VANCOUVER, British Columbia and BONHAM, Texas, Feb. 15, 2018 (GLOBE NEWSWIRE) — Kelso Technologies Inc. (TSX:KLS) (NYSE American:KIQ) (“Kelso” or the “Company”) is pleased to report that the Company’s commercial testing of our new rail Wheel Cleaning System (“WCS”) has been completed. The WCS is designed for rail wheel cleaning operations to facilitate speed retardation in railroad hump yards and industrial shipping facilities. The WCS is now commercially proven which is the key prerequisite event to commence full commercial sales of the WCS.
The tested WCS has been acquired by the customer and is being utilized in full scale railroad operations. The WCS is Kelso’s first product to feature a recurring revenue stream. The cleaning shoes must be replaced as they wear out during operations. It is recommended that WCS systems be sold with OEM cleaning shoes and an additional set of replacement shoes.
Our WCS is a unique proprietary (patent pending) rail wheel cleaning system that has been designed in co-operation with Class I railroads. It addresses the problematic issue of railcar wheels “caking” with various commodities during operations. Another key feature of the WCS is that it improves the effectiveness of speed retarders to reduce the number of over speed incidents in train assembly operations. The industrial heavy-duty cleaning capabilities provided by the WCS for railcar operations can reliably maintain and improve the performance of rolling stock. Some of the more challenging commodities addressed by the WCS include crude oil/tar, salt water slurry, flour water slurry, Portland cement, lime powder slurry, sugar water slurry, potash and sulfur.
Our standard 46-foot WCS is a unique modular design that can be transported to site and installed. Our basic system is mechanical and does not require any external power supply. It can be customized to accommodate various contaminates as specified and can be automated if required to allow signal operators to turn the system on or off.
James R. Bond, CEO of the Company comments that: “Our technology development relationships with railroad customers allow Kelso to build our brand in engineered technology solutions for transportation operations. The WCS is an example of the success of the new direction of our strategic plans to develop high value products with recurring income streams from new markets. Over time management expects to generate multi-million dollar revenue streams from the full market development of the WCS.”
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 outback 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 and Information: This news release contains “forward-looking statements and information” within the meaning of applicable securities laws. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include without limitation include that the WCS is now commercially proven which is the key prerequisite event to commence full commercial sales of the WCS; that the WCS addresses the problematic issue of railcar wheels “caking” with various commodities during operations; that the key feature of the WCS is that it improves the effectiveness of speed retarders to reduce the number of over speed incidents in train assembly operations; that the industrial heavy-duty cleaning capabilities provided by the WCS for railcar operations can reliably maintain and improve the performance of rolling stock; that our technology development relationships with railroad customers allow Kelso to build our brand in engineered technology solutions for transportation operations; that the WCS is an example of the success of the new direction of our strategic plans to develop high value products with recurring income streams from new markets; and that over time management expects to generate multi-million dollar revenue streams from the full market development of the WCS. Although Kelso believes its anticipated future results, performance or achievements expressed or implied by the forward-looking statements 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 as such statements 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. Such risks and uncertainties include, without limitation, the risk that the Company’s products may not work as well as expected; we may not be able to break in to new markets, because such markets are served by strong and embedded competitors or because of long term supply contracts; and we may not be able to grow and sustain anticipated revenue streams. We may have underestimated the cost of product development and the time it takes to bring products to market; we may not be able to finance our intended product development. Our products may not sell as well as expected, and competitors may offer better or cheaper alternatives to our products. Our technologies may not be patentable, and if patents are granted, we may not protect our investment in intellectual property if our patents are challenged. Our intended technologies may infringe on the intellectual property of other parties. We may not have any parties interested in licensing our technology 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.
The forward-looking information and statements contained in this document speak only as to the date of this document, and Kelso does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
For further information, please contact:
| James R. Bond, CEO and President | Richard Lee, Chief Financial Officer | Corporate Address: |
| Email: [email protected] | Email: [email protected] | 13966 – 18B Avenue South Surrey, BC V4A 8J www.kelsotech.com |