Kontrol Provides BioCloud Manufacturing Capacity Update
TORONTO, March 31, 2021 /PRNewswire/ - Kontrol Technologies Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) ("Kontrol Technologies" or "Kontrol" or "Company") is pleased to provide an update on its manufacturing capacity as it relates to various milestones for the Ontario Together Fund.
As a follow up to the press release dated February 4th, 2021, CEM Specialties Inc. ("CEMSI"), a wholly owned subsidiary of Kontrol Technologies, received up to $2 Million in funding from the Ontario Together Fund to accelerate commercial production of the BioCloud units. To date $1.2 Million has been received from the Ontario Together Fund. In order to receive the final balance of $800,000 certain conditions are required to be met, which includes the increase of manufacturing capacity to 20,000 units per month.
The Company will deliver a final package to the Ontario Together Fund in the next week, confirming that it has met the conditions precedent for the final $800,000 in funding, including the required manufacturing capacity. Manufacturing capacity is the ability to manufacture a certain number of units per month and is not a sales forecast. The final $800,000 funding balance is issued at the discretion of the Ontario Together Fund following the Company's submission.
"As we initiated commercial production, we have made continuous improvements to the manufacturing of BioCloud," says Paul Ghezzi, CEO of Kontrol. "Some of these improvements relate to a reduction in sizing of internal systems, reduction of electronic boards and overall streamlining of installation. This is part of the normal process of moving from individual prototypes to commercial production. We have done so in a short period of time with great effort from the entire team."
"We have made great progress with BioCloud manufacturing," says Jeff Stewart, CEO of OES Inc. "Through our internal capacity and the addition of manufacturing capacity with our Ontario based strategic manufacturing partners we are pleased to be able to deliver up to 20,000 units per month in manufacturing capacity."
Global Supply Chain
Currently the global supply chain for the majority of components used in the manufacturing of BioCloud appears to be stabilizing. However, lead times on electronic components and semi-conductors, which are subject to competition from the automotive and mobile industry, have been a challenge. The Company reviews the global supply chain with its manufacturing partner OES Inc. on a routine basis. The Company has no control over potential delays and lead times in the global supply chain.
"I am proud of our team which has worked tirelessly to design and develop a technology with the primary goal of assisting in the reduction of transmittance of the SARS-CoV-2 virus and its variants through earlier detection," says Gary Saunders, President of Kontrol BioCloud. "In addition to vaccines, technologies which can provide early alerting systems are important to help us create safer spaces and get back to normal across the global economy."
BioCloud Reagent and Antibodies
The BioCloud unit operates to detect SARS-CoV-2, and other viruses, bacteria and fungi from the air through the use of continuous air sampling and a biological response process. The primary component which makes up the BioCloud proprietary reagent is a specifically formulated combination of antibodies. The antibodies, which are purchased from third party manufacturers, are combined, and tested by independent labs for the reaction to and detection of the SARS-CoV-2 virus.
The Company's patented antibody cooling chamber utilizes a Peltier element technology to ensure accurate and controlled temperatures are maintained for the entire life cycle of the antibodies. In addition, the Company deploys refrigerated packaging to ensure a specific temperature range is maintained during transportation and shipping of its reagent and antibodies.
The Company continues to review various antibodies from third party manufacturers with the goal to reduce the costs of BioCloud consumables and create a large supply pool to choose from as part of its overall supply chain management.
About Kontrol BioCloudTM
BioCloud is a real-time analyzer designed to detect airborne viruses. It has been designed to operate as a safe space technology by sampling the air quality over time. With a proprietary detection chamber that can be replaced as needed, viruses are detected, and a silent alert system is created in the Cloud or over local intranet. BioCloud has been designed for spaces where individuals gather including classrooms, offices, retirement homes, hospitals, athletics, mass transportation and other. Additional information about Kontrol BioCloud can be found on its website at www.kontrolbiocloud.com.
About 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 Technologies provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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.
Where the Company 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 sufficient capital will be available to the Company and that technology will be as effective as anticipated.
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, 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. In particular, successful development and commercialization of the Kontrol BioCloud are subject to the risk that the Kontrol BioCloud may not prove to be successful in detecting the virus that causes COVID-19 effectively or at all, uncertainty of timing or availability of any regulatory approvals and Kontrol's lack of track record in developing products for medical applications. Kontrol BioCloud is an air quality technology and not a medical device. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus).
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 are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol 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 or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
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SOURCE Kontrol Technologies Corp.
Company Codes: OTC-QB:KNRLF, CNSX:KNR, Frankfurt:1K8, OTC-PINK:KNRLF