Flexpoint's recap of
Conference Call
June 8, 2009 8:00 AM
ETDRAPER, Utah--(BUSINESS WIRE)--Flexpoint Sensor Systems, Inc. (OTCBB:FLXT )
management disclosed
during their June 3rd
conference call that the
manufacturing and joint
development agreements
signed in 2008 are
significant milestones
for the company and are
evidence that the
Company is transitioning
from a research and
development company to a
production company.
In their May 14th
quarterly report the
Company saw a 109%
increase in revenues
over the same period in
prior year. Of the
revenue reported 85% was
related to production or
prototype products
compared to only 11% in
2008. Accounts
receivable had also
increased by 117% from
the amount reported
during the first quarter
2008. “These represent
some of the significant
trends we are seeing
that are additional
evidence we are maturing
from a research and
development operation to
a production or
manufacturing based
Company” reported Tom
Strong, Chief Financial
officer.
Under their current
agreements, the company
reported they expect to
be in production on Bend
Sensor related products
by the end of 2009,and
with the current
estimated production and
ramp up schedules,
expect to be cash flow
positive by the end of
the year or early next
year. The Company also
estimated revenues of
$3.4 million in 2010 and
$12.4 million by 2011,
with the potential of
significantly higher
revenues should the
Company reach full
production sooner than
currently estimated.
Clark Mower,
President and CEO
highlighted three
significant points
regarding the current
state of the company:
“First; the Company has
a long-term agreement to
manufacture sensors for
a major medical bed
company, second; we have
a development agreement
with a Tier-One supplier
on a seat belt reminder,
(SBR), for the
automobile, with
additional products in
the pipeline, and third;
based upon current
production schedules, we
expect the Company to be
cash flow positive by
the end of this year or
early next year.;”
To listen to the entire recorded presentation of
the company’s June 3,
2009 conference call
please call
1-800-406-7325 the access code is 4081158
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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