Kelso Technologies Inc. Announces Intention to Delist From NYSE American
March 05 2024 - 9:00AM
Kelso Technologies Inc. (“
Kelso” or the
“
Company”), (TSX: KLS), (NYSE American: KIQ) today
announced that it has notified the NYSE American (“
NYSE
American”) of its intention to voluntarily delist its
common shares (“
Shares”) from the NYSE American.
The Shares will continue to trade on the Toronto Stock Exchange
(“
TSX”).
As previously announced in its press release
dated December 18, 2023, Kelso received a notification letter (the
"Notice") dated December 12, 2023 from the NYSE
American stating that the NYSE American staff had determined that
the Company's securities had been trading at a low price per share
for a substantial period of time and as a result, the Company was
not in compliance with the NYSE American’s continued listing
standards (the “Listing Standards”).
After careful consideration, the Company has
evaluated the benefits and costs of continuing its listing on NYSE
American and has concluded that it is appropriate to voluntarily
delist from the NYSE American at this time. With the Shares
concurrently trading on the TSX, the Company believes the costs
associated with a continued U.S. stock exchange listing, as well as
the administrative burdens and requirements associated with
maintaining a dual listing, are not justified at this time. The
Company has also concluded that a reverse split of the Company’s
Shares of a magnitude necessary to come into compliance with the
Listing Standards is not a desirable alternative at this time and
would not be in the best interest of the Company’s shareholders.
The Company does not expect to seek to list its shares on another
U.S. national securities exchange or U.S. quotation system.
The Company intends to file a Form 25 with the
U.S. Securities and Exchange Commission on or about March 15, 2024,
which Form would become effective 10 days following filing thereof,
resulting in the delisting of the Shares from NYSE American on or
about March 25, 2024. The Company’s financial statements, press
releases and other information will continue to be available on
SEDAR+ at www.sedarplus.com, on EDGAR at www.sec.gov and on the
Company’s website at www.kelsotech.com.
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 proven
automated suspension-based Advanced Driver Assistance System for
commercial mission-critical wilderness operations. All Kelso
products are specifically designed to address the challenging
issues of public safety, worker well-being and potential
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 products.
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.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 with respect to the intention to delist the
Shares from the NYSE American; the costs associated with a
continued U.S. stock exchange listing not being justified; the
intention to file a Form 25 with the U.S. Securities and Exchange
Commission; and timing for the delisting of the Shares from NYSE
American. 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 risk that
the longer-term effects on the rail and automotive industries
including high interest rates, inflation and short supply chain
issues may last much longer than expected delaying R&D
schedules and business orders from customers; litigation risks;
that the development of new products may proceed slower than
expected, cost more or may not result in a salable product; that
tank car producers may produce or retrofit fewer than cars than
expected and even if they meet expectations, they may not purchase
the Company’s products for their tank cars; capital resources may
not be adequate enough to fund future operations as intended; that
regulatory compliance including Canadian Motor Vehicle Safety
Standards may be delayed or cancelled; that the Company’s products
may not provide the intended economic or operational advantages to
end users; that KXI Application Development Agreements may not be
successful and deliver anticipated revenue streams; that the
Company’s new rail and automotive products may not receive
regulatory certification; that 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 market
share; that a new product idea 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 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 AvenueSouth Surrey, BC V4A 8J1www.kelsotech.com |
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