FSI Announces 2013 First Quarter Financial Results

Richard Ball, Chief Executive Officer of FSI Energy Group Inc. (TSX VENTURE:FSI)
("FSI" or the "Company"), is pleased to announce financial results for the three
months ended March 31, 2013.




Financial Highlights:                     Three months ended March 31:      
                                    ----------------------------------------
                                                    2013                2012
                                    ----------------------------------------
Revenue                                        2,949,922           1,300,180
Comprehensive income (loss)                       46,840             132,124
EBITDA(1)                                        121,721             190,268
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FSI started the first quarter of the year with the delivery of a major brine
plant to its first client in Kazakhstan, resulting in revenue from the foreign
segment of $2,585,211, and total revenue for the quarter of just under $3
million.


Key highlights:



--  Total revenue of $2,949,922 was 127% higher than the same quarter last
    year 
--  The Company's liquidity, enhanced from the economic activity from the
    fourth quarter last year and current quarter, remains firm as: 
    --  The Company delivered the second contracted brine plant from 2012 in
        the first quarter of 2013. Revenue from this project (approximately
        $7.5 million) will be realized in the second quarter of 2013. 
    --  Cash and restricted cash (which became unrestricted April 9, 2013)
        amounted to $2.5 million and is more than sufficient to service the
        Company's short term monetary liabilities of $1.8 million 
    --  Although cash flow from operations was negative $3,034,644 for the
        first quarter compared to positive $59,712 the same quarter last
        year, this primarily reflects that most of the revenue on the sale
        of the brine plant this quarter was collected last year through
        customer deposits and higher payments to trade payable vendors in
        respect of brine construction activity the last quarter of 2012. 



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


(1) 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 net income (loss) or any other measure of performance or liquidity prescribed
by GAAP. EBITDA is calculated as follows:




                                             March 31, 2013   March 31, 2012
                                          ----------------------------------
Net income                                         $132,124         $132,124
                                                                            
Addback:                                                                    
Finance costs                                        19,949           19,949
Depreciation included in cost of sales               30,906           30,906
Depreciation                                          7,289            7,289
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EBITDA                                             $190,268         $190,268



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.


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.


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