Flexpoint Develops
Automotive Industry Uses
for Flexpoint's Bend
Sensor Technology
March 18, 2009 8:00 AM
ETDRAPER, Utah--(BUSINESS WIRE)--Flexpoint Sensor Systems, Inc. (OTCBB:FLXT )
announced progress in the
automotive industry.
The company
currently has developed
a number of products
being tested for
incorporation in the
auto industry.
Some products
will be retrofitted to
replace current products
and others will be
innovative, new
products.
Variable Speed Seat Switch
The variable speed switch
will control the
position of an
automobile seat.
The Company has
completed development of
the design and has filed
for patents on the seat
switch and is discussing
the project with several
Tier-1 suppliers and
manufacturers who have
expressed interest in
the concept.
The expected
volume for the product
is several million units
over a 3 year period of
time and is expected to
grow as acceptance of
the product occurs.
Seat Belt Reminders (SBR’s)
The Company and Auto
Electronic Corporation
(AEC) of
Korea
are working under the
joint development
agreement for SBR’s for
use in the Asian
automobile markets.
Design
development and testing
with other major
automotive manufacturers
and suppliers is
continuing
simultaneously.
Worldwide sales
for automobiles are
expected to be
approximately 50 million
units in 2009.
Currently each
automobile has at least
2 SBR’s in the front
seat and in
Europe
they are expected to
require 1 SBR type unit
per seat (both front and
rear).
The market size
for this sensor, just in
new vehicles, is in
excess of $100 million
annually and could
double in size should
new safety regulations
be approved requiring
them in the rear seat as
well.
Other Automotive Applications
The company is engaged in
advanced testing and
prototype production of
a new automotive product
with a multibillion
dollar Tier 1 automotive
supplier.
This supplier
currently does business
in over 100 countries
around the world.
This product will
potentially replace a
legacy system currently
in use and could enhance
its reliability and
efficiency.
As the product is
commercialized we expect
it to significantly
enhance future revenue
streams.
Flexpoint also
has additional products
in various stages of
development including
Pedestrian Impact
Detection Devices,
climate and audio
controls and other
products that we are not
able to disclose at this
time.
The company believes that
once these and other
automotive products are
in full production
revenues could be as
high as $15 to $20
million annually, and as
new products are
developed, revenues
could increase
substantially.
The company’s
current production line
capacity is about
135,000 sensors daily or
about 35 million
annually, enough to meet
the anticipated demand
until at least the end
of 2010.
Flexpoint Sensor Systems, Inc.
Manufactures a patented cutting edge flexible sensor, that has also proven to be an extremely durable switch. The single layer Bend Sensor® product allows for the measurement of mechanical movement, air flow, water flow or even vibration. It can be used as a range of motion sensor, or as a durable, & reliable switch in most harsh environments. Flexpoint serves numerous industries including automotive, medical, industrial controls & more.
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.
Contact:
Flexpoint Sensor Systems
Clark Mower, 801-568-5111
or
Chesapeake Group
Kevin Holmes, (410) 825-3930
Source: Flexpoint Sensor Systems, Inc.
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