EXHIBIT 99.1
[FLEXIBLE SOLUTIONS LOGO]
THE WALL STREET GROUP, INC. COMPANY CONTACT: DAVID KATZOV
32 EAST 57TH STREET GRANT MOONIE
NEW YORK, NEW YORK 10022 (250) 477 9821
(212) 888-4848 JENS BIERTUMPEL
(604) 682 1799
FLEXIBLE SOLUTIONS HAS 98% REVENUE INCREASE FOR 6 MONTHS ENDED JUNE 30
SLIGHT LOSS MAINLY ATTRIBUTED TO INCREASED R&D AND MARKETING COSTS; SALES OF
WATER$AVR PRODUCT EXPECTED TO ACCELERATE
VICTORIA, BRITISH COLUMBIA, JULY 30, 2003 - FLEXIBLE SOLUTIONS INTERNATIONAL
INC. (AMEX: FSI, FRANKFURT: FXT), the developer and manufacturer of
environmentally safe water conservation technology today announced that revenues
for the six months ended June 30 exceeded $2 million, a 98% increase over the
year-ago period.
Revenues for the three months ended June 30, 2003, increased 10% to $736,459,
compared with $665,245 in the corresponding period a year ago. The Company
reported a net loss of $235,841, or ($0.02) per basic average share compared
with a net profit of $22,662, or nil per basic average share in the second
quarter of 2002. Weighted average basic shares outstanding used in computing per
share amounts were 11,709,916 and 9,893,726, respectively.
For the six-months ended June 30, 2003, revenues rose to $2,067,993, a 98%
increase over the $1,041,865 for the year ago period. A net loss of ($3,269), or
nil per basic average share compared with a net profit of $43,282, or nil per
basic average share in the first six months of 2002. Weighted average basic
shares use in computing per share amounts for the six months were 11,677,988 and
9,645,061, respectively.
"The year-over-year increase in revenue is significant and satisfying," stated
Daniel B. O'Brien, Chief Executive Officer of Flexible Solutions. "The slight
net loss for the six months can be primarily attributed to the cost of expanding
our sales force in anticipation that sales of the our flagship Water$avr product
will accelerate through the second half of the year, as well as increased costs
for research and development as we hasten efforts to get our proposed new
products for crop enhancement and mosquito disease control to market more
quickly."
Flexible Solutions previously announced that multiple laboratory trials have
shown that the Company's Water$avr evaporation control product can be used to
effectively and inexpensively spread an environmentally safe mosquito control
agent. In addition, the Company is developing an enhanced version of Water$avr
utilizing patented azo spirillium manufactured by Tatko Inc. of Peoria,
Illinois, which Flexible Solutions is exclusively marketing to the world rice
industry.
ABOUT FLEXIBLE SOLUTIONS INTERNATIONAL
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in
Victoria, British Columbia, is the developer and manufacturer of Water$avr, the
world's first commercially viable water evaporation retardant. Its Water$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.
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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 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.
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FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
2003 2002 2003 2002
------ ------ ------ ------
Revenue $ 736,459 $ 665,245 $ 2,067,993 $ 1,041,865
Net Income (Loss) $(235,841) $ 22,622 $ (3,269) $ 43,282
Net Income (Loss) Per
Common Share - Basic $ (0.02) $ nil $ nil $ nil
Weighted Average Shares
Used in Computing
Per Share Amounts - Basic 11,709,916 9,893,726 11,677,988 9,645,601