Kelso Technologies Inc. (“Kelso” or the “Company”), (TSX:KLS), (NYSE:KIQ) reports that it has received the final arbitration decision in the arbitration proceeding relating to a dispute with G&J Technologies Inc. et al (the “Claimants”) which has been ongoing since March 2021. The dispute was with respect to the termination of a Technology Development Agreement (TDA) dated November 10, 2016 between the Company and the Claimants. The above dispute proceeded to a formal arbitration hearing in September 2022. The Company and the Claimants have received the arbitrator’s final award that determined all the disputed issues between the parties. The award is binding on all parties and requires Kelso to provide a final financial payout of US$465,360 to the Claimants for termination fees, asset payment issues and legal fees.
The arbitrator’s ruling in no way affects the Company’s ability to continue with the KXI Wildertec Heavy Duty Suspension program which is progressing under the guidance of professional engineers, wilderness experts and software specialists. The KXI technologies will remain unencumbered by the arbitration ruling.
