DRAPER, Utah, April 18, 2013 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCQB: FLXT) today announced that it is nearing completion of a potential settlement in the legal case involving a series of products featuring technologies that use Bend Sensor® technology.
The agreement reinforces Flexpoint's intellectual property rights and provides the company with revenue from all sales of related products moving forward plus provides an opportunity for increased sales as lines are expanded into other products. The medical bed industry represents an approximately $2 billion industry annually for beds alone.
Clark Mower, President of Flexpoint stated, "We are excited that we are back working together and are working to complete a settlement on the major issues involved. The settlement not only resolves the legal issues, but provides the basis for an ongoing relationship moving forward. The settlement will allow the company to move forward in an industry that has significant potential for the use of our innovative Bend Sensor® technology. For some years, it has been apparent that the medical bed and related applications have strong interest in the growing medical and home care markets. We have received numerous inquiries on application of our technology, even during the pendency of the litigation. These products represent years of innovative development, and we are excited to see them progress and realize their significant market potential."
Flexpoint Sensor Systems (OTCBB: FLXT) 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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