Mr. Andrukaitis has over 25 years of senior corporate management experience with a solid foundation in finance, accounting, strategic planning, business development and turn-around activities. He is the past Chief Operations Officer of TrinityRail and past President of Trinity Tank Car, Inc. both subsidiaries of Trinity Industries of Dallas, Texas. He is also the past President and CEO of GATX Terminals Corporation of Chicago, IL. Mr. Andrukaitis is a CPA and holds a Bachelor of Science degree in Accounting from the University of Illinois and Master of Business Administration degree from DePaul University.
James R. Bond, CEO and director of the Company, stated that, "This is a strong addition to the management capability of Kelso Technologies and the Board of Directors looks forward to the contributions that Mr. Andrukaitis, as a new director, will be able to make to the overall governance and future business development of the Company."
The Company also announces that it has granted Mr. Andrukaitis an incentive stock option for 100,000 common shares. The option is exercisable at $0.58 per common share and is exercisable at any time until August 24, 2016. The options vest immediately.
Kelso is dedicated to becoming the dominant leader in the design and supply of new innovative technologies aimed at the safe containment of hazardous materials in transportation systems with the primary goal of generating above average benefits for the environment, society, customers, industry work forces and our stakeholders worldwide.
The Company designs, engineers, markets, sells, produces and distributes a series of industrial products based on our patented technologies including constant force pressure relief valves and a new unique MSS that are designed to reduce the risk of environmental harm due to non-accidental events in the transportation of hazardous commodities via railroad tank cars in North America.
Kelso is focused on the full scale commercial marketing and distribution of its proprietary technologies. With the economic recovery in North America, the enforcement of US and Canadian environmental regulations for shippers of chemical commodities and the adverse effects of wear and tear on existing railroad fleets management expects that the railroad industry will rebound significantly. Management is confident that its corporate reorganization in 2010 laid the foundation from which to pursue a meaningful revenue stream from a market made up of over 700 new tank-car builders, major chemical shippers, repair shops and retrofitters. The Company will update, by way of news releases, progress reports in the future.
For a more complete business and financial profile of the Company, management encourages interested parties to view the Company's website at www.kelsotech.com and public documents posted on www.sedar.com .
Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that the railroad market will rebound significantly and that a market of over 700 potential customers exists. The Company's products involve detailed proprietary and engineering knowledge and specific customer adoption criteria, hence factors that could cause actual results to be materially different include that we may be unsuccessful in raising any additional capital needs that may arise; we may not have sufficient capital to develop, produce and deliver new orders; orders that are placed may be cancelled; product may not perform as well as expected; markets may not develop as quickly as anticipated or at all; or that the productive capacity of Kelso may not be large enough to handle market demand. Further, we are reliant on certain key employees who may leave the Company and we may be unable to protect or defend our intellectual property. Lastly, investors who have agreed to participate in our proposed private placement may decide not to do so, and we may be unable to complete all or any part of the expected financing. Investors are cautioned against placing undue reliance on forward-looking statements. We assume no responsibility to update these forward looking statements except to the extent required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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