NEWS RELEASE
25 July 2002
FLEXIBLE SOLUTIONS INTERNATIONAL INC.
Corporate Headquarters
2614 Queenswood Dr.
Victoria BC V8N 1X5
E-mail: info@flexiblesolutions.com
| NASDAQ – OTC:BB – “FXSO” | FRANKFURT “FXT” |
US$ 5Million Private Placement Completed
Flexible Solutions is pleased to announce the closing of a private placement that raised US$5,000,000 through the sale of 1,428,600 common shares at $3.50 per share. The placement was fully subscribed for by new and existing institutional investors.
Mr. Dan O’Brien, CEO, states, ”We are very pleased with the confidence shown by these new and follow on investors in our Company and its unique conservation products, especially in these times of market pessimism.”
The proceeds will be used for the following purposes:
Mr. Patrick Grant, President of the Water$avr division will immediately begin building a world sales infrastructure with the objective of expanding sales of Water$avr (our patented evaporation control product) into all markets and areas of the world which can be profitably served. Mr. Grant explains, “I am very excited about the opportunities we will be able to seize with the help of this additional financial strength. Our speed to market will accelerate and we will be able to make optimum use of the more than 16 years remaining on our initial patent.”
The Company will begin expanded research and development to identify, patent and commercialize other uses for the highly effective spreading mechanism that is the basis of Flexible Solutions water conservation technology. R&D will provide new products and uses that will increase the long-term value of the Company.
Finally, this financing will provide the working capital required to support production input costs as the sales team closes large orders; without resort to debt or further dilution to shareholders.
Flexible Solutions is an environmental technology company focused on water and energy conservation. Water$avr is a safe, effective evaporation reduction powder that can reduce water loss by up to 45% at a cost as low as US$0.03 – .05 per cubic meter of water saved.
| David Katzov or Grant Moonie | In Europe: Holtermann & Team |
| Corporate Communications | tel: 0-69-2193 1352 |
| Flexible Solutions Intl. Ltd | fax: 0-69 2193 1321 |
| (250) 477 9821 | email: holtermann@htcom.de |
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.