Flexpoint and Bend Tech Announce Funding for Sports Shoe Development
DRAPER, Utah, Sept. 5, 2013 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. - Sports Division (OTCBB:FLXT), (http://www.flexpoint.com/) and Bend Tech, LLC, today announced that they have received funding for the development of a "Smart Shoe" that shows real time data and has the ability to collect data for future training and comparisons. Flexpoint in conjunction with Bend Tech has developed a shoe that can communicate with smart phones and other wireless devices to give real time analysis showing balance, performance and other pertinent data relating to performance of the individual.
"In the past, we have made successful demonstrations to major golf equipment and shoe manufacturers. Recent advances in electronics and miniaturization of electronic components available have allowed us improve and reintroduce this cutting edge product. Golf will be the first targeted industry, but successful entry into this segment opens a number of other areas for development as this technology transfers to many other sports and recreational activities. These activities have millions of enthusiasts, spending billions of dollars annually who are looking for improvements to their individual performance. We believe that these new products will offer inexpensive technology for that purpose. The products have generated enthusiastic response each time they have been discussed with individuals within the selected industries. With millions of potential customers and the feedback we are receiving from the marketplace, I believe this product could easily achieve millions of dollars in annual sales," stated Bend Tech Manager, Tony DeGreef.
Representatives of Bend Tech are currently involved in ongoing discussions and negotiations with several major equipment manufacturers and distributors. The Company anticipates that development of the product could be completed and the product brought to market by the middle of next year.
"We are pleased to be moving forward with this project, it continues to gain momentum," said Flexpoint CEO Clark Mower. "The next step will be to build advanced prototypes for demonstration purposes and then take the shoe to various manufacturers to work out either a manufacturing agreement or a licensing agreement for production of the shoe and related electronics. We will have fully upgraded electronics and visual displays as we prepare for the PGA merchandise show January 21-24 in Orlando, Florida. We anticipate entering into development and production agreements after this show."
In conjunction with the shoe, Flexpoint and Bend Tech are also working on other products, such as sensors for golf clubs that will give other useful and related information. The sensor and technology have been used for running and bowling shoes and are adaptable to bowling gloves and golf club shafts. The products will be used to help measure and improve an individual's performance. Several prototypes of the shoes and golf club shafts have already been completed and demonstrated to major equipment manufacturers.
Flexpoint Sensor Systems, Inc. (OTCBB:FLXT), (http://www.flexpoint.com/) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
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
Brokers and Analysts:
SOURCE Flexpoint Sensor Systems, Inc.