In our 2024 strategic plan, the company will concentrate on business verticals that involve sales of equipment and technology within the industrial and commercial building sector," states Paul Ghezzi, CEO of Kontrol Technologies. "The divestiture of our operating subsidiary aligns perfectly with the company's strategic goals and grants us the flexibility to further decrease our debt levels."

As part of the closure, the company will receive $6.1 million in cash, with an indemnity holdback of $300,000 placed in escrow. Additionally, there will be a collection of working capital over a span of approximately three months. Prior to the transaction's closure, the company had $3.2 million in cash as of December 29, 2023.

"We are delighted to commence 2024 with a substantial cash reserve, a clear plan for enhancing our balance sheet, and an ongoing strategic emphasis on achieving recurring and high-margin revenue growth," Ghezzi adds.

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