Exhibit 99.1
NEWS RELEASE
June 12, 2003
FLEXIBLE SOLUTIONS INTERNATIONAL INC.
2614 Queenswood DriveVictoria BC V8N 1X5
Email: info@flexiblesolutions.com
www.flexiblesolutions.com
AMEX "FSI" FRANKFURT "FXT"
FLEXIBLE SOLUTIONS COMPLETES ACQUISITION OF 20% STAKE IN TATKO BIOTECH
NEW PRODUCT EXPECTED TO OPEN UP SIGNIFICANT NEW MARKET FOR BOTH COMPANIES
YORKVILLE, ILL., JUNE 12, 2003 - FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (AMEX:
FSI, FRANKFURT: FXT), today announced that it has completed the acquisition of a
20% stake in privately held Tatko Biotechnology Inc.
Under terms of the previously announced agreement, Flexible Solutions
International issued 100,000 shares of restricted common stock to Tatko in
return for an option to buy 20% of the Peoria-based biotech company any time
until June 1, 2008, upon payment of a nominal fee of $1. FSI also received
exclusive rights to sell products comprised of its Water$avr evaporation control
powder and Tatko's patented azo-spirillium crop enhancement products. The
exclusive rights cover the worldwide rice growing market in perpetuity.
"The combination of complementary and patented technologies of FSI and Tatko is
expected to create a significant opportunity and open up new markets for both
companies," stated Daniel B. O'Brien, Chief Executive Officer of Flexible
Solutions International. "We are targeting the worldwide 450-million-acre flood
irrigation marketplace where an annual $20 per acre investment in our new
product that currently is under development could yield $70 per acre in extra
crop value."
Water$avr, the flagship product of Flexible Solutions, is not only an effective
method of reducing fresh water loss due to evaporation from reservoirs, lakes
and irrigated cropland, but it is also a spreading mechanism that can deliver
valuable nutrients developed by Tatko to flooded soil. By introducing these
nutrients and enhancing nitrogen content at the source of field flood water,
even and cost-effective crop fertilization is provided through the self
spreading ability of Water$avr, Mr. O'Brien stated.
TATKO'S AZO-SPIRILLIUM PRODUCT IS AN ORGANIC, NATURALLY OCCURRING MICRO-ORGANISM
THAT PROVIDES UP TO 40% YIELD INCREASES COMPARED TO UNTREATED CROPS WHEN EVENLY
SPREAD IN THE CORRECT CONCENTRATIONS. "OUR COMPANIES, WORKING TOGETHER OVER THE
NEXT YEAR, PLAN TO COMMERCIALIZE A MIXTURE OF WATER$AVR AND AZO-SPIRILLIUM FOR
THE FLOOD IRRIGATED RICE MARKET," MR. O'BRIEN SAID. "THE COMBINED PRODUCT IS
EXPECTED TO RETAIN ALMOST ALL OF ITS EVAPORATION REDUCTION ABILITIES, ENABLING
RICE PRODUCTION WITH UP TO 30% LESS WATER CONSUMPTION."
ABOUT FLEXIBLE SOLUTIONS INTERNATIONAL
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in
Victoria, British Columbia, is the developer and manufacturer of Water$avr, the
world's first commercially viable water evaporation retardant. It's Water$avr
division is based in Yorkville, Ill. FSI is an environmental technology company
specializing in energy and water conservation products for drinking water,
agriculture, industrial markets and swimming pools throughout the world.
Water$avr reduces evaporation by up to 30% on reservoirs, lakes, aqueducts,
irrigation canals, ponds and slow moving rivers. Water$avr, which is patented,
has been certified by the United Nations, the National Sanitation Foundation
(NSF) and meets the drinking water standards of the American National Standard
Institute (ANSI). Heat$avr, a "liquid blanket" evaporation retardant for the
commercial swimming pool and spa markets, also reduces humidity and lowers water
heating costs, resulting in energy savings of 15% to 40%. The Company's Tropical
Fish(TM) product targets the residential swimming pool market.
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor"
for forward-looking statements. Certain information on 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.
Contacts:
THE WALL STREET GROUP, INC Flexible Solutions
32 East 57th Street David Katzov/ Grant Moonie
New York, New York +1 250 477 9821
10022 Jens Biertumpel
+1 212 888-4848 +1 604 682 1799
Karen Boudewyn
Flexible Solutions International Inc.
tel: 250.477.9969