April 14, 2009
FSI Announces First Quarter Revenue Lower Than 2008 Period
VICTORIA, BRITISH COLUMBIA, April 14, 2009 – FLEXIBLE SOLUTIONS
INTERNATIONAL, INC. (NYSE Amex: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and crop nutrient availability chemistry as well as biodegradable and environmentally safe water and energy conservation technologies.
Due to the current economic slow down, many companies have chosen to carry lower inventories of all product lines including FSI’s TPA and pool products. As a result, Flexible Solutions’ first quarter 2009 revenue decreased to $2.65million, from $3.5million (Q1, 2008), down 25% year over year.
Management expects that FSI will be profitable in first quarter even with this decrease in sales. Also, indications from buyers are that their current inventory levels of FSI products are at very low levels, and to maintain just on time inventories, ordering has begun. Therefore, it is anticipated that the current economic slow down may have only a very short term affect on FSI’s revenue. Audited financial statements, including net profits, will be released concurrent with our 10Q SEC report on May 14th.
Mr. Dan O’Brien, CEO, states, “Given these tough economic times, I am extremely proud of our team and optimistic about the Company’s near term future. As the economy becomes healthier we may see a positive compound effect on FSI’s revenue as both buying of product and carrying of inventory increase.”
About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company. The Company’s NanoChem Solutions Inc. subsidiary specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic and have wide usage including scale inhibitors, detergent ingredients, water treatment and crop enhancement. The other divisions manufacture energy and water conservation products for drinking water, agriculture, industrial markets and swimming pools throughout the world.
FSI is the developer and manufacturer of WaterSavr, the world’s first commercially viable water evaporation retardant. WaterSavr reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. Heatsavr, a “liquid blanket” evaporation retardant for the commercial swimming pool and spa markets, reduces energy costs by 15% to 40% and can result in reduced indoor pool humidity. The Company’s Ecosavr product targets the residential swimming pool market.
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.