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Flexpoint Announces First Quarter Results

^{Published on 2010-05-24 05:05:14 - Market Wire}
 

DRAPER, Utah--([ BUSINESS WIRE ])--Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) [ http://www.flexpoint.com ] today announced the filing of the results for the first quarter, 2010.

"In addition to these contracts, we are working on other products and are in discussions with major suppliers on joint development agreements for products which have not previously been announced."

During the first quarter the Company produced and is delivering sensors under four production purchase orders. Additionally, the Company has announced five development contracts, and has designed produced and supplied sensors under these contracts for various companies.

The first quarter contains the initial revenue from these agreements, and is not a true reflection of the Companya™s expectation of the overall impact of its focus on these production and development contracts. The Company is now just beginning to recognize revenue from production to help offset some of the operational and overhead expenses, and expects revenue from these and other contracts to grow significantly.

Clark Mower, President of Flexpoint Sensor Systems, added, aI am excited that the Company has been able to take its technology from early development and prototype production contracts into full recurring contracts with products in the field, featuring our patented Bend Sensor^® technology. We have now reached a milestone that we have been looking forward to for some time. We expect that a number of the development contracts will turn into production contracts in the near future. With the current production we are building a commercial base of users and products of our patented Bend Sensor^® technology that will continue to drive additional business. We have already received follow-up purchase orders on three of the initial production orders. Some of these current contracts and the additional products they have generated are in areas that have the potential of significant growth for the Company.a

Mower further commented, aIn addition to these contracts, we are working on other products and are in discussions with major suppliers on joint development agreements for products which have not previously been announced.a

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.