Flame Seal Products, Inc. Releases March 31, 2019 First Quarter Results and Corporate Update
Houston, TX - (NewMediaWire) - May 13, 2019 - FLAME SEAL PRODUCTS, INC. (OTC PINK: FLMP), a leading provider of Specialty Chemicals for the Passive Fire Protection Market, today issues the following update to its Stockholders.
From: Craig Keyser, CEO
Subject: March 31, 2019 First Quarter Results and Corporate Update
First Quarter Results for 2019
Flame Seal (FSP) revenues for the first quarter of 2019 were $639,398, a decrease of $29,555 or 4% less than 2018, resulting in a loss of $861.
Balance Sheet Update
FSP's current ratio of assets to liabilities remains healthy at 2.5. Receivables remain current. Flame Seal has no outstanding litigation issues as of March 31, 2019. As of March 31, 2019, FSP had 72,022,496 shares outstanding, a small increase over the 71,972,696 shares as of 12/31/18.
Research and Development Update
Craig Keyser comments, “FSP has made further progress with successful testing in several new products. The transitioning to successor technologies, though challenging and belated, is beginning to gain positive traction in coating products, specifically class A paint. The two plus years we’ve invested in developing successor products in the thermal barrier market are finally yielding us some encouraging burn results. Much work remains, but this glimmer of progress is heartening. As 2019 unfolds, we anticipate that the technologies developed in the last five years will replace all of the inherited legacy products. Successful testing will lead to new certifications and, in turn, resume FSP’s revenue growth. To further support our research and development commitment, our new in-house coatings lab will be completed in the second quarter.
“We are, also, aggressively bidding on large scale projects and recently scored a win. FSP plans to dramatically expand direct marketing. This business-to-customer initiative is expected to become a promising source of revenue.”
Online Marketing Initiative
FSP’s web business continues to grow rapidly; in fact, almost doubling in 2019 over 2018 as of this writing. Although, at this point, revenues are not yet material to our financial performance, we’re pleased with the progress shown, thus far, and see online marketing becoming integral to our business plan.
About Flame Seal
Flame Seal Products, Inc., manufacturer of the world's number one fire prevention technology, was founded in 1992 as a research and development company focused on the investigation and application of passive Fire Prevention Technologies. FLAME SEAL PRODUCTS, INC. (FLMP) began trading its common stock on March 27, 2000. Flame Seal Products, Inc. is also the Transfer Agent of record. The company offers a wide variety of Code Driven solutions for a number of diverse applications and industries, and has developed three passive fire prevention technologies which are the basis for the company's products. For more information, go to: http://flameseal.com. Financial information and news on Flame Seal is available on otcmarkets.com -- symbol FLMP -- in the "Filing and Disclosure" and “News” sections.
Safe Harbor Statement
Certain statements in this release may be "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital. Flame Seal takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Flame Seal.
Investor Relations Contact: Richard Kaneb Mobile 949-233-3229 email@example.com www.flameseal.com Craig Keyser, CEO firstname.lastname@example.org