Flexible Solutions International, Inc. (NYSE Amex: FSI, FRANKFURT: FXT),
the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients, water treatment and crop nutrient availability chemistry, as well as biodegradable and environmentally safe water and energy conservation technologies. Today the Company announces it has obtained increased credit facilities from the Chicago division of an international bank.
CEO, Dan O’Brien states, “I am pleased to announce FSI has received a $5.0 million revolving line of credit (LOC) at 3.75% and a $1.4 million secured loan at the same interest rate from a major Chicago based bank. This combined credit access of $6.4 million replaces the $1.5 million LOC obtained last year. The credit will be used for working capital requirements. Although very little of the credit is currently utilized, it is anticipated that our high growth rates will require significantly higher levels of inventory and receivables over the next several quarters resulting in temporary credit use. Availability of this credit ensures that the Company will not need to access the equity markets for growth capital in the foreseeable future.”
About Flexible Solutions International
Flexible Solutions International, Inc. (
), 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.
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.