Flexible Solutions International Inc (NYSEMKTS:FSI) shares jumped on Wednesday after news that the company will be introducing an annual dividend of US$0.15 per share.
The Alberta-based environmental technology company's shares were up 15% at US$ 2.22 on Wednesday afternoon.
FSI is a developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. The company also manufactures biodegradable and environmentally safe water and energy conservation technologies.
The company said it will pay an annual US$0.15 per share dividend in two equal tranches of US$0.7.5 cents per share, beginning in April 2019.
"The Board of Directors is proud to announce that FSI considers itself to have the solid future prospects and current strength needed to become a dividend paying company." said CEO Dan O'Brien.
FSI-subsidiary NanoChem Solutions Inc specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers, which can be used as scale inhibitors, detergent ingredients, water treatment and crop enhancement.
FSI is also the developer and manufacturer of WaterSavr, the world's first commercially viable water evaporation retardant. It can reduce evaporation by up to 30% on reservoirs, lakes, aqueducts, irrigation canals, ponds and slow moving rivers.
The company also offers Heatsavr, a "liquid blanket" evaporation retardant for the commercial swimming pool and spa markets, which can reduce energy costs by 15% to 40%.
Contact Katie Lewis at [email protected]