Science & Technology
DRAPER, Utah--([ BUSINESS WIRE ])--Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) [ http://www.flexpoint.com ] announced the following information to update progress on automotive projects.
We have received questions regarding the current status of several of the automotive projects and the purpose of this announcement is to provide an update on the progress and status of these projects.
Automotive Applicationsa" We continue to make significant progress on completion of a custom sensor, utilizing our patented Bend Sensor® technology, scheduled to go into an existing automotive platform. Progress has been steady and we continue to be optimistic about having our product in automobiles in the 2012 model year. We are involved in regular and frequent coordination meetings with both the Tier-1 supplier and the manufacturer. This process has led to modifications and design changes to both the sensor and the product. The industry requires a lengthy testing, documentation and validation process in order to qualify a product for incorporation into an automotive application. The Tier-1 supplier is nearing completion of the final series of testing and documentation. We expect this process to be completed early in the fourth quarter. Upon completion of the process, the product will be given to the automotive manufacturer for incorporation into their selected vehicle platforms. The auto manufacturer is currently selecting the initial platform for launching this sensor. We expect the number of platforms to increase from year to year as the product is incorporated into additional automotive models and platforms.
We also have several other related and unrelated products with this manufacturer and additional manufacturers that are in various stages of development for inclusion in later automobile model years. These products include comfort seats, seat controls, impact sensors and seat sensors. All of these products are currently in development. We will continue to update you as progress continues. The company anticipates revenues to exceed $20MM annually when we reach full production on these products and that revenues will continue to escalate as we unveil additional products and applications.
Truck Applicationsa" We continue to progress in the development of a product for a major truck manufacturing firm and expect to announce execution of a contract by the end of the year with production scheduled for mid-year 2012.
Flexpoint and Victor Steering - Specialty Auto Productsa" We continue to work with Victor Steering on the development of a system using our patented Bend Sensor technology. A prototype of the system has been completed and Victor is currently making presentations of the technology to auto manufacturers and suppliers. We expect the market for custom steering wheels to be small initially, but to expand each year as acceptance increases. We are also exploring additional applications of our sensor with Victor.
Clark Mower, President of Flexpoint, stated, aIt has been our goal this year to develop smaller contracts and to turn them into production contracts, at the same time concentrating on completion of at least one long-term automotive production agreement. I am excited that we are nearing completion of automotive contract and the potential that has for the future of the company. I am pleased with both the progress we have made in development of these products and in the relationships we have established in the automotive industry. I am just as excited about the success we have had in getting many smaller production contracts and introducing our sensor into so many markets and in the progress we have made toward developing additional long-term production contracts with other manufacturers and industries.a
- About the Bend Sensor: [ www.flexpoint.com/companyInfo/bendSensor.htm ]
- Brochure: [ www.flexpoint.com/technicalDataSheets/FlexpointBrochure1.pdf ]
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.
