Kelso Technologies Inc.: Business Update and Year End Change
VANCOUVER, BRITISH COLUMBIA and LISLE, ILLINOIS--(Marketwire - Dec. 18, 2012) - Kelso Technologies Inc. (the "Company" or "Kelso") (TSX VENTURE:KLS)(KEOSF) -
The Company reports that it is currently changing its fiscal year end to December 31 effective December 31, 2012. The Company will prepare year end financial statements for the four month period ended December 31, 2012 to complete the transition. The change is being implemented to align the Company's business cycle with the railroad industry.
The year end financial statements for December 31, 2012 will be prepared, audited and filed on or before April 30, 2013. Reporting quarters will change to March 31, June 30 and September 30. All quarterly reports in 2013 will be filed within 60 days of the quarter end in accordance with established regulatory policies and guidelines.
No quarterly report for the three months ended November 30, 2012 will be filed in accordance with year-end transition rules. The Company has been producing and delivering products against purchase orders in an amount of approximately US$3,000,000 for the period spanning September 1, 2012 to December 31, 2012. During the three month period ending November 30, 2012 Kelso has delivered products in the amount of US$2,053,000 against these purchase orders.
New business commitments from key customers have been progressing steadily. Sales commitments and delivery schedules for the first quarter of 2013 have reached approximately US$2,750,000 and expected to continue their growth.
James R. Bond, CEO, comments that, "We are very pleased and encouraged by the momentum of our business growth. Management remains confident that the recent product adoption rates demonstrated by our key customers will continue to advance during the upcoming months."
About Kelso Technologies
Kelso is a railroad equipment supplier that produces and sells proprietary tank car components used in the safe loading, unloading and containment of hazardous materials during transport. Products are specifically designed to provide economic and operational advantages while reducing the potential effects of human error and environmental harm during the transport of hazardous materials.
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 on www.sedar.com.
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 Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that sales orders are expected to continue their growth; and the recent product adoption rates demonstrated by our key customers will continue to advance during the upcoming months. The Company's products involve detailed proprietary and engineering knowledge and specific customer adoption criteria, hence factors that could cause actual results to be materially different include that we may be unsuccessful in raising any additional capital needs that may arise; we may not have sufficient capital to develop, produce and deliver new orders; product development may face unexpected delays; orders that are placed may be cancelled; anticipated order deliveries may be rescheduled to future periods; product may not perform as well as expected; markets may not develop as quickly as anticipated or at all; and operations may run into permit, labor or other problems. Further, we are reliant on certain key employees who may leave the Company and we may be unable to protect or defend our intellectual property. Investors are cautioned against placing undue reliance on forward-looking statements. We assume no responsibility to update these forward looking statements except to the extent required by law.
