NEWS RELEASE
March 19, 2020
FSI Announces The Company Has Decided To Suspended The Dividend Until Further Notice
VICTORIA, BRITISH COLUMBIA, March 19, 2020 – FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-AMERICAN: 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 due to current circumstances related to the COVID-19 crisis the board of directors has decided to suspend the regular dividend until further notice.
At the request of our banker and with deep regret, FSI has decided to suspend the dividend until further notice. The length and intensity of the disruptions to the world economy as a result of the Covid-19 crisis are not known at this time. The risks to FSI’s business are equally unpredictable. Therefore, conserving capital is the proper response to risks which will only become quantifiable several months in the future.
Mr. Dan O’Brien, CEO, states: “The Board of Directors took this action after extensive consideration and at the strong request of our bankers. We understand the gravity of suspending a dividend and are very sad to have to do so – even though we believe it is the best action for the good of the Company.”
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. Along with TPA, this division started producing other crop enhancement products as well. 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 WaterSavrTM, the world’s first commercially viable water evaporation retardant. WaterSavrTM reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. HeatsavrTM, 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.
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.