Science & Technology
Science and Technology
Science and Technology
Tue, January 6, 2009
Flexpoint Achieves Significant Milestones in 2008
DRAPER, Utah--([ BUSINESS WIRE ])--Flexpoint Sensor Systems, Inc. (OTCBB:FLXT) achieved many significant milestones in 2008.
In March, Flexpoint reached an Agreement with Auto Electronic Corporation, "AEC," to mutually develop, manufacture and market automotive products featuring Bend Sensor® technology. The Companies have proceeded throughout the year in a joint effort targeted at major automotive markets in Korea, Japan, China and India, and announced the signing of a Joint Development Agreement in early December. AEC has a strong relationship with Hyundai-Kia Motors, as well as other Tier-One Automotive suppliers and manufacturers. It is expected that this agreement will open additional opportunities for Flexpoint and its automotive sensors worldwide.
Flexpoint filed for a patent for a seat switch for use in automobiles that allows drivers and passengers to use variable speeds and directions to control seat movement. The company continues to work with a major Tier-One supplier to bring this product to market in 2009. The company is working on significant new products for the automotive industry with multiple Tier-One suppliers and manufacturers.
The Protek Passenger Awareness systems utilizing Flexpoint's patented Bend Sensor® Technology and featuring electronic systems designed by Flexpoint were featured at the Emergency Vehicle show in Las Vegas, Nevada. Flexpoint has additional products which will be commercialized in the next 6-18 months.
In April, the company announced receipt of an initial order for medical beds from R&D Products. In November, we entered into a manufacturing agreement with a major medical mattress manufacturer for a long-term contract to manufacture sensors for medical beds. The Company expects to begin manufacturing and receiving revenue under the agreement in 2009. The medical bed industry market is estimated to be approximately $6 to $8 billion annually.
The company also continues to work closely with a Theater management firm on the development of a system to monitor and control seating in theaters.
This past year was spent creating new products, signing manufacturing and distribution agreements and expanding joint ventures, laying the necessary groundwork for significant revenues in the coming years. We anticipate in 2009 bringing commercialized products to market in conjunction with some of the largest companies in the automotive and medical industries as well as working with government entities on applications for emergency and commercial vehicles.
"We are excited about the upcoming year, with the achievement of our recent milestones coupled with the additional progress we are making we anticipate a great year in 2009," stated Clark Mower, President of Flexpoint Sensor Systems.
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.
