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” |
2001 Financial Results – Unaudited
Flexible Solutions is pleased to announce the pro forma, full year financial results for 2001.
| US $ | 2001 | 2000 | 1999 |
| Revenue | 1,353,000 | 1,030,000 | 759,000 |
| Earnings* | 166,000 | 139,000 | 103,000 |
| Earnings per Share* | .02 | .02 | .01 |
| Fully diluted EPS** | .02 | .01 | .01 |
* excluding non-cash accounting for options
** excluding non-cash accounting for options but fully diluted for all vested options outstanding (Dec 31st 2001).
In related news, the Company advises that we have filed for an extension to the filing deadline for annual report 10KSB with the SEC. The delay is a result of the internal inability of our auditors to complete the audited financial statements within the allotted timeframe. It is not the fault, nor within the control of Flexible Solutions and does not reflect on the Company, its management or operations.
Dan O’Brien, CEO, states, “We are very pleased with our 2001 results. Earnings increased 19.4 % even though we were increasing expenditures necessary to bring our new product, Water$avr into position for commercial sales. Management intends to continue its policy of tight cost controls and closely focused growth in 2002.”
Flexible Solutions (NASDAQ – OTC:BB – “FXSO”; FRANKFURT “FXT”) is an environmental biotechnology company engaged in the development and sale of energy and water conservation products.
For more information please contact:
| David Katzov or Grant Moonie | In Europe: Holtermann & Team | |
| Corporate Communications | Ph. 0-69-219313-52 | |
| Flexible Solutions Intl. Ltd | Fx. 0-69-219313-21 | |
| (250) 477 9821 | email:holtermann@htcom.de |
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.