WAUKESHA, WI – November 2, 2022 – Telkonet, Inc. (OTCQB: TKOI), (the “Company” or “Telkonet”), IoT innovator and a listed U.S. company based in Wisconsin, lands in Europe and launches its new occupancy-based Energy Management Solutions (EMS) in the European market. The Company anticipates that its EMS will be able to significantly reduce costs of utility bills, in some cases by 20 to 40 percent, and it will strive to be a strategic technology partner for all facilities that are suffering from rising energy costs. Thanks to the ease of installation of the wifi-capable products, Telkonet’s solutions can be considered for the European retrofit market.
The high energy prices that have been affecting Europe in recent months can be buffered with the use of modern digital technologies, even in a peculiar area such as hospitality and accommodation. In particular, Telkonet believes that the use of EMS can enable operators to save 20 to 40 percent of costs on their bills, resulting in shorter payback time from the investment.
By working with VDA Group S.p.A. (“VDA”), the Company’s majority stockholder and a multinational company headquartered in Italy that has been operating in GRMS for 40 years, the Company believes that it has excellent growth opportunities in the European market. Since partnering with VDA in 2021, Telkonet marked +29% compared to 2021 revenues. The Company looks to the future with positivity considering that their products are designed to curb high energy prices. By leveraging VDA’s long history with GRMS in Europe, the Company intends to access a large, established international sales network and an expanded product range. There are 7 million hotel rooms across the European continent, and only 10 percent have installed GRMS and/or EMS systems, offering the Company a great opportunity for growth that it does not intend to let slip away.
ABOUT THE GROUP
Telkonet Inc. is a U.S. company based in Waukesha, Wisconsin. An IoT innovator focused on smart automation and energy management, Telkonet enables guests (occupants) to intelligently control energy use based on their preferences, reducing energy consumption, and improving facility management capabilities. In 2021, VDA Group S.p.A. became Telkonet’s majority shareholder and has been working with Telkonet to facilitate Telkonet’s access international markets. VDA Group S.p.A. is an Italian corporation of 40 years of experience in GRMS for the hospitality market headquartered in Italy, with sales companies in the United Kingdom, Middle East, and Asia Pacific operating in more than 50 countries.
FORWARD LOOKING STATEMENTS
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “anticipate,” “believe,” “expect,” “future,” “intend,” “plan,” and similar expressions to identify forward-looking statements. Such statements involve a number of risks and uncertainties such as the Company’s ability to access sources of liquidity necessary to continue its operations and continue as a going concern, the Company’s potential inability to extend the maturity date of its credit facility and/or comply with financial covenants under its credit facility, the continued impact of the COVID-19 pandemic on the Company’s operations and financial results, as well as the economy generally, competitive factors, technological development, market demand, and the Company’s ability to obtain new contracts and accurately estimate net revenue due to variability in size, scope and duration of projects. Further information on potential factors that could affect the Company’s financial results can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in its Reports on Forms 8-K filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to update any forward-looking statements as a result of new information, future developments, or otherwise, except as expressly required by law.
Telkonet Investor Relations
Barbara Alvino, Communication Manager