Flexible Solutions International Inc. announces an Equity Buyback for 1,750,000 shares, for $1.58 million.
January 08, 2016 at 12:41 pm EST
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Flexible Solutions International Inc. (AMEX:FSI) announces a share repurchase program. Under the program, the company will repurchase up to 1,750,000 shares at a price of $0.9 per share from Aareno Enterprises, Ltd formed by Robert N. O'Brien. These shares will be returned to treasury and will represent authorized but unissued shares.
The company believes that it is in the best interest of the company's shareholders to purchase the shares privately to avoid having these shares sold in the public market and thereby depressing the price of the company's common stock.
Flexible Solutions International, Inc. is engaged in manufacturing and marketing biodegradable polymers which are used in the oil, gas and agricultural industries. The Company also develops, manufactures and markets specialty chemicals that slow the evaporation of water. Its products include HEATSAVR and WATERSAVR. Its segments include Energy and water conservation products (EWCP), and Biodegradable polymers (TPAs). Its EWCP segment consists of liquid swimming pool blankets which save energy and water by inhibiting evaporation from the pool surface, and a food-safe powdered form of the active ingredient within the liquid blankets and which are designed to be used in still or slow-moving drinking water sources. Its TPA segment is used by the petroleum, chemical, utility and mining industries to prevent corrosion and scaling in water piping. This product can also be used in detergents to increase biodegradability and in agriculture to increase crop yields by enhancing fertilizer uptake.