Flexible Solutions International (FSI) on Friday said it was contracted to manufacture food-grade items for a US-based company.
The non-exclusive agreement, finalized on Jan. 7, has an initial term of five years and will automatically renew for up to five additional five-year terms unless either party provides a 180-day notice of non-renewal before the end of the then-current term.
The company said it estimates the contract to generate between $15 million and $30 million or more in annual revenue, with production expected to begin in approximately six months after expanding clean room space and installing necessary equipment.
Flexible Solutions shares were down 5.5% in recent Friday trading.
Price: 6.08, Change: -0.35, Percent Change: -5.47
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