West Jordan, Utah--(Newsfile Corp. - February 9, 2023) - Flexpoint Sensor Systems, Inc. (OTC Pink: FLXT) is pleased to provide an update on the advancement of its Bend Sensor® technology and Flexpoint's business model.
Flexpoint President Clark Mower stated, "We are currently concentrating our efforts on the products that we have the greatest interest and potential in as the global economy continues to recover from the Covid crisis. The purpose of this update is to indicate the products the company is currently actively producing or the products we are currently developing for customers. Some of the products we have developed have gone on to commercialization, and while others have not, their development has led to the advancement of the technology and to other products which have been commercialized. Other products have been successfully tested and 'book shelved' for potential later use by companies."
We expect revenue to increase substantially in 2023 as we begin to receive significant orders on these products which include:
Automotive -
We are currently working with multiple North American auto manufacturers on integration of our sensors in the following Systems:
Impact Detection and Occupant Classification System, (OCS) - Flexpoint has entered into an agreement with a company to provide an impact detection system for their autonomous vehicles in the United States beginning next year. Production of the vehicles is scheduled to begin in 2025 and ramp up over the next several years.
Flexpoint does not have an exclusive arrangement with this manufacturer and if we are able to market a similar system to other autonomous vehicle manufacturers annual revenues could increase exponentially. We also are in development discussions on similar products with another manufacturer.
Gloves - AR/VR and Medical -
VR/AR/MR - MANUS VR and others who utilize the Bend Sensor® technology as integral components of their solutions have established market presence in this rapidly growing market space. We have delivered all of the sensors under the previously announced record orders from Manus VR and expect to receive additional orders early this year. These relationships continue to have a significant impact on Flexpoint's financial performance and show signs of tremendous growth on the horizon. Flexpoint's patented Bend Sensors® were originally featured in the Nintendo Power Glove. We continue to cultivate additional partnerships within this industry.
VR gloves are used extensively for various purposes in key markets including entertainment, gaming, medical, automotive, and education; sectors that are fueling the growth of the broad-based virtual reality market. This is a market that is expected to grow at a rate of 18% annually and reach in excess of $60 billion by 2028.
Medical -
Medical Glove Manufacturers (Rehabilitation) -
Flexpoint has also recently supplied sensors to Idrogenet/Gloreha, (Italy), and is in the process of completing an additional significant order for them which is expected to ship later this month. We are also producing sensors for Neofect, a Korean company. These sensors are for rehabilitation devices sold throughout Europe. NEOFECT is an Innovation award winner, expanding their reach globally with their FDA approved RAPAEL Smart Glove rehabilitation support technology.
We also have received orders from others for sensors which are and will continue to contribute to Flexpoint's revenue stream.
In the past, Flexpoint received significant orders for glove sensors from a foreign third-party marketer. This business was significantly impacted by Covid, but we anticipate that this market will rebound and continue to grow throughout the coming years as business returns to normal.
Pill Pack for Opioid Tracking Solution
Flexpoint recently announced that there has been a significant increase in the efforts to complete development of the Pill Pack for prescription tracking. The integration of the pill pack with the new wireless communication protocols will make the tracking method less costly and easier to use. The Blister Pack featuring the Flexpoint Bend Sensor® will facilitate the monitoring and tracking of patients' use of pharmaceuticals, and in particular, opioids, by medical professionals, insurance providers, caregivers and authorities in real-time. This is a very flexible solution that can be easily adapted to the tracking and distribution of other items as well as the prescription pills that it originally targeted.
High Pressure Relief Protection Sensors -
Flexpoint continues to receive orders for specialized sensors for detection of overpressure rising in hydraulic systems from a global manufacturer of rupture discs, pressure and vacuum-relief valves, and other safety-critical pressure-relief products. The Bend Sensor Technology works extremely well in harsh types of environments and applications. Because of the Bend Sensor's fast reaction, chemical resistance, and temperature tolerance this is an excellent application for these types of technologies.
Please visit http://www.flexpoint.com/ for more information.
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 groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor® 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. 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
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