Flexpoint Retains Sadler, Gibb & Associates as Auditors

^{Published on 2012-01-23 10:10:44 - Market Wire}
 

Flexpoint Retains Sadler, Gibb & Associates as Auditors -- DRAPER, Utah, Jan. 23, 2012  /PRNewswire/ --

DRAPER, Utah, Jan. 23, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) [ http://www.flexpoint.com ] today announced that they have retained Sadler, Gibb & Associates as auditors for the Company.  As a part of the annual review of operations, the Company reviews costs for the preceding year and determines areas where it might exercise some form of cost control.  This is one of several moves that the Company has taken to reduce costs of the ongoing business. 

Clark Mower, President of Flexpoint stated, "After a review of the annual auditing and accounting costs, it was determined that this was an area of focus where costs could be reduced and brought more in line with the expected costs of a company our size and with the number of annual transactions that we experience.  We began the process with a review of costs in November and contacted several potential auditing firms.  We began interviewing potential auditing firms before the end of the year.  Following the initial process, we narrowed the selection to two firms and presented the findings to the Board of Directors.  In early January the Board made the determination to change auditors and approved a resolution on January 5th authorizing the change. As a result of the determination by the Board, Sadler, Gibb & Associates were formally retained on January 17^th of this year, which led to the subsequent 8-K filing of the Company."

Mower continued, "As stated in the letter from the former auditors, 8-K filing the former auditors, 'there were no disagreements between the Company and Mantyla McReynolds LLC on any matter regarding accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the fiscal year ended December 31, 2010 or any subsequent interim period preceding the date of dismissal.'  Further, the letter from the former auditors which accompanies the filing states, 'There were no reportable events (as that term is used in Item 304(a)(1)(v) of Regulation S-K) between the Company and Mantyla McReynolds LLC occurring during the fiscal year ended December 31, 2010 or any subsequent interim period preceding the date of dismissal.'" 

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.

Flexpoint Sensor Systems
Clark Mower, President, 801-568-5111

Brokers and Analysts:
Chesapeake Group, 410-825-3930

SOURCE Flexpoint Sensor Systems, Inc.

RELATED LINKS
[ http://www.flexpoint.com ]