Flexpoint announces First Quarter Results
May 24, 2010 8:00 AM ET
DRAPER, Utah--(BUSINESS WIRE)--Flexpoint Sensor Systems, Inc. (OTCBB:FLXT )
, today announced the filing of the results for the first Quarter, 2010.
During the First Quarter the Company produced and is delivering sensors under four production purchase orders. Additionally, the Company has announced
five development contracts and has designed produced and supplied sensors under these contracts for various companies.
The First Quarter contains the initial revenue from these agreements and is not a true reflection of the Company’s expectation of the overall impact of
its focus on these production and development contracts. The Company is now just beginning to recognize revenue from production to help offset some of the operational
and overhead expenses and expects revenue from these and other contracts to grow significantly.
Clark Mower, President of Flexpoint Sensor Systems, added, “I am excited
that the Company has been able to take its technology from early development
and prototype production contracts into full recurring contracts with
products in the field featuring our patented Bend Sensor® technology. We
have now reached a milestone that we have been looking forward to for some
time. We expect that a number of the development contracts will turn into
production contracts in the near future. With the current production we are
building a commercial base of users and products of our patented Bend
Sensor® technology that will continue to drive additional business. We have
already received follow-up purchase orders on three of the initial
production orders. Some of these current contracts and the additional
products they have generated are in areas that have the potential of
significant growth for the Company.”
Mower further commented, “In addition to these contracts, we are working
on other products and are in discussions with major suppliers on joint
development agreements for products which have not previously been
announced.”
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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