July 15, 2008
News Release
FSI Announces Second Quarter Revenues Significantly Above Expectations
VICTORIA, BRITISH COLUMBIA, July 15, 2008 – FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: FSI, FRANKFURT: FXT), is the developer and manufacturer of biodegradable and environmentally safe water and energy conservation technologies, as well as anti-scalant technology. Today the Company announces, significant year over year increase in revenues for Second Quarter (Q2), 2008.
Sales into most divisions were strong and, more specifically, the NanoChem Division sales into agriculture, oil extraction and detergent industries were significantly stronger than in Q2, 2007. As a result, Flexible Solutions’ top line revenue was up more than 36% year over year when compared to Q2, 2007. Top line revenue increased from $2.14million (Q2, ‘07) to $2.92 million (Q2, ‘08). Note also that in comparing year over year revenue for second quarter, Q2, 2008 revenue is the highest revenue reported for a Q2 by the Company. This brings first half revenue to $6.42million, up 45% over first half of 2007.
As reported in previous news releases, Flexible Solutions Management indicated that any slow down in revenue growth in 2007 would likely be temporary. It is anticipated that revenue growth for 2008 may track higher than analyst expectations. Second Quarter financials will be available by mid-August when the Company’s auditors have completed their review.
About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company specializing in 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, further results in reduced indoor humidity. The Company’s Ecosavr product targets the residential swimming pool market. The Company’s Nanochem Solutions, Inc., subsidiary specializes in environmentally friendly, green chemistry, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic acid.