March 13, 2002
FLEXIBLE SOLUTIONS INTERNATIONAL INC.
2614 Queenswood Dr.
Victoria BC V8N 1X5
|NASDAQ – OTC:BB – “FXSO”
FXSO Announces $250,000 Private Placement Agreement
Flexible Solutions is pleased to announce the signing of a private placement agreement to raise $250,000 through the sale of 100,000 common shares at $2.50 each.The agreement requires that the placement close by April 21st 2002 or the Company may withdraw the offer or raise the purchase price at the Company’s discretion.
Patrick Grant, President of the Water$avr division says, ” The private placement investor is a German group with much interest in the areas of water and conservation.We are very happy to have received such a vote of confidence so soon after our listing on the Frankfurt Stock Exchange. It is gratifying to see such immediate interest from the European investor community for our Company and products.”
The proceeds of the private placement will be used to accelerate the sales initiatives of the Water$avr Division of Flexible Solutions and for general corporate purposes. Flexible Solutions is an environmental biotechnology company that develops and sells energy and water conservation products globally. Water$avr is the Company’s patented product for evaporation reduction on fresh water supplies that reduces water loss at an applied cost of .04-.05 Euros ($.03-.04) per cubic meter saved.
For more information please contact:
|David Katzov or Grant Moonie
|In Vancouver: Steve McGuire
|In Europe: Holtermann & Team
|(604) 605 6037
|Flexible Solutions Intl. Ltd
|(250) 477 9821
The Private Securities Litigation Reform Act of 1995 provides a “Safe Harbour” 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 Commision.