Vote them out as "The Devil is in the Details".......When one reads the Annual Report and related releases you see some frustrating facts which show the shelfiishnees, the incompetence, and management/director cenrtic policies followed. They are not running the company to build a strong, growing firm. They are here to make sure they personally compensate themselves and 'to hell with the shareholder'!:
Facts:
1.Remember that Peter Hughes was voted out as Director last year? The Compensation Committte has since determined to maintain Stock optoins and RSU units in place for him until expiration, or 119,999 units through 2025.Give me a break...this man did nothing except bring in a Human Resource firm to help justify larger fees and salaries for all. He never put up a dime of his own money.
2. News release regarding Phase-One production facility in Kelwona$ BC- "The Phase-One facility does not require new Equity or Debt capital". But the Financial notes state that the facility is being leased for 3 years at $13,250US per month or an additional $477,000 for 3 years.
3. Kelso Rail has been funding KIQX(theGizmo). Kelso Rail has become cash-flow positive but is hurt byt having to fund 'The Gizmo'. The Gizmo has no known market to break into...only MAYBE it might have a customer at some point. A small detail here is that Amanda Smith, a very experienced and qualified person(woman) who runs Kelso Rail is paid LESS and has FEWER options than Chris Stewart. He is basically an engineer with little experience managing people and production of any sort. His title is President and her tite is Vice President. That is not right and sounds a bit Sexist to me!
4. Financial notes state that CONSULTING FEES of $60,000 are paid YEARLY to a Consulting company operated by the WIFE of James Bond. Give me a break.....he put his wife on the payroll to pocket more money....
5. The MD&A states and has stated for several years the Kelso Rail has 47% Market Share...Nothing has changed. But, with Kelso products we should have 75% of the market. Management has allowed competitors time to readjust their products to maintain and compete against Kelso. Have you noticed that NO one-bolt Manway covers have been sold in several years? Every other manway produced have redesigned their product to compete and Kelso has no in-your-face marketing to selll. There is NO excuse for this..
There are more examples but this gives you an idea of the Mismanagemnt and corruption that continues. Again, I bring up the Example of SIQ. It had a phoney bike/ski they pumped; all the while burning cash to pay themselves salaries and fees. They ran out of money when people stopped funding them. In our case Kelso Rail is providing the cash whcih if fact should be used to plow back into Kelso Rail......This needs to stop.....VOTE them OUT!