(MENAFN- ACCESSWIRE ) VICTORIA, BC / ACCESSWIRE / November 19, 2018 / FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE American: FSI; FRANKFURT: FXT), 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 acquisition of 65% of ENP Investments LLC, a manufacturing and distribution company active in the areas of golf, turf and ornamental agriculture products.
This acquisition will expand FSI's exposure to the important golf, turf and ornamental marketplace, increase revenue and cash flow as well as providing opportunities for product improvement by both FSI and ENP.
This control position in the acquisition will be held by the NanoChem division of FSI because both production facilities are situated within 20 miles of each other in Illinois and because the agricultural operations of NanoChem are synergistic with ENP at all levels.
The purchase price is US$5.11 million in the form of $4.11 million in cash and a $1 million convertible note carrying an interest rate of 5% per year. The cash was provided by a loan from BMO Harris Bank. The financials of ENP will be consolidated into those of FSI beginning with Q4 2018. We expect the acquisition to add $1.3 MM to revenue in Q4 and $7.5 MM or greater for full year 2019.
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. 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 WaterSavrTM, the world's first commercially viable water evaporation retardant. WaterSavrTM reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. HeatsavrTM, 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.
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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: 250.477.9912
Email:
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To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com
SOURCE: Flexible Solutions International, Inc.
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