FSI Energy Services Inc.

November 29, 2010 19:15 ET

FSI Energy Services Inc. Announces Third Quarter 2010 Financial Results

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2010) - Richard Ball, Chief Executive Officer of FSI Energy Services Inc. (TSX VENTURE:FSI) (formerly Baden Technologies Inc.), is pleased to announce financial results for the three and nine months ended September 30, 2010.

The third quarter of 2010 again saw a decrease in revenue ($589,383 - 2010; $1,366,372 - 2009). Revenue in the Canadian segment was down 57% year-to-year, reflecting increased competitive pricing and contract bid requirement pressures. As announced in May, however, the Company anticipates increased demand for refurbishment parts and services resulting from continuous operation of the brine plants manufactured by the Company, of which there are currently 21 in operation in West Siberia. The company also anticipates at least one contract for Russian brine plant to be signed within the next two months.

FSI is also continuing its aggressive cost-cutting program in order to respond to the variations in revenue streams, and is continuing to pursue the previously-announced private placement with the intention of increasing working capital.

More in-depth analysis of financial results is contained within the company's Management Discussion and Analysis, and available on SEDAR.

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 international and domestic energy and chemical industries.

This press release contains forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances or achievements of FSI to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, fluctuations in the market for oil and gas and related products and services, political and economic conditions, the demand for services provided by FSI, industry competition and FSI's ability to attract and retain both customers and key personnel.

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 (FAX)