DRAPER, Utah, Dec. 14, 2011 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) http://www.flexpoint.com today provided a year end update on the Company.
In the late 1980's a new product was being developed to be a thin (< .005" typ) light weight potentiometer which, when integrated into a glove could provide feedback showing finger movement. After substantial development efforts a new product using a bend sensor ink was created. This new product known as the Bend Sensor potentiometer is a unique "thinking" sensor that was integrated for use in a consumer product known as a Nintendo Power Glove. Marketed by one of the world's largest toy makers, the interactive glove became a major commercial success and the first of several interactive toys using Flexpoint's Bend Sensor technology. The next generation technology is currently being integrated into medical applications for the University of Rome Tor Vergata, one of the leading research universities in the world. A study published by the University in the Journal of Neuroscience Methods validates the technology and its future applications in the medical industry. Many companies have since recognized the simplicity and reliability of the sensor making it an ideal solution to many issues associated with standard potentiometers.
The Bend Sensor potentiometer is a product consisting of a coated substrate such as plastic that changes in electrical conductivity as it is bent. Electrical systems can connect to the sensor and measure with fine detail the amount of bending or movement that occurs. A movement of only one inch can yield over 200,000 data points.
The coating can also be used on other materials such as plastic, metals and rubber. The single layer design eliminates many of the problems associated with conventional sensors such as dirt, dust, liquids, heat and pressure.
Over 20,000,000 Bend Sensor have been used in various applications since introduction and the product has been tested to 35 million cycles without failure. It can be used as a range of motion sensor, or as a very durable, very reliable switch in the harshest environments. It can operate in extreme humidity and extreme temperatures (-40C to +90C).
The company anticipates hitting some of these old production levels but in a profitable way going forward. Currently, there are 15 companies utilizing the sensors in commercialized products. The company has achieved many milestones and benchmarks in 2011 including positive testing results, requests to develop multiple customized products, actual production (not just development and testing) orders, and creation of a universal seat sensor. The size and scope of customers has accelerated substantially during the last 6 months. During the 2nd half of 2011, many Fortune 500 companies and Global Fortune 1000 companies began utilizing Flexpoint's products. In the first half of 2012, Flexpoint will begin to execute large scale production agreements in the automotive, military and toy industries. During the 2nd half of the year the company anticipates additional large scale automotive and medical industry orders to continue to accelerate top line revenues. By provide a simple, reliable, durable, low cost to manufacture product, the company anticipates its number of clients utilizing the technology for commercial successes to increase to in excess of 25 by the end of 2012.
Clark Mower, President of Flexpoint stated, "Since our last release, we have received additional orders from two of our existing customers. INTERTEK has ordered additional systems and we received an additional order for 15,000 sensors for the paint ball gun hopper. Both orders will be filled before the end of the year. These orders, though small, are increasing in frequency."
Mower further stated, "While the large scale contracts have taken longer to come to fruition than originally anticipated, they will likely be on a larger scale with more products than originally expected. As a result we believe the patience of our shareholders will be rewarded as we unveil some of these new relationships and products over the next several months. We recognize that the delays have been frustrating to both the Company and to our shareholders, but we believe that they are occurring for good reason and are not "fatal" to the deal flow."
Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
Flexpoint Sensor Systems
Clark Mower, President, 801-568-5111
Brokers and Analysts:
Chesapeake Group
410-825-3930
SOURCE Flexpoint Sensor Systems, Inc.
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