Flexpoint Anticipates
Substantial Growth in 2011
May 10, 2011 8:00 AM
ET
- Revenues, Earnings and
Backlog Will Show Significant Increases during FY2011 as Product Continues to
Gain Acceptance and Customers
Draper,
Utah, May 10, 2011(BUSINESS WIRE) — Flexpoint Sensor Systems, Inc. (OTCBB:
FLXT) http://www.flexpoint.com today
announced guidance for Fiscal Year 2011 and beyond.
Clark Mower, President
of Flexpoint stated, “We are currently experiencing a significant uptick in
interest and have implemented a substantial number of testing and advanced
testing programs over the last several months. Preliminary feedback suggests
that the majority of our potential clients are comfortable with the results
they are seeing for reliability and functionality. As the demand continues to
grow, we expect a number of these to turn into long term customer contracts.
Given the size and scope of the customer base, the company is now in a position
to give the market a solid idea of the realistic expectation for growth.”
Mower continued, “The Company
should turn cash flow positive and profitable during the second half of 2011. The
Company anticipates having a large number of “booked” orders for which they
will continue producing in early 2012 and continuing for many years to come.
They company expects to carry a significant backlog in orders into the
following year and expects this backlog to continue to grow. For FY2012 the
company should execute on these larger production and manufacturing contracts.
We expect 2012 revenues to be in the $3-$6 million dollar range with an end of
year backlog of $4-$8MM that we expect to yield revenues of at least $6-$10
million dollars in 2013. These numbers are likely conservative. If some of
the recent negotiations and beginning testing yield positive results, these
numbers could be substantially higher. We are basing these estimates only on
products currently on the market or in the final stages of advanced testing.”
“We appreciate the patience
of our shareholders and believe these estimates should help investors better
understand the accomplishments we are seeing in the marketplace. The company
concentrated on smaller contracts and proving reliability with multiple end
users in multiple industries during 2010 and did so effectively. Now that the
product has marketplace validation, during 2011 and beyond the company is
concentrating on larger renewable contracts in a variety of fields including
but not limited to automotive, toy and industrial. The growth will be a result
of both increasing the number of clients and increasing the size of each
client. We are all excited as we begin reaching financial metrics our
investors require and look forward to continuing to grow and communicate more
consistently and effectively.”
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.
Flexpoint Sensor Systems
Clark Mower, President, 801-568-5111
Brokers and
Analysts:
Chesapeake Group
410-825-3930
Source: Flexpoint Sensor Systems, Inc.
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