FSI Announce 2014 First Quarter Results

Richard Ball, Chief Executive Officer of FSI Energy Group Inc. ("FSI" or the
"Company") (TSX VENTURE:FSI), is pleased to announce financial results for the
three months ended March 31, 2014.




                                                                         
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Financial Highlights:                       Three months ended March 31: 
                                                      2014           2013
                                           ------------------------------
                                                                         
Cash flow used in operating activities            (94,058)    (3,034,644)
Revenue                                            469,586      2,949,922
Comprehensive income (loss)                      (137,197)         46,840
EBITDA(1)                                        (137,363)        121,721
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Total revenue for the first quarter was $469,586 down 84% from the same quarter
last year. The decrease reflected FSI's focus on contract negotiation on a major
brine plant for the Russian market, and as a result no revenue was generated
from the foreign segment for this period of pre-contract activity. First quarter
last year included foreign segment revenue of $2,585,211 with the delivery of a
major brine plant to its first client in Kazakhstan. Revenue from the domestic
segment of $469,586 was up 29% from the same quarter last year; however with the
absence of brine plant activity experienced last year, the comprehensive loss
for the quarter was $137,197 compared to comprehensive income of $46,840 the
same quarter last year.


Although the low activity generated a loss for the quarter, the Company
anticipates that its efforts on current contract negotiations will produce
significant future brine plant revenues and the Company's liquidity remains firm
as:




--  Current assets of $1.2 million, is more than sufficient to service the
    Company's short term monetary liabilities of $0.8 million (excluding
    loan from bank which is payable only upon demand).

--  The Company is in compliance with its financial covenants and has $0.5
    million of unused loan facilities to fund future operations



Further detail may be found in the Company's Management Discussion and Analysis
- which is available on SEDAR.


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. The Company
utilizes these measures in making operating decisions and assessing the
Company'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 comprehensive income (loss) or any other measure of performance or liquidity
prescribed by GAAP. EBITDA is calculated as follows:




                                                                        
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Financial Highlights:                      Twelve months ended March 31:
                                                     2014           2013
                                          ------------------------------
Comprehensive income (loss)                     (137,197)         46,840
Addback (subtract):                                                     
Deferred income tax expense (recovery)           (43,000)         29,000
Finance costs                                      12,396         12,181
Depreciation included in cost of sales             25,720         28,807
Depreciation                                        4,718          4,893
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EBITDA(1 )                                      (137,363)        121,721
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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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
FSI Energy Group Inc.
Richard Ball
President and CEO
[phone]
[phone] (FAX)
www.fsigroup.ca