Kelso Technologies Inc. Announces Non-Brokered Private Placement
November 15 2017 - 8:00AM
Kelso Technologies Inc. (“Kelso” or the “Company”), (TSX:KLS),
(NYSE American:KIQ) announces that it has arranged to raise up to
$2,500,000 CAD by way of a non-brokered private placement of
5,000,000 units at a price of $0.50 per unit (the “Private
Placement”). Each unit will consist of one common share of
the Company and a one share purchase warrant. Each warrant
can be exercised at $0.80 for the first 12 months or $1.20 for the
second 12 months from the date of closing of the Private Placement.
All common shares issued under the Private
Placement will be subject to a four month plus one day hold period
in accordance with applicable Canadian securities laws.
Closing of the Private Placement is subject to the receipt of all
regulatory approvals, including those of the Toronto Stock Exchange
(“TSX”), and all other closing conditions, including but not
limited to, execution of subscription agreements between the
Company and the subscribers.
Subject to acceptance by the TSX, an 8% finder’s
fee may be payable on all or a portion of the subscriptions
accepted by Kelso.
The proceeds of the Private Placement will be
used to complete product development, establish supply chains for
new products, continue marketing initiatives and provide general
working capital. Kelso’s new products initiatives 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 in
both recreational and commercial operations. Most new
products not requiring AAR approvals are nearing completion and are
expected to be ready for market distribution in 2018.
James R. Bond, CEO of Kelso comments that, “This
Private Placement is the first time since September 2012 that Kelso
has raised any significant funds to finance its ongoing product and
business development plans. The prolonged recession in rail tank
car markets greatly diminished our available funds for product
development. All of Kelso’s new products are nearing
completion and do not require lengthy regulatory approval processes
before going to market. New equity capital allows Kelso to
maintain its momentum on all sales, production and distribution
activities with the goal of a return to profitability.”
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 terrain
applications in both recreational and commercial operations
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 intends to finance up to $2,500,000 CAD
with new equity capital; that new equity capital allows Kelso to
maintain its momentum on all sales, production and distribution
activities with the goal of a return to profitability; that Kelso’s
new products initiatives are nearing completion and do not require
lengthy regulatory approval processes; that new products will be
ready for market distribution in 2018; and that our new products
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 in both recreational and commercial
operations. 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 PresidentEmail: bond@kelsotech.com
Richard Lee, Chief Financial
OfficerEmail: lee@kelsotech.com
Corporate Address:13966 - 18B AvenueSouth Surrey, BC V4A
8J1www.kelsotech.com
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