FSI Announces Termination of Merger with Lygos Inc

Rhea-AI Summary

Flexible Solutions International (NYSE: FSI) has announced the termination of its Merger Agreement with Lygos Inc. on September 30, 2022. Despite this setback, both companies remain dedicated to collaborating on the development of sustainable aspartic acid and biodegradable products derived from it. FSI, based in Victoria, British Columbia, specializes in biodegradable polymers for various applications including oil extraction and water treatment. The company continues to focus on innovation in environmental technologies.

Positive

• Continued commitment to develop sustainable aspartic acid and biodegradable products.
• FSI's expertise in biodegradable polymers positions it well for future growth opportunities.

Negative

• Termination of the merger may affect potential synergies and market expansion efforts.

VICTORIA, BRITISH COLUMBIA, Sept. 30, 2022 (GLOBE NEWSWIRE) -- 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 FSI and Lygos Inc. have agreed to terminate the Merger Agreement between the parties.

FSI and Lygos remain committed to finding routes to sustainable aspartic acid and the myriad sustainable and biodegradable products that can be made from aspartic acid. Neither FSI nor Lygos will let the termination of the merger agreement prevent them from working together in other ways to achieve the goal of sustainable aspartic acid.

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. Along with TPA, this division started producing other crop enhancement products as well. 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^TM, the world’s first commercially viable water evaporation retardant. WaterSavr^TM reduces evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers. Heatsavr^TM, 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.

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
6001 54^th Ave, Taber, Alberta, CANADA T1G 1X4

Company Contacts
Jason Bloom
Toll Free: 800.661.3560
Fax: 250.477.9912
Email: info@flexiblesolutions.com

If you have received this news release by mistake or if you would like to be removed from our update list please reply to: info@flexiblesolutions.com

To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com

FAQ

What happened to the merger between Flexible Solutions International and Lygos Inc.?

The merger agreement between Flexible Solutions International and Lygos Inc. was terminated on September 30, 2022.

What are the future plans of FSI after the merger termination?

FSI plans to continue collaboration with Lygos to develop sustainable aspartic acid and biodegradable products.

How does FSI contribute to environmental sustainability?

FSI develops biodegradable polymers for oil extraction, detergent ingredients, and water treatment, emphasizing sustainability.

What are the implications of the merger termination for FSI stock (FSI)?

The termination may impact FSI's growth prospects and synergy realization but they remain focused on sustainable innovations.