Flexpoint Announces Signing Of Development Agreement With Bend Tech
DRAPER, Utah, April 8, 2014 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (http://www.flexpoint.com/), and Bend Tech LLC today announced they have executed an agreement for completion of development for working prototypes of a shoe and golf shaft that will utilize a series of bend sensors® in a high tech training aid for golf.
Clark Mower, President of Flexpoint stated, "We are excited to complete the Development Agreement with Bend Tech which includes an aggressive schedule for completion of the development and manufacturing of several working prototypes that will be used in marketing of the training device. This development agreement is unique because it is fully funded by a third party and has a fast tracked schedule. The agreement calls for the prototypes to be delivered before the end of the second quarter of this year. Flexpoint will be paid upon completion of various milestones during the development process. The agreement provides an added source of income for the company during the second quarter of the year. We should also have a completed Manufacturing Agreement with Bend Tech during the next month."
Mower continued, "We had previously announced the alliance with Mitch Voges who has tremendous experience and credibility in the golf industry and has a great feel for what is needed. He has been extremely helpful as we have defined the target audience and applicable technology for the project. Completion of the working prototypes will give him the tools he needs as he undertakes the marketing of the device and the creation of alliances with major equipment manufacturers."
Mr. Voges is a recognized expert in the golfing world, and has hands on experience in the development of cutting edge golf simulators and training devices. He pioneered the modern systems and methods for golf club fitting and developed a number of original concepts resulting in multiple U.S. Patents. His experience and contacts will prove invaluable as the company completes development of the project and prepares to launch the product into the golf industry.
Tony DeGreef, manager of Bend Tech stated, "Based on the reaction to the discussions we have had with major golf equipment and shoe manufacturers, we believe that we will be able to market 100,000 units during the first six months of our marketing effort and we should be able to sell a million units over the next couple of years."
Flexpoint Sensor Systems, Inc. (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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