November 3, 2009
FSI Announces Third Quarter Revenue Significantly Above 2008 Period
VICTORIA, BRITISH COLUMBIA, November 3, 2009 – 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 recent downward pressure on FSI’s revenue, caused by the current economic slow down, appears to be subsiding. Orders are increasing in all product lines and distributors face depleted inventories. The result is an increase in third quarter (Q3) 2009 revenue to $2.44million, up from $2.1million in Q3, 2008, or a year over year increase of 16%. Compared to the revenue declines seen during first and second quarters, this increase in sales, in all product lines, indicates the possibility of a significant reversal in the short term revenue trend for the Company.
Financial statements will be released concurrent with our 10Q SEC report on November 12th after market close. A CONFERENCE CALL is scheduled for 11:00am Eastern Time, 8:00am Pacific Time, on Friday, November 13, 2009. CEO, Dan O’Brien will be attending the conference call to answer questions. To participate in this conference call please dial 1-480-629-9771 (or 1-800-762-8779) 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.