Flexpoint Announces Production Contract with CPS Color
DRAPER, Utah, July 25, 2013 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB:FLXT), (http://www.flexpoint.com/) today announced that they received an initial production order from CPS Color Equipment S.p.A- Italy. CPS Color Equipment S.p.A. operates as a subsidiary of CPS Color Group Oy located in Vantaa, Finland. CPS Color Group operates on all six continents and has annual sales of approximately € 200MM. CPS Color's operating sites and production units are in Finland, Sweden, the Netherlands, Italy, Switzerland, Germany, Russia, India, China, Singapore, the U.S., Brazil and Uruguay. CPS Color Group is the only major supplier of integrated tinting solutions. CPS provides tinting systems components for a wide variety of customers such as paint manufactures, retail chains, leather and plastic producers. Flexpoint has received an initial production order and custom designed tools for their applications.
This project has incorporated a number of innovative designs in the application of our Bend Sensor® technology, including increased resistance to high industrial temperatures, resistance of the sensor to harsh environments and special challenges. Production and delivery of the initial order should be completed this quarter.
Flexpoint President Clark Mower stated, "We are gratified to announce the completion of the development process and the receipt of the initial production order. The completion of the process has been a synergistic relationship between CPS Color and David Beck, Flexpoint's Head Engineer. The project has presented several unique challenges that have all been solved by the interactive exchange between the companies and the creative problem solving abilities of those involved. Our main goal at this point is commercializing products and increasing sales and this is just one step towards that goal. Moving forward, we anticipate a solid ongoing contract for approximately 20,000 Bend Sensors annually for this product. This contract will help us promote the Bend Sensor as a cost effective and versatile solution for future clients in lucrative industrial and mechanical applications. We are pleased to add another commercial application, particularly one that has stable, ongoing volumes associated with it. With this sensor, we gain entry into markets with high revenue potential. Flexpoint is confident that it will be able to reach production orders on several other key projects during the next six months."
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
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SOURCE Flexpoint Sensor Systems, Inc.
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