Kontrol Energy Corp. (CSE:KNR) is a leader in energy efficiency solutions and technology. Through 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.

Additional information about Kontrol Energy Corp. can be found on its website at www.kontrolenergy.com and by reviewing its profile on SEDAR at www.sedar.com 

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to the proposed acquisition of solar power generating assets, the provision of solutions to customers to reduce overall energy costs and greenhouse gas emissions reductions, growth strategy, and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". The forward-looking statements in this press release are presented for the purpose of providing information about management's current expectations and plans and such information may not be appropriate for other purposes. 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 the acquisition will be successfully integrated into the Company and that its revenues will be consistent with the Company's expectations, 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, failure of the parties to the acquisition to fulfill closing conditions, 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.

SOURCE Kontrol Energy Corp.

Paul Ghezzi, CEO, [email protected]; Kontrol Energy Corp., 5045 Orbitor Drive, Bldg. 9, Suite 401, Mississauga, ON L4W 4Y4, Tel: [phone], Toll free: 1.844.866.8123