DRAPER, Utah, June 11, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announced that development of a flow sensor for a color paint dispenser is complete and an annual contract is expected for the application. The sensor is built to withstand harsh manufacturing conditions and opens the door to a broad range of industrial applications.
Flexpoint head engineer Dave Beck completed custom work on a flow monitor for a major international company's color application product. This application posed unique challenges due to its small size, mechanical configuration and exposure to high temperatures, but Beck overcame these obstacles, and has sent the product for final client approval. It is expected that approval will come during the third quarter of this year.
The color dispenser is only one of a variety of applications for this sensor, which can now be easily adapted for numerous industrial and manufacturing uses.
"We anticipate a solid ongoing contract for approximately 20,000 Bend Sensors annually for this product," said Flexpoint President Clark Mower. "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 excited to add another commercial application to our growing resume; particularly one that has stable, ongoing volumes associated with it. With this sensor, we gain entry into markets with high revenue potential."
Mower also announced that he and Beck will be traveling late this month for a pivotal meeting with a Fortune 500 American truck manufacturer that is expected to yield a major contract.
"This meeting should significantly advance our work on a long awaited contract with a major manufacturer," Mower said. "We have been well represented with this company by an industry insider and feel very good about our outlook with them."
Meetings with another Fortune 500 automaker are also scheduled in the Detroit area for the end of this month.
"We understood that our investors and potential investor have been awaiting verification of the competitive advantages of our product in the form of contracts and revenue generation. As we aggressively move ahead on these large scale products, we are confident we will deliver the results necessary as a result of these meetings. Our main goals are to get these contracts finalized and begin production for these various companies," Mower said.
Flexpoint Sensor Systems (FLXT) is a leading developer of thin film sensing technology to many industries, including automotive, medical, industrial controls, and consumer products.
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:
SOURCE Flexpoint Sensor Systems, Inc.