Flexpoint Highlights 2015 Accomplishments and Gives Guidance for 2016

Jan 14, 2016, 08:00 ET from Flexpoint Sensor Systems, Inc.

DRAPER, Utah, Jan. 14, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announced 2015 has been a notable year for the company, positioning itself for a remarkable year in 2016.

In 2015, the company expanded relationships receiving several orders from repeat and new customers from around the world and across industries, including medical, such as gloves used in rehabilitation, commercial transportation including seat sensors for buses and cabs, and wearable/gloves for industrial uses; entities that have positioned themselves as pioneers and leaders in the fast emerging IoT (Internet of Things) and IIoT, (Industrial Internet of Things) markets. Customers range from universities and medical companies to those in the virtual gaming, virtual reality and musical arenas.

Some accomplishments and notable companies Flexpoint developed relationships with in 2015 included:

  • Flexpoint's technology was honored for innovation at CES 2015 (Consumer Electronics Show) through their sensors being used in a consumer wearable
  • Multiple US and European based virtual reality and virtual gaming companies, one of which was Virtual Motion Labs (VML). VML wearable data gloves are used for virtual reality, motion capture, animation applications, robotics, rehabilitation as well as many other uses
  • American Fortune 500 multi-national toy manufacturing company
  • mi.mu, a recent award winner at the Microsoft Wearable IT Fashion Tech Awards in Berlin, and comprises of musicians, artists, scientists and technologists. Their wearable glove allows for an interactive and flexible approach to the control and composition of music and visuals
  • American, multi-national supply chain solutions company
  • North American Fortune 100 auto manufacturer, with whom Flexpoint executed an advanced stage turnkey design/development agreement
  • International wearable (glove based) companies and organizations from Germany, Italy and Korea. These consist of multiple industrial application developers (Germany), and in Italy and Korea (Neofect) medical application developers

Some of Flexpoint's technological advances included:

  • Redesigned the original PCB (printed circuit board) for the Mettis Trainer shoe insert.
  • Updated its corporate website
  • Released a new USB Bend Sensor® Kit which enables engineers and product developers to integrate the Flexpoint Bend Sensor® into their products within minutes.

Since appointing Paul Sexauer as VP of Sales and Marketing in July of 2015, the company has streamlined its efforts to work directly with customers, expand sales pipelines and finalize deals. The company has also successfully upgraded and implemented a commercial grade sales force automation and CRM application; further enhancing its ability to scale.

The company's redirected efforts will result in Flexpoint expecting to complete the following in the first half of 2016:

  • Enter production under long-term purchase orders with products for multiple companies within the toy industry
  • Further larger scale purchase orders with various Flexpoint wearables and other glove products customers
  • Finalize long-term, multi-year production specifics with automobile manufacturer
  • Establish reselling and product development contract with a major, tier 1 auto and truck parts manufacturer
  • Completion of work to begin commercialization for Haemoband's colonoscope utilizing Flexpoint's sensor and electronic system
  • Begin development of an IIot sensor application with a specialty power plant equipment manufacturer
  • Anticipate purchase orders from other medical device companies
  • Achievement of Cash Flow neutrality

In the second half of the year, among other things, Flexpoint expects to accomplish:

  • Commercialization of Haemoband's colonoscope
  • Continued fulfillment of large scale production orders of sensor products to glove and toy manufacturers
  • Development of new channel relationships with global sensor manufacturers/resellers
  • Establish strategic relationships with IoT/IIoT software framework vendors
  • Achieve positive cash flow
  • Introduction of new products

Flexpoint began the year by attending and having its patented Bend Sensor Technology featured as an Honoree for the Innovation Award with Mettis Trainer® in the Fitness, Sports and Biotech category at the at 2016 CES.

Please visit http://www.flexpoint.com/ for more information.

About Flexpoint Sensor Systems, Inc.

Flexpoint Sensor Systems, Inc. (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. 

Forward-Looking Statements

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.

Contact Information:

Flexpoint Sensor Systems
Clark Mower, President
801-568-5111

Brokers and Analysts
Chesapeake Group
410-825-3930

 

SOURCE Flexpoint Sensor Systems, Inc.



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