KELSO TECHNOLOGIES INC. IMPACT OF COVID-19 ON RAIL OPERATIONS
VANCOUVER, British Columbia and BONHAM, Texas, April 02, 2020 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. (“Kelso” or the “Company”), (TSX: KLS), (NYSE American: KIQ) reports that while certain government authorities in North America have ordered the closure or minimization of all non-essential business operations in various regions, the Company falls within the exemptions for businesses that provide essential products and workforces that carry out critical manufacturing. Kelso therefore plans to continue operations at the Company’s valve assembly facility in Bonham, Texas while being mindful of the potential impacts of COVID-19 given current conditions.
The Company carries out essential services as a producer and reliable supplier of specialized rail tank car service equipment necessary for the safe operation and maintenance of rail tank car transportation systems. As a producer of specialized valves used in the transport of hazardous commodities, the Company’s products remain crucial for the safe delivery of hazardous materials by rail transport in North America as they can mitigate the negative impacts of human error and environmental harm.
The Company continues to be committed to the health and safety of Kelso’s employees, business partners and communities where we operate. The Company is applying comprehensive and rigorous hygiene policies and employee temperature monitoring practices to lower the risk. Travel is restricted and the Company’s personnel who can work from home do so. Management is maintaining full adherence to measures put in place by applicable government authorities.
The Company’s working capital was $7,937,873 at December 31, 2019 and sales in the first quarter 2020 are comparable to the first quarter in 2019. The pandemic has had no negative impact on the Company’s working capital and Kelso’s ability to continue business operations. The Company has no interest-bearing long-term debt and currently operates without the need for new equity capital, credit facilities or government assistance. The Company will continue to finance operations and research and development from existing capital reserves and product sales.