Flexible Solutions announces Termination of Arbitration against the Company without any payment by t
Flexible Solutions announces Termination of Arbitration against the Company without any payment by the Company
VICTORIA, British Columbia--(BUSINESS WIRE)-- FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE Amex: FSI, FRANKFURT: FXT), isthe developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients, water treatment and crop nutrient availability chemistry, as well as biodegradable and environmentally safe water and energy conservation technologies.
Today the Company announces that on November 5, 2012, we received written notice from the International Center for Dispute Resolution of the American Arbitration Association ("AAA") that it has terminated the proceedings initiated by Petitioners Noranth Venture Pte Ltd and WaterSavr Singapore Pte Ltd against Respondents Flexible Solutions, Limited and Flexible Solutions International, Inc. pursuant to Article 33 of the AAA's International Arbitration Rules. Petitioners' action sought US$25 million. This proceeding has been terminated without any payment made by us to Petitioners.
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 WaterSavr, the world's first commercially viable water evaporation retardant. WaterSavr reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. Heatsavr, 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 Ecosavr product targets the residential swimming pool market providing the same savings as Heatsavr.
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.
Flexible Solutions International
615 Discovery Street, Victoria, BCV8T 5G4 CANADA
If you have received this news release by mistake or if you would like to be removed from our update list please reply to: alishap@flexiblesolutions.com
To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com
Flexible Solutions International, Inc.
Jason Bloom
Tel: 250 477 9969
Toll Free: 800 661 3560
Fax: 250 477 9912
E-mail: info@flexiblesolutions.com
KEYWORDS: North America Canada
INDUSTRY KEYWORDS:
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