Wasted years and boatloads of wasted moneyKelso Technologies Inc.: Contract Termination
VANCOUVER, British Columbia and BONHAM, Texas, March 03, 2021 (GLOBE NEWSWIRE) -- Kelso Technologies Inc. (“Kelso” or the “Company”), (TSX: KLS), (NYSE American: KIQ) announces that the Company has terminated the Technology Development Agreement with the service provider, G & J Technologies Inc. and inventor/innovator Gebhard Wager which has served as the development agreement for the Company’s KXI Suspension.
James R. Bond, President and CEO of the Company states that; “As previously announced on January 28, 2021 the Company has, based on R&D results to date, moved from a “concept” light-duty host vehicle to a more robust heavy-duty host vehicle. The heavy-duty platform represents a much larger and more accessible commercial market opportunity to pursue. This change in strategic direction is expected to reduce R&D costs as the heavy-duty vehicles feature better transmissions, diesel options, payload capacity and tougher durability. Going forward the Company will rely on the engineering group of KXI Industries Inc., a wholly owned subsidiary of the Company, that includes professional automotive engineers, software specialists and regulatory experts. The engineering group is engaged to advance pre-production design specifications that Kelso would not economically achieve on the Company’s light-duty platform. The Company’s objective is to ensure that the KXI Suspension provides complete compliance to all federal standards and regional regulations including warranty support from the Company and host vehicle OEMs.”