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 Kelso's mission is the development and commercialization of valve technologies for public, industrial and environmental safety. The JS75 SRV, with its proven superior capabilities, provides the rail industry with the first innovation in safety relief valve technology in decades. Kelso recognized the performance limitations of existing pressure relief valve products and set about to create a technology that would ensure greater safety in the transportation and storage of hazardous and non-hazardous materials and also offer a cost savings to end users. The commitment and dedication of our pro-active President and CEO, Stephen L. Grossman, and the Board of Directors, allowed the Company to remain focused on its goal during some difficult and financially strained times. In order to eliminate unnecessary overhead and direct most funds toward research and development, Kelso downsized from seven employees to one and moved the Company office to a less costly location. We are now in a rebuilding mode and will be adding personnel as needed. The unwavering dedication of the Kelso team to the development of the JS75 SRV is providing dividends. Three JS75 SRV valves were successfully tested at an independent lab in Colorado, where it exceeded strict standards set by the AAR. The JS75 SRV subsequently received the AAR's Approval to begin a Service Trial which allowed the Company to install 30 JS75 SRVs on actual tank cars to begin the one and two year Service Trials under real road conditions. This was, at the time, the most significant milestone that Kelso had achieved. Installation began in November 2001 and the one and two year Service Trials were completed in November, 2003 and November, 2004 respectively. Teardown by the AAR and final AAR certification was granted on February 7, 2003 and February 19, 2004 respectively. On July 9, 2004, the Stainless Steel version was certified by the AAR. Kelso's main goal is now within reach. Our progress was only made possible by the confidence of the Management team that a functional and cost-effective pressure relief valve could be developed. Kelso recognized the enormous potential in several different industries for such a technical innovation in the relief device market worldwide, which had estimated annual sales in the billions of dollars. Kelso's principal objectives are:
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