March 24th 2003
FLEXIBLE SOLUTIONS INTERNATIONAL INC.
2614 Queenswood Dr.
Victoria BC V8N 1X5
AMEX – “FSI” FRANKFURT “FXT”
2002 Financial Results – Un-audited
Flexible Solutions is pleased to announce the cash financial results for 2002.
US$ 2002 2001 2000
Earnings (260,837) 22,122 138,971
Earnings per Share ($0.02) 0 $0.02
Shareholder Equity 6,201,673 530,614
2002 Financial Results selected from the Audited Financials
US$ 2002 2001 2000
Revenue 1,112,192 1,334,273 1,029,649
Earnings (3,082,445) (233,955) 138,971
Earnings per share($0.29)($0.03)$0.02
Average strike price of outstanding options $3.79 per share
Flexible Solutions management has chosen to release the Company’s financials in both formats because, in the opinion of the Board of Directors, the GAAP method of non-cash accounting for options can be both confusing and misleading unless a cash accounting is available for comparison.
To reconcile the un-audited cash results with the audited, the audited financials should be consulted in detail and the non-cash expenses resulting from option expenses removed from the respective years.
Flexible Solutions (AMEX – “FSI” and FRANKFURT – “FXT”) is an environmental biotechnology company engaged in the development and sale of energy and water conservation products for drinking water, agriculture and swimming pools throughout the world.
For more information please contact: David Katzov or Grant Moonie 250 477 9821
Jens Biertumpel 604 892 1799
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 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 Commission.