Very true, I really appreciate you informing me about that company too. I wanted to say thanks. It appears they had a fire at one of their facilities and it's at a total loss however it was fully insured:
EWS RELEASE
13 February 2017
FSI – Fire at Taber Alberta Plant
VICTORIA, BRITISH COLUMBIA, February 13, 2017 – FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-MKT: 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. On Saturday, February 11th, a fire started in our Taber Alberta plant where all our swimming pool products are manufactured. The building and contents are a total loss. One employee suffered very minor burns. Insurance was in place.
Sales of products made at this plant are between $600,000 and $800,000 annually meaning that the effect on revenue will be about $150 thousand to $200 thousand per quarter until operations are resumed, while the effect on EBITDA and profits will be extremely small.
There will be no effect on production and sales of the NanoChem division nor will WatersavrTM production and sales be affected. 95% of annual sales are through NanoChem and WatersavrTM. Customers of our pool products should contact their sales representative regarding orders that are in place or to be placed.
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. The Company’s EcosavrTM product targets the residential swimming pool market providing the same savings as HeatsavrTM.
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.
