It looks like some sort of third-world knockoff of something else, including the name.

Freezetone Products Inc.

It's formulated for "combustible engines". Unless your engine is made of magnesium, I don't think it fits that category.

I only found an MSDS for the additive:

http://www.aapmsds.com/msdsimages/m8/sds/f/freezetone%20products/900.pdf

It's just sodium nitrite (in water), which is good for corrosion protection in steel liners (good for diesels), but offers no other protection, and no freeze protection.

Glycols are a bigger corrosion risk than water. They gradually degrade into acidic byproducts in the presence of heat and air, which is why coolant needs to be changed from time to time. Antifreeze contains buffering additives to handle that, in addition to corrosion inhibitors to handle other sources of corrosion.

I wouldn't bother with it. But feel free to be the first on your block to try it.