FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX: FSI, FRANKFURT: FXT),
the developer and manufacturer of biodegradable and environmentally safe water and energy conservation technologies, as well as oil field anti-scalant, detergent, water and agricultural technologies. Today the Company announces a significant year over year increase in revenues for third quarter (Q3), 2011.
Sales into oil extraction, agriculture and detergent industries were much higher than in Q3, 2010. As a result, Flexible Solutions’ top line revenue increased from $2.7 million (Q3, ‘10) to $3.86 million (Q3, ‘11), up 44% year over year.
Although there has been significant growth in all market verticals, the largest driver of FSI’s sales growth has been agricultural sales. The product is used to increase fertilizer availability to crops giving higher yields with no increase in the amount of fertilizer used. The cost of using our product is a fraction of the value of the yield increase, which results in net profits for farmers.
Mr. Dan O’Brien, CEO, comments, “We are very pleased to have achieved this very large increase in sales, especially in what is traditionally our weakest quarter. However, there is a possibility that we have received advance sales in Q3 that will reduce total sales in Q4 so we will continue our 15% quarter over year earlier quarter guidance for Q4 2011.”
Complete financial results will be available November 14
concurrent with our SEC Q3 filings.
About Flexible Solutions International
Flexible Solutions International, Inc. (
), based in Victoria, British Columbia, is an environmental technology company specializing in 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, further results in reduced indoor humidity. The Company’s Ecosavr product targets the residential swimming pool market. The Company’s Nanochem Solutions, Inc., subsidiary specializes in environmentally friendly, green chemistry, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic acid.
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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.