January 8, 2016
FSI Announces 1.75 Million Share Buyback
VICTORIA, BRITISH COLUMBIA, January 8, 2016 – FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces that it has bought back 1.75 million shares at a price of $0.90 per share.
On January 6, 2016 the Company purchased 1,750,000 shares of its common stock owned by Aareno Enterprises, Ltd. Aareno Enterprises was formed by Robert N. O’Brien to hold 1,750,000 shares of the Company’s common stock. Subsequent to Mr. O’Brien’s death in March 2015, the ownership of Aareno Enterprises was transferred to Helen T. O’Brien. Since there was a possibility that a substantial number of the shares owned by Aareno Enterprises would need to be sold to pay estate taxes, the Company believed that it was in the best interest of the Company’s shareholders to purchase the shares privately to avoid having these shares sold in the public market and thereby depressing the price of the Company’s common stock. This shares purchased from Aareno Enterprises will be returned to treasury and will represent authorized but unissued shares.
Mr. Dan O’Brien, Chief Executive Officer, comments, “The smaller number of shares outstanding increases the book value per share, the cash flow per share and the earnings per share along with all the other “per share” metrics. This is good for the shareholders. Equally important, is that buying back a share position that could have been forced to sell for tax reasons removes a significant risk to our stock price which could have affected our Company’s future plans if it had occurred at the wrong time.”
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 providing the same savings as Heatsavr.
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.