Flexpoint Business
Update
September 16, 2009 8:00 AM
ETDRAPER, Utah--(BUSINESS WIRE)--Flexpoint Sensor Systems, Inc. (OTCBB:FLXT )
today updated the
progress of the Company
on several products.
“I believe that it is important to update the shareholders on
the current status of
the Company and several
of its products”, stated
Clark Mower, President
of Flexpoint Sensor
Systems.
“The current
downturn in the economy
over the last year has
delayed progress on
several of the products
that the Company is
bringing to market.
Having said that, I feel
that it is important to
indicate that the
Company is still moving
forward and I feel
positive about the
future of the Company.
In response to
the economical downturn
the Company has made
several organizational
changes and employee
reductions to allow the
Company to continue to
move forward and to
preserve cash through
these difficult times.”
Medical Beds - Concerns over rising hospital costs and the downturn in the economy have
negatively impacted
capital expenditures for
hospitals which has
resulted in a delay in
completion of
development and
production of the
medical mattress.
The commitment to
the project is still
strong and the
organizations are
working together to
bring this product to
market, Because of the
economic downturn
production of the
mattress will be delayed
into early next year.
Theatre Seats -
We continue to further develop
our relationship with a
major
cinema theatre management firm to place Bend Sensors®
in movie theatres to
monitor customer’s paid
attendance and to
identify open available
seats.
The Company
continues to supply
additional prototype
sensors which are
undergoing testing.
The prototypes
have recently been
installed in several
theater seats to
complete the testing
process. Once this is
complete the Company
expects to move toward a
production contract.
Automotive –The
Company continues to
work with several Tier 1
suppliers and
manufacturers on
engineering and
development of several
different products for
use in the automotive
industry including seat
control switches, seat
belt reminders, control
panels and other
applications.
These products
are in various stages of
development and all are
continuing in the
development process. The
Company is currently
receiving some revenue
from its engineering and
development activities
in the automotive
sector.
A detailed
update of
the company’s
involvement and progress
in the Automotive
Industry will be the
subject of a future
press release.
Emergency Vehicles – The Company continues
to produce and supply
sensors for
the
passenger safety
system which is
currently installed in
emergency vehicles. The
system is currently in
use in ambulances in the
US
and is being tested for
installation in other
types of emergency
vehicles and in vehicles
for public conveyances.
This is an
application of the
Company’s technology as
a safety device in
automobiles and the
Company believes that it
can continue to grow
this portion of the
business through sales
of existing products as
well as new applications
as they are proven.
Other Applications – Sports and Game Applications -
Flexpoint is working
closely with a number of
manufacturers to develop
several sports and game
related products that
the company anticipates
could be brought to
market in a relatively
short time.
Working
prototypes have been
completed and tested.
Designs have been
modified and additional
prototypes are being
developed for further
testing before
production can begin.
It is expected
that some of these
products will be into
production before year
end.
As you can see from the
update the Company is
focusing on controlling
its costs as it grows
its revenues.
The Company
anticipates providing
additional updates in
the near future to
inform our shareholders
of the Company’s
continuing progress.
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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