FSI ANNOUNCES SALE OF FLORIDA LLC UNITS
August 12 2024 - 9:00AM
FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE- AMERICAN: FSI), 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 the
sale of units of the Florida LLC we invested in more than five
years ago.
The terms of the sale are $2 million paid at
closing and $800,000/year paid annually for five years. The total
received will be $6 million. The original purchase price was $3.5
million.
Dan O’Brien, CEO, comments, “This transaction
increases FSI’s liquidity at a time when strong potential exists in
our nutrition and food operations. It will contribute to our
ability to take on significant contracts that may appear in the
next several months.”
CEO O’Brien continues, “At the same time, the
new partner in the Florida LLC has plans and the skills to expand
sales over the next several years. This will be beneficial to FSI
as we have retained a supply agreement with the LLC. It is expected
that the change in ownership will result in increased sales to the
Florida LLC beginning in the next several quarters.”
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. In 2022, the Company entered the
food and nutrition markets by obtaining FDA food grade approval for
the Peru IL plant. The other divisions manufacture energy and water
conservation products for drinking water, agriculture, industrial
markets and swimming pools throughout the world.
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.
Flexible Solutions
International
6001 54th
Ave, Taber, Alberta, CANADA T1G 1X4
Company Contacts: Jason Bloom, Toll Free: 800.661.3560, Fax:
403.223.2905
Email: info@flexiblesolutions.com
To find out more information about Flexible Solutions and our
products please visit
www.flexiblesolutions.com
If you have received this news release by
mistake or if you would like to be removed from our update list
please reply to: info@flexiblesolutions.com
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