VICTORIA, BRITISH COLUMBIA, August 12, 2024 (GLOBE NEWSWIRE) — FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-AMERICAN:FSI), is a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment, as well as for nutrient availability in crops. Flexible Solutions also produces biodegradable and environmentally friendly technologies for water and energy conservation. Today the company announces the sale of shares in Florida LLC, in which we invested over five years ago.
The terms of the sale are $2 million at closing and $800,000 per year for five years. The total consideration is $6 million. The original purchase price was $3.5 million.
CEO Dan O’Brien commented: “This transaction increases FSI’s liquidity at a time when our nutrition and food business offers great potential. It will help us to take on significant contracts that may come our way in the coming months.”
CEO O’Brien continues, “At the same time, the new partner of Florida LLC has plans and the capabilities to increase revenue over the next few years. This will be beneficial for FSI as we have maintained a supply agreement with the LLC. The change in ownership is expected to result in increasing revenue for the Florida LLC over the next few 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 subsidiary, NanoChem Solutions Inc., specializes in biodegradable, water-soluble products that utilize thermal polyaspartate (TPA) biopolymers. TPA beta proteins are made from the common biological amino acid L-aspartic acid and have wide applications including as scale inhibitors, cleaning agent ingredients, water treatment, and crop enhancement. In addition to TPA, this division also began manufacturing other crop enhancement products. In 2022, the company entered the food and nutrition market by receiving FDA food approval for its Peru, IL facility. The other divisions manufacture energy and water saving products for drinking water, agriculture, industrial markets, and swimming pools around the world.
Safe Harbor Provisions
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Some of the statements contained herein that are not historical facts are forward-looking statements concerning events that involve risks and uncertainties. These forward-looking statements may be affected positively or negatively by a variety of factors. Information about potential factors that could affect the Company is included 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
Corporate Contacts: Jason Bloom, Toll Free: 800.661.3560, Fax: 403.223.2905
E-mail: [email protected]
For more information about Flexible Solutions and our products, visit www.flexiblesolutions.com
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