 VANCOUVER, British Columbia and BONHAM, Texas, Aug. 13, 2020 GLOBE NEWSWIRE -- Kelso Technologies Inc. Kelso or the Company, TSX: KLS, NYSE American: KIQ reports that the Company has released the unaudited interim consolidated financial statements and Management Discussion and Analysis for the three and six months ended June 30, 2020. The unaudited interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards IFRS as issued by the International Accounting Standards Board IASB. All amounts herein are expressed in United States dollars the Companys functional currency unless otherwise indicated.SUMMARY OF FINANCIAL PERFORMANCE Three months ended June 30,Six months ended June 30, 2020 2019 2020 2019 Revenues 2,524,538 3,977,170 8,167,966 9,651,459 Gross profit 1,095,680 1,708,129 3,698,006 4,453,064 Income tax expense recovery 140,659 26,421 140,659 375,633 Net income Loss 254,428 240,887 1,028,867 1,331,791 EBITDA 35,441 367,282 1,439,928 1,904,986 EPS loss- basic and diluted 0.01 0.01 0.02 0.03 LIQUIDITY AND CAPITAL RESOURCESAt June 30, 2020 the Company had cash on deposit in the amount of 3,374,304, accounts receivable of 1,401,036, prepaid expenses of 327,937 and inventory of 5,030,404 compared to cash on deposit in the amount of 4,418,236, accounts receivable of 1,824,563, prepaid expenses of 96,627 and inventory of 3,394,192 at December 31, 2019.The Company has accrued income tax payable of 213,209 at June 30, 2020 compared to an income tax payable of 71,341 at December 31, 2019.The working capital position of the Company at June 30, 2020 was 8,706,347 compared to 7,937,873 at December 31, 2019. The majority of accounts receivable are collected within 30 days from invoicing shipments giving Kelso 1,401,036 of additional cash flow plus 3,374,304 of available cash to discharge accounts payable and accrued liabilities of 1,427,334 on a timely basis subsequent to June 30, 2020. Income taxes payable in the amount of 213,209 are due mid 2021.Net assets of the Company improved to 12,904,142 at June 30, 2020 compared to 11,845,275 at December 31, 2019. The Company has no interest-bearing long-term liabilities or debt at June 30, 2020.OUTLOOKThe COVID-19 pandemic has been a powerful economic setback that is reshaping the dynamics of the rail tank car industry. The Companys results for the first six months of 2020 maintained profitable levels but declines in the second quarter define the potential unpredictable uncertainties surrounding the effects of COVID-19 that must be managed carefully.While certain government authorities in North America have ordered the closure or minimization of all non-essential business operations in regions where they operate, Kelso falls within the exemptions for businesses that provide essential products and workforces that carry out critical manufacturing. Kelso therefore plans to continue operations at the Companys valve assembly facility in Bonham, Texas.The Company continues to be committed to the health, welfare and safety of the Companys employees, business partners and communities where the Company operates. The Company is applying comprehensive and rigorous hygiene policies and employee temperature monitoring practices to ensure Kelsos personnel remain risk free. Travel is restricted and employees that can work from home do so. Management continues to maintain full adherence to all measures put in place by applicable government authorities.With respect to the Companys rail tank car product development, in the second quarter the Company received Field Service Trial approvals from the AAR that now include Kelsos new standard profile ceramic ball bottom outlet valve and top ball valve along with the Companys pressure car pressure relief valve and angle valve. Final AAR commercial approval processes take considerable time to complete however these new products have been derived through co-engineering and testing support from the Companys key customers which may strengthen the probability of longer-term adoption by the rail industry.The Companys non-rail product development initiatives concentrate on a promising range of transportation technology products that are designed to provide unique economic benefits and safe operational advantages to commercial customers. Kelsos goal is to spread business risk to diminish the severe negative impacts of the historic down cycles in the rail industry.Kelso through its wholly owned subsidiary KIQ X Industries is working to become a leading developer of a new generation of specialized wilderness response transportation equipment. Products in KXITM WILDERTECTM development program now include a proprietary vehicle suspension system, ordinance trailers, non-penetrable body panels, custom tires and other specialty equipment. The Company is now in the final design stages and moving toward revenue generation in 2020.The Company is completing the conversion of two vehicles with the production prototype KXI suspension. This will prepare the final blueprint for the first commercial offerings to the marketplace. The Company will then move into pilot production operations where the Company will convert and sell 24 KXI equipped vehicles. The Company will then scale the production capacity based on projected sales. The initial development plans for KXI will be distribution to the Companys development partners in Canada that operate in environmentally sensitive terrain before moving into the USA and other world markets. These potential markets are new multi-million-dollar revenue opportunities for Kelso that should add positively to consolidated financial performance.During COVID-19 times the Company continues to deploy resources sensibly to maintain reasonable financial health and liquidity. Kelsos broader and new diverse specialized product mix is moving out of RD and targeted at new markets in both rail and wilderness transportation. The Companys technology transformations should allow Kelso to grow conservatively in COVID-19 times while broadening the Companys ability to grow longer term profits in better times.The Companys working capital remained at a healthy level of 8,604,662 at June 30, 2020. The Company has no interest-bearing long-term debt to service and currently operates without the need for new equity capital or credit facilities. The Companys capital management allows Kelso to finance operations and RD from existing capital reserves and product sales.Returning to pre-pandemic business volumes is expected to happen slowly. No one will be unaffected by the uncertainties surrounding the COVID-19 economy. There may be further diminishment of the Companys financial performance during 2020 due to the pandemic and the depth and length of the downturn remains uncertain. The Company feels that the debt free financial position, capital reserves, manageable costs and continuing product sales should allow Kelso to maintain its positive stature with the objective of exiting the COVID-19 crisis in a healthy financial position.About Kelso TechnologiesKelso is a diverse product development company that specializes in the design, production and distribution of proprietary service equipment used in transportation applications. The Companys reputation has been earned as a designer and reliable supplier of unique high-quality rail tank car valve equipment that provides for the safe handling and containment of hazardous and non-hazardous commodities during transport. All Kelso products are specifically designed to provide economic and operational advantages to customers while reducing the potential effects of human error and environmental harm. For a more complete business and financial profile of the Company, please view the Companys website at and public documents posted under the Companys profile on in Canada and on EDGAR at in the United States.On behalf of the Board of Directors,James R. Bond, CEO and PresidentNotice to Reader: References to EBITDA refer to net earnings from continuing operations before interest, taxes, amortization, unrealized foreign exchange and noncash share-based expenses Black Sholes option pricing model. EBITDA is not an earnings measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Management believes that EBITDA is an alternative measure in evaluating the Companys business performance. Readers are cautioned that EBITDA should not be construed as an alternative to net income as determined under IFRS; nor as an indicator of financial performance as determined by IFRS; nor a calculation of cash flow from operating activities as determined under IFRS; nor as a measure of liquidity and cash flow under IFRS. The Companys method of calculating EBITDA may differ from methods used by other issuers and, accordingly, the Companys EBITDA may not be comparable to similar measures used by any other issuer.Legal Notice Regarding Forward-Looking Statements: This news release contains forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are indicated expectations or intentions. 