NEWS RELEASE
FLEXIBLE SOLUTIONS INTERNATIONAL INC.
Corporate Headquarters
2614 Queenswood Dr.
Victoria BC V8N 1X5
E-mail: info@flexiblesolutions.com
| NASDAQ – OTC:BB – “FXSO” | FRANKFURT “FXT” |
$1 Million Private Placement Closes
Flexible Solutions is pleased to announce the closing of a private placement that raised $1,000,000 through the sale of 400,000 common shares at $2.50 each. This private placement was initiated on March 12th 2002 and announced on that date. Due to a high level of interest, the placement was expanded to 400,000 from 100,000 shares.
Mr. Dan O’Brien states, ”This funding activity greatly strengthens the Company’s balance sheet and will allow us to move our business forward much more quickly. Until this major vote of confidence in Flexible Solutions by the investment community, we could grow only as fast as provided by the retained earnings of past years.”
The proceeds of the private placement will be used to accelerate the sales initiatives of the Water$avr Division of Flexible Solutions and for general corporate purposes. Flexible Solutions is an environmental biotechnology company that develops and sells energy and water conservation products globally. Water$avr is the Company’s patented product for evaporation reduction on fresh water supplies that reduce water loss at an applied cost of .04 -.05 Euros ($.03-.04) per cubic meter saved.
For more information please contact:
| David Katzov or Grant Moonie | In Europe: Holtermann & Team | |
| Corporate Communications | 49-69-219313-0 | |
| Flexible Solutions Intl. Ltd | ||
| (250) 477 9821 |
The Private Securities Litigation Reform Act of 1995 provides a “Safe Harbour” for forward looking statements. Certain of the statements contained herein which are not historical facts are forward looking statements 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 Commision.