RE:Another grim financial report!Great comments which concerned shareholders MUST think about when voting this year's proxies.
To take this one step further: regarding the off-road suspension system, there is no market! But, as stated above,they have spent 5 years, MILLIONS of shareholder dollars, continual delays chasing nothing while lining pockets of management, directors, and 'buddies' in Kelwona.
Management even admitted there was no market!
Refer to the MD&A for year end 2021, page 6, 4th paragraph:
"THE COMPANY WILL BE FOCUSING ON DEVELOPING COMMERCIAL HEAVY-DUTY SPECIALTY VEHICLE MARKETS IN 2022"
Can you believe that....5 years, millions of dollars, and no market, but now they want to create one! Mr Bond has some 'buddies" in Kelowna who had an idea but no money. So with a stroke of a pen, and rubber stamped by an incompetent BOD, his "buddies" have since been sucking in the cash at the trough, i.e., Kelso!!
Folks, this has been the worst example of corporate capital allocation. The BOD has no clue, but always gives a stamp-of-approval to get their monthly check. Look at the backgrounds and recent histories of the board members:a divorce lawyer; a young guy with no experience just out of a fancy school; a guy who is on several other boards and on compensation committees-- on and on. Examples of their corporate failures--SIQ, GOP, ZEOX. They all got paid but screwed the shareholders!
There are still some shareholders who want to build a profitable Rail products company,so have held on.To do that there needs to be a major overhall of directors and top managemnt, and to again refocus on core-compenticies: their many available products for the rail industry.
So again....proxies are out soon and the AGM is scheduled for June 2...KLS has not press-releaesed that date. It was researched and found on SEDAR. Lack of transparency!
VOTE WITHOLD
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