FSI Energy Services Inc.

April 19, 2011 10:48 ET

FSI Announces Joint Venture

CALGARY, ALBERTA--(Marketwire - April 19, 2011) - FSI ENERGY SERVICES INC. (TSX VENTURE:FSI) ("FSI") announced today that it has entered into a joint venture agreement with Powell Water (Canada) Inc. ("Powell Water"), a privately-held Canadian company. The new venture, FSI-Powell Water Inc., will be headquartered in Calgary, with operations in northern Alberta and British Columbia, to provide comprehensive design, manufacturing, sales and service for state-of-the-art produced water treatment.

"This new venture represents an opportunity to combine our talents and technical expertise to successfully satisfy the purification of produced water from SAGD, polymer waterfloods, frac flow- back and tailings reclamation," stated Richard Ball, President and CEO of FSI. "FSI-Powell will combine FSI's filtration/purification expertise with Powell Water's proprietary technologies. The synergies of the two companies will enable the JV to provide SAGD clients with efficient and cost- effective purification of their produced water."

"We see continuing growth in this market. The regulatory environment surrounding water treatment and disposal is becoming more complex, and cost-effective treatment options are becoming of increasing importance to our clients" says Perry Ball, Vice President of the JV. "This new joint venture will enable us to produce and deliver complete water treatment solutions with shorter lead times, greater cost efficiency, and higher quality than existing competitive technologies."

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Services Inc. is a Calgary-based manufacturing and service company specializing in customized filtration, filtration- related technologies and Brine Plants for the energy, chemical, and water treatment industries.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • FSI Energy Services Inc.
    Richard Ball
    President and CEO
    (403) 571-4230
    (403) 230-3106