Science & Technology
Science and Technology
Science and Technology
Thu, October 7, 2010
Flexpoint Advances Products in the Automotive Industry
DRAPER, Utah--([ BUSINESS WIRE ])--Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) [ http://www.flexpoint.com ] today announced that they are experiencing success in their efforts to produce sensors for the automotive industry.
Historically, Flexpoint and their technology have had significant success in the automotive industry and have recently announced that they are working on several applications for their sensors in the automotive field. The Company realizes how important these automotive contracts are to the future of the Company. The Company acknowledges that it is a time-consuming process requiring engineering, design and prototype production along with extensive testing. This involves long lead times and close coordination with the suppliers and OEMs. These long-term contracts are potentially worth multi-millions of dollars to the company, and we therefore know that they are well worth the time, the cost and effort involved. The purpose of this release is to update the current status of some applications and to disclose progress on additional applications.
- Seat Belt Reminders (SBRs) and Seat Occupant Classification Systems - Design development and testing with other major automotive manufacturers and suppliers is continuing. The market potential for this sensor in new vehicles is in excess of $100 million annually. The Company continues to work on the development of related systems for use in the automobile markets.
- Variable speed switch - The Company is currently working with a Tier-1 supplier on a variation of the variable speed seat switch. Once the seat switch is accepted in an automobile platform, volumes for the seat switch are expected to be several million units and should grow gradually over time as acceptance of the product occurs.
- Other Automotive Applications - The Company is engaged in testing and prototype production of new automotive products, with several multibillion dollar automotive manufacturers and suppliers. These groups currently do business throughout the world. The applications include:
- innovative seating applications
- internal and external safety controls and devices
Clark Mower, President of Flexpoint, stated, "We are experiencing significant interest in the automotive industry for products utilizing our patented Bend Sensor® technology. This interest has come from both automotive manufacturers and suppliers. A manufacturer has contracted with the company to develop and manufacture a sensor for a product that utilizes our technology and which will be featured in the upcoming L.A. Auto show in November. I am excited about the progress and the acceptance these products are receiving. These recent developments indicate that the auto industry understands and realizes the value of our sensor technology now more than ever and I feel confident that we are moving toward applications that are leading to multiple long-term production contracts."
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.
