Auto Industry Update from Flexpoint Sensor Systems, Inc.
April 29, 2010 8:00 AM ET
DRAPER, Utah--(BUSINESS WIRE)--Flexpoint Sensor Systems, Inc. (OTCBB:FLXT )
http://www.flexpoint.com , updated progress on several products for the automotive industry. The Company currently
is working on development of several products with Tier 1 suppliers and manufacturers that are being tested for incorporation into automobiles.
- Control Panels – Climate and Audio Controls
– The Company is working on the development of control panels for automobiles utilizing their
patented Bend Sensor® technology. With the rapidly expanding technical systems provided in automobiles, this is an area of increased interest with automobile suppliers.
This is also a technology that transfers to non-automotive applications involving controls of large household appliances.
- Variable speed switch - The variable speed switch controls the position of an automobile seat. The Company has patents pending on the seat switch.
The company is currently working with several Tier-1 suppliers and manufacturers who have expressed interest in the concept. Once the seat switch is accepted into a platform;
volumes for the seat switch are expected to be several million units and should grow as acceptance of the product occurs. As well as adding the variable speed feature, the seat
switch assembly weighs less than the assemblies currently in use and is compatible with the emphasis of automotive manufacturers toward lighter, more fuel efficient cars.
- Seat Belt Reminders (SBR’s) - The Company continues to work on the development of SBR’s for use in the automobile markets.
Design development and testing with other major automotive manufacturers and suppliers is continuing. The market size for this sensor, in new vehicles, is in
excess of $100 million annually and could double in size should new safety regulations be approved requiring installation in the rear seat as well.
With current relationships we believe we could capture 5-10% of this market.
- Other Automotive Applications - The Company is engaged in testing and prototype production of new automotive products, including innovative seating
applications with several multibillion dollar Tier 1 automotive suppliers. These groups currently do business throughout the world.
Clark Mower, President of Flexpoint, stated, "We realize how important these automotive contracts are to the future of the Company. We also recognize that it is a time
consuming process requiring long lead times and close coordination with the suppliers and OEM’s. We feel good about our progress to date.
With all of the economic turmoil in 2009 we have still achieved significant milestones on many of our products and believe that 2010 will be a year of significant
growth and achievement. We have made significant inroads and I expect some positive decisions by the end of the year. The Company continues working on these and
other products for the auto industry and believes that once these and other 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.”
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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