DRAPER, Utah, Nov. 6, 2014 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced the company has made a partial delivery of the products required by Phase Three for Haemoband Surgical, Ltd. The delivery will allow Haemoband Surgical to introduce the technology at the Medica 2014 medical trade show in Dusseldorf, Germany next week.
Medica is a four day event being held November 12-15, 2014, at the Dusseldorf Exhibition Centre in Dusseldorf, Germany. The Medica Dusseldorf event showcases innovative products from the medical & pharmaceutical industry and is the largest international medical show that presents advanced technology-aided devices implementing latest designs and adding new functionalities. Over 130,000 visitors from over 120 countries are expected to obtain information on all the current and future trends in in-patient and out-patient care at this annual event.
Flexpoint expects to complete delivery of Phase Three by the end of November. Under the terms of the agreement, Flexpoint will receive a milestone payment upon completion of delivery. To complete Phase Three, Flexpoint will have delivered five screen readers and 60 sensor units, including electronic PCB components for demonstration and market evaluation with selected key doctors.
The company will then proceed through the final two phases.
Phase Four includes making any changes and/or adjustments after market-test feedback is received and supplying sufficient units for clinical trials. Clinical trials and product registration will occur during the remainder of 2014.
Phase Five incorporates the signing off on final specifications and plans. Final production agreements will be completed during early 2015. A full product launch is expected by mid year 2015.
Each of the phases will result in payments to Flexpoint from Haemoband Surgical. The contract totals for the deliverables will result in record revenues for the company. Once the product is completed and available for market, Haemoband Surgical, Ltd. and Flexpoint will cooperate to bring other medical device products to market.
Colin Foster, CEO of Haemoband Surgical, stated, "Previous phases have exceeded our expectations. Haemoband Surgical is confident that this collaboration will create very positive rewards for both companies moving forward."
Flexpoint Sensor Systems, Inc. has been appointed as principle subcontractor for the project as a result of their unique expertise in bend sensor technology. Haemoband Surgical, with assistance of QUB, identified this company as a primary source of applicable technology. A contractor with the desired skills and experience could not be found in the UK or Europe.
About Haemoband Surgical, Ltd.
Haemoband Surgical, Ltd. was founded in 2005 in Belfast, Northern Ireland, by Essam Ghareeb and Colin Foster. Mr Ghareeb's profession as a lower gastrointestinal surgeon, and Mr Foster's experiences in the medical marketplace and in bringing products to a global market, led to the design, development and launch of Haemoband, the first automatic multi-action, pre-loaded, disposable ligator onto the global market. Haemoband Surgical works to the highest levels of quality possible and has achieved many quality certifications. The most recent of which is a FDA 510k clearance. For further information please visit www.haemobandsurgical.com.
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a ground breaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
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 Information:
Flexpoint Sensor Systems
Clark Mower, President
801-568-5111
Brokers and Analysts:
Chesapeake Group
410-825-3930
SOURCE Flexpoint Sensor Systems, Inc.