Kelso Technologies Inc. KIQ X Industries to Establish Phase-One Production Facility
January 18 2024 - 9:00AM
Kelso Technologies Inc. (“Kelso” or the “Company”), (TSX:
KLS), (NYSE American: KIQ) reports that its wholly owned
subsidiary KIQ X Industries (“KIQX”) is establishing an initial
Phase-One production facility with additional leased space at its
current research and development (“R&D”) facility in West
Kelowna, BC, Canada. This Phase-One production facility is being
designed and tooled to convert different classes of heavy duty
“host” vehicles with the Company’s patents pending proprietary
Automated Traction Optimization Method for Vehicle Suspension
Systems (the “Method”). These vehicles are targeted to be sold to
customers operating in extreme terrain environments who have
specified their custom user case requirements utilizing the
Company’s Method technologies.
As previously reported by the Company, the
Method is the first successful specialized fully automated Advanced
Driver-Assistance System (“ADAS”) software system purpose-built for
heavy-duty commercial wilderness applications. The patents pending
Method forms the Company’s intellectual property foundation for its
automotive technologies portfolio which offers additional
protectable property opportunities for the ADAS marketplace. The
Method is now compliant for sales to commercial wilderness
operations including existing forestry roads. The KXI Wildertec
equipped vehicle is compliant for operation on all resource and
private roads through an all-terrain vehicle insurance policy.
The Phase-One facility does not require new
equity or debt capital at this time. The low capital investment
reflects the ease of conversion of the “host” vehicle to the Method
system in order to minimize the costs of the final salable vehicle.
Management is currently developing longer-term scheduling
logistics, supply chain procurement systems, optimal inventory
levels, labor and staffing needs and product design enhancements,
continuing R&D needs, advancing engineering quality controls
and general risk management controls.
Once completed the Phase-One facility is
expected to have a production capacity potential to facilitate
approximately $25 million of annual revenue commencing in late
2024. With the assistance of the landlord, the current facility can
be scaled to meet long term production volumes to service in excess
of $100 million per year at the same location. The facility will
house R&D, Phase-One production and an on-site test track.
The Company will concentrate its KIQX production
resources on delivering safety enhancing technology solutions for
customers in, but not limited to, wilderness fire fighting, mobile
medical treatment, evacuation and emergency response, mining and
exploration, energy transmission, civil engineering projects,
telecommunications and geographic/environmental data systems.
The Company invites interested parties to view
the Company’s video presentations at
www.KXIWildertec.com which more visually describes the
features of the Company’s proprietary ADAS Method.
About Kelso Technologies
Kelso is a diverse engineering company that
specializes in the creation, production, sales and distribution of
proprietary products used in rail and automotive transportation.
The Company’s rail engineering business has been developed as a
designer and reliable domestic supplier of unique high-quality rail
tank car valves that provide for the safe handling and containment
of hazardous and non-hazardous commodities during rail transport.
The automotive division of the Company has created the first
field-tested automated suspension-based Advanced Driver Assistance
System for commercial wilderness and mission-critical operations.
All Kelso products are specifically designed to address the
challenging issues of public safety, worker well-being and
environmental harm while providing effective and efficient
operational advantages to customers. Kelso’s innovation objectives
are to create products that diminish the potential dangerous
effects of human and technology error through the use of the
Company’s portfolio of proprietary engineered solutions.
For a more complete business and financial
profile of the Company, please view the Company's website at
www.kelsotech.com and www.KXIWildertec.com and public
documents posted under the Company’s profile on www.sedarplus.ca 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 statements regarding the design and establishment of the
initial Phase-One production facility; future sales of Method
equipped vehicles; the Company’s automotive technologies portfolio
offering additional protectable property opportunities for the ADAS
marketplace; the financing requirements to establish the Phase-One
production facility; the estimated capacity and revenue generation
of the Phase-One production facility; the scalability of the
current facility to output in excess of $100 million per year;
plans for KIQX production resources; the creation of products that
diminish the potential dangerous effects of human and technology
error; and that our technologies are expected to provide the
Company with a multitude of commercial business applications and
revenue growth in numerous wilderness related market segments.
Although Kelso believes the Company’s 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 the patent
application and subsequent patent applications may not be granted;
risk that the longer-term effects of inflation and supply chain
issues may last much longer than expected delaying R&D
schedules and commercial business orders from customers; that the
development of new KXI Wildertec technologies may proceed slower
than expected, cost more or may not result in a salable product;
capital resources may not be adequate enough to fund future
operations as intended; that continuing regulatory compliance may
be delayed or cancelled; that the Company’s products may not
provide the intended economic or operational advantages to end
users; that market introduction of KXI Wildertec products may not
grow and sustain anticipated revenue streams; that the Company’s
automotive products may not receive full regulatory certification;
that new customer orders may not develop or be cancelled; that
competitors may enter the market with new product offerings which
could capture some of the Company’s potential market share; that
new product ideas under research and development may be dropped if
ongoing product testing and market research reveal engineering and
economic issues that render a new product concept infeasible; and
that the Company’s new technology 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 |
Kelso Technologies (AMEX:KIQ)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kelso Technologies (AMEX:KIQ)
Historical Stock Chart
From Sep 2023 to Sep 2024