News Release
November 2, 2010
FSI Announces Third Quarter Revenue Significantly Above 2009 Period
VICTORIA, BRITISH COLUMBIA, November 2, 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 third quarter revenue.
The economic slowdown of 2008-09 appears to have subsided. Year over year revenue continues to increase for FSI. The result is an increase in third quarter (Q3) 2010 revenue to $2.67 million, up from $2.45 million in Q3, 2009, or a year over year increase of 9%. 9 month 2010 revenue is $8.89 million, up 20% from 9 month 2009 revenue of $7.38 million. Third quarter of 2009 had a restocking component to revenue that was not repeated in 2010 and as a result, the company is confident that the year over year revenue increase in 2010 represents repeatable new sales.
Financial statements will be released concurrent with our 10Q SEC report on November 11th after market close. A CONFERENCE CALL is scheduled for 11:00 am Eastern Time, 8:00 am Pacific Time, on Friday, November 12, 2010. CEO, Dan O’Brien will be presenting the conference call and answering questions. To participate in this conference call please dial 1-480-629-9770 (or 1-877-941-6009) just prior to the scheduled call time. The conference call title, “Third 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.
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.