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FSI Announces 2012 Third Quarter Financial Results

CALGARY, ALBERTA -- (Marketwire) -- 11/30/12 -- Richard Ball, Chief Executive Officer of FSI Energy Group Inc. (TSX VENTURE:FSI) ("FSI"), is pleased to announce financial results for the three and nine months ended September 30, 2012.


----------------------------------------------------------------------------
Financial Highlights                           Nine months       Nine months
                                                     ended             ended
                                             September 30,     September 30,
                                                      2012              2011
----------------------------------------------------------------------------
                                                                            
Revenue                                         $2,830,867        $2,653,056
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EBITDA(1)                                         (596,820)          758,370
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As explained in the company's Management Discussion and Analysis - which is available on SEDAR - FSI is currently nearing completion of two previously-announced Brine Plant export contracts with revenue totalling USD10.6 million.

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Group 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.

Non-GAAP Financial Measures

EBITDA does not have a standard definition prescribed by GAAP and therefore may not be comparable to similar measures disclosed by other companies. FSI utilizes these measures in making operating decisions and assessing FSI's financial performance and as an indicator of its ability to service its liabilities. This non-GAAP measure has not been presented as an alternative to net income (loss) or any other measure of performance or liquidity prescribed by GAAP. EBITDA is calculated as follows:


September 30,                      Three months ended      Nine months ended
                              ----------------------------------------------
                                     2012        2011       2012        2011
                                        $           $          $           $
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Net income (loss)                (635,590)    461,181   (778,964)    592,390
Add back:                                                                   
Finance costs                      23,620      20,312     71,909      58,433
Depreciation included in                                                    
cost of sales                      31,145      34,284     93,652      95,501
Depreciation                        4,683       4,016     16,583      12,046
----------------------------------------------------------------------------
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EBITDA                           (576,142)    519,793   (596,820)    758,370
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Forward-looking Information Cautionary Statement

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. In particular, this press release contains forward- looking information about the completion of the Brine Plant export contracts and the revenues associated therewith. Forward-looking statements are based on the opinions and estimates of management relying on their experience at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to, the risk factors discussed in FSI's MD&A and other continuous disclosure documents. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by FSI, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on FSI or its business operations. FSI disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
FSI Energy Group Inc.
Richard Ball
President and CEO
(403) 571-4230
(403) 230-3106 (FAX)
www.fsigroup.ca

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