Ouch and massive dilution, at least previous management's been kicked out...
Kelso completes 1:7 rollback
2010-05-13 12:40 ET - News Release
Mr. James Bond reports
CONSOLIDATION OF CAPITAL
Pursuant to a special resolution passed by the shareholders on Feb. 5, 2010, Kelso Technologies Inc. has consolidated its capital on a 1:7 basis. The name and the trading symbol of the company will remain unchanged.
Effective at the opening Thursday, May 13, 2010, the common shares of the company commenced trading on the TSX Venture Exchange on a consolidated basis. Postconsolidation capitalization will be an unlimited number of common shares with no par value, of which 12,354,869 are issued and outstanding. No shares are subject to escrow.
New management is currently reorganizing and arranging new equity financing for the company's business plans. The company is completing a private placement of up to $1.5-million in order to further develop its marketing and new product initiatives. With the expected economic recovery, the enforcement of United States and Canadian environmental regulations for shippers of commodities, and the effects of wear and tear on existing railway fleets, it is expected that the railway industry will rebound significantly over the next decade. Management is confident that the company's current reorganization will provide a solid structural and financial foundation from which to build a business reputation as a reliable supplier of best-available-technology products to customers in the railway industry. Once established, Kelso will work diligently to maintain its reputation as a valued supplier of pressure relief and inspection valves to the rail tank car sector.