KELSO TECHNOLOGIES INC. IMPACT OF COVID-19 ON RAIL OPERATIONS
April 02 2020 - 9:00AM
Kelso Technologies Inc. (“Kelso” or the “Company”), (TSX: KLS),
(NYSE American: KIQ) reports that while certain government
authorities in North America have ordered the closure or
minimization of all non-essential business operations in various
regions, the Company falls within the exemptions for businesses
that provide essential products and workforces that carry out
critical manufacturing. Kelso therefore plans to continue
operations at the Company’s valve assembly facility in Bonham,
Texas while being mindful of the potential impacts of COVID-19
given current conditions.
The Company carries out essential services as a
producer and reliable supplier of specialized rail tank car service
equipment necessary for the safe operation and maintenance of rail
tank car transportation systems. As a producer of specialized
valves used in the transport of hazardous commodities, the
Company’s products remain crucial for the safe delivery of
hazardous materials by rail transport in North America as they can
mitigate the negative impacts of human error and environmental
harm.
The Company continues to be committed to the
health and safety of Kelso’s employees, business partners and
communities where we operate. The Company is applying
comprehensive and rigorous hygiene policies and employee
temperature monitoring practices to lower the risk. Travel is
restricted and the Company’s personnel who can work from home do
so. Management is maintaining full adherence to measures put
in place by applicable government authorities.
The Company’s working capital was $7,937,873 at
December 31, 2019 and sales in the first quarter 2020 are
comparable to the first quarter in 2019. The pandemic has had
no negative impact on the Company’s working capital and Kelso’s
ability to continue business operations. The Company has no
interest-bearing long-term debt and currently operates without the
need for new equity capital, credit facilities or government
assistance. The Company will continue to finance operations
and research and development from existing capital reserves and
product sales.
James R. Bond, President and Chief Executive
Officer of the Company stated that, “Despite the economic
uncertainty surrounding the COVID-19 crisis the Company intends to
continue essential operations and fulfill Kelso’s supply chain
commitments to ensure that critical rail tank car transportation
can operate for the duration of the COVID-19 pandemic.”
About Kelso Technologies
Kelso is an engineering product development
company that specializes in the development, production and
distribution of proprietary service equipment used in
transportation applications. The Company’s reputation has
been earned as a developer and reliable supplier of unique high
performance rail tank car equipment for the handling and
containment of hazardous and non-hazardous commodities during
transport. All Kelso products are developed with emphasis on
economic and operational advantages to customers while mitigating
the impact of human error and environmental issues. The
Company offers specialized rail service equipment, truck tanker
equipment, fuel loading systems, marine applications, first
responder emergency response kits and gyroscopic suspension systems
for commercial vehicles being used in rugged wilderness
terrains.
For a more complete business and financial
profile of the Company, please view the Company's website at
www.kelsotech.com and public documents posted under the Company’s
profile on www.sedar.com in Canada and on EDGAR at www.sec.gov in
the United States.
On behalf of the Board of
Directors,
James R. Bond, CEO and President
Legal Notice Regarding Forward-Looking
Statements: This news release contains “forward-looking
statements” within the meaning of applicable securities
legislation. Forward-looking statements are indicated expectations
or intentions. Forward-looking statements in this news release may
include, without excluding other considerations, that the Company
has adequate capital to continue operations; that we can lower
employee risks by applying rigorous hygiene policies and
temperature monitoring; and that we expect to remain operational
throughout the pandemic as an essential business. Although
Kelso believes its anticipated future results, performance or
achievements expressed or implied by the forward-looking statements
and information are based upon reasonable assumptions and
expectations, they can give no assurance that such expectations
will prove to be correct. The reader should not place undue
reliance on forward-looking statements and information as such
statements and information involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Kelso to differ materially from
anticipated future results, performance or achievement expressed or
implied by such forward-looking statements and information,
including without limitation that there could be a rapid
acceleration of the COVID-19 pandemic; that various regulatory
orders including ceasing work may be issued or measures may be
imposed by government agencies to manage the COVID-19 pandemic;
that our methods may not be effective enough to prevent the virus
from affecting our employees; that fluctuations in future quarterly
results may occur if customers reduce their purchase orders due to
COVID-19 pressures; that the risk that railroad safety regulations
and other regulatory approvals may change, be delayed or cancelled;
the Company’s products may not provide the intended economic or
operational advantages; we may be unable to grow and sustain
anticipated revenue streams because of competition or decreased
interest in our products; orders may be cancelled and competitors
may enter the market with new product offerings which could capture
some of our market share; costs of production may increase
affecting our EBITDA; we may have to incur debt to keep up with
costs and/or technological or product development expenses; and our
new equipment offerings may not capture market share as well as
expected. Except as required by law, the Company does not
intend to update the forward-looking information and
forward-looking statements contained in this news release.
For further information, please contact:
James R. Bond, CEO and President |
Richard Lee, Chief Financial Officer |
Corporate Address: |
Email: bond@kelsotech.com |
Email: lee@kelsotech.com |
13966 -
18B AvenueSouth Surrey, BC V4A 8J1www.kelsotech.com |
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