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Kelso Technologies Inc (2)
Symbol KLS
Shares Issued 54,443,422
Close 2024-11-14 C$ 0.14
Market Cap C$ 7,622,079
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Kelso says former CFO Lee oversaw financial collapse

2024-11-14 19:33 ET - Street Wire

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by Mike Caswell

Kelso Technologies Inc. has responded to the wrongful dismissal lawsuit filed by its former chief financial officer, Richard Lee, accusing Mr. Lee of taking the company to "the verge of financial collapse." Kelso denies that it did anything wrong in firing Mr. Lee, saying that it terminated him after he failed in his duties as CFO. The company further claims that it offered Mr. Lee a $60,000 severance payment, but he refused the offer.

The statements from Kelso come in response to a notice of claim that Mr. Lee filed in the Supreme Court of British Columbia on Oct. 17, 2024. The case arose from the Aug. 30, 2024, dismissal of Mr. Lee which, according to the suit, came with no good reason. Mr. Lee, 68, says that the company had attempted to force him into retirement, but he refused.

According to the suit, the dismissal triggered a clause in Mr. Lee's employment agreement which stated that he was entitled to 24 months of salary. At the time of his dismissal, Mr. Lee was earning $20,000 (U.S.) per month, plus expenses and a year-end bonus, the suit states. Mr. Lee's lawsuit is seeking court-ordered damages, plus interest and court costs.

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