News Release
March 23, 2010
FSI Announces Fourth Quarter, 2009 Revenue Exceeds 2008 Period
VICTORIA, BRITISH COLUMBIA, March 23, 2010 – 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. Today the Company announces a year over year increase in fourth quarter revenue.
Despite the recent economic slow down, orders continue to increase in all product lines as distributors face depleted inventories and the economy continues to improve. The result is an increase in fourth quarter (Q4), 2009 revenue to $2.40million, up from $2.24million in Q4, 2008, or a year over year increase of 7%. Combined with the significant increase in Q3 09 [sales up 17%] and compared with the revenue declines seen during first and second quarters of 2009, this consecutive increase in sales confirms the possibility of a significant reversal in the revenue trend for the Company.
Financial statements will be released concurrent with our 10-K SEC report on March 30th after market close. A CONFERENCE CALL is scheduled for 11:00am Eastern Time, 8:00am Pacific Time, on Wednesday, March 31, 2010. CEO, Dan O’Brien will be attending the conference call to answer questions. To participate in this conference call please dial 1-877-941-0844 (or 1-480-629-9645) just prior to the scheduled call time. The conference call title, “Fourth Quarter Financials,” may be requested.
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.