Kelso Technologies Inc. Withdraws Non-Brokered Private Placement
06 December 2017 - 1:00AM
Kelso Technologies Inc. (“Kelso” or the “Company”), (TSX:KLS),
(NYSE American:KIQ) reports that the Company has withdrawn the
non-brokered private placement of 5,000,000 units at a price of
$0.50 per unit (the “Private Placement”) announced on November 15,
2017.
The Company’s cash flow needs for the near term can
continue to be financed from existing capital reserves and sales
gains in the fourth quarter. The Company has no interest
bearing debt to service and there are no insolvency issues to
address as the Company has no secured creditors.
James R. Bond, CEO of Kelso comments that, “The
Private Placement has been withdrawn due to the recent volatile
market activity that we believe was caused by aggressive tax loss
selling and over reaction to negative bombardments from social
media. Kelso will continue to manage its product development
initiatives in a conservative manner and believes Kelso can achieve
its longer term goals. Management remains bullish on key new
markets that are expected to grow cash streams in future periods.
These will include specialized truck tanker equipment, rail wheel
cleaning systems, fuel loading systems, military applications,
first responder emergency response kits and high performance
suspension systems for motor vehicles being used in rugged sloped
terrain applications. New products have been fully funded in
2017 and are expected to contribute positive cash flows in
2018. Management will pursue capital strategies to ensure
that Kelso has the financial resources to operate all aspects of
its business.”
About Kelso Technologies
Kelso is an engineering product development company
that specializes in the design, production and distribution of
proprietary service equipment used in transportation
applications. Our reputation has been earned as a designer
and reliable supplier of unique high performance rail tank car
equipment that provides for the safe handling and containment of
hazardous and non-hazardous commodities during transport. All
Kelso products are specifically designed to provide economic and
operational advantages to customers while reducing the potential
effects of human error and environmental harm. The Company
offers specialized truck tanker equipment, rail wheel cleaning
systems, fuel loading systems, military applications, first
responder emergency response kits and high performance suspension
systems for motor vehicles being used in rugged sloped
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
include that the Company that our cash flow needs for the near term
can continue to be financed from existing capital reserves and
sales gains in fourth quarter performance; that Kelso believes it
can still achieve its longer term goals; that key new markets are
expected to grow cash streams in future periods with specialized
truck tanker equipment, rail wheel cleaning systems, fuel loading
systems, military applications, first responder emergency response
kits and high performance suspension systems for motor vehicles
being used in rugged sloped terrain applications; that new products
have been funded in 2017 and are expected to contribute positive
cash flows in 2018; and for future periods management will develop
capital strategies to ensure that Kelso has the financial resources
to operate all aspects of its 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 we may not be able to raise the
funds we expect, the risk that completion of products may be
delayed or cancelled; the Company’s products may not provide the
intended economic or operational advantages;, orders may be
cancelled and competitors may enter the market with new product
offerings which could capture some of our market share; 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 Avenue |
|
|
South
Surrey, BC V4A 8J1 |
|
|
www.kelsotech.com |
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