Flexpoint Nears Completion on Two Key Contracts
DRAPER, Utah, Aug. 14, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCB: FLXT) today announced that it is on the verge of completing contracts with partners in the industrial and safety industries. Intercompany testing has been completed and we are awaiting completion of the UL certification process. We expect these contracts to be completed and in production within the next two months. These applications will greatly expand Flexpoint's product offering and provide a means to expand into numerous industries.
Together, these two contracts will provide a source of continuing revenue over the next several years, but more importantly, they will contribute to Flexpoint's shift in focus toward sales and revenue expansion across industries. Flexpoint is now equipped with a broad portfolio of commercial proof of concept that will enable the company to blanket numerous industries with its sales efforts.
"We've chosen to invest significant time and resources into these products because we see the potential for expansion into high growth industries," said Flexpoint CEO Clark Mower. "With these products now complete, we have crucial proof of concept as we pursue clients in the industrial and safety markets. Our new sales manager is excited to start aggressively pursuing new clients with these products."
The products demonstrate the versatility of Bend Sensor® technology, with one product designed to measure and regulate flow in an industrial color mixing application, and the other in use as a safety mechanism in a mechanical fluid system. The ability to demonstrate the diversity of uses for the technology in real commercial applications will continue to be vital as Flexpoint continues its sales push.
"We are excited to see development of our products progressing and opening new possibilities for our technology," Mower said. "We are excited to see our efforts paying off. We're looking forward to expanding and maximizing our potential in these industries."
Flexpoint Sensor Systems (FLXT) is a leading supplier 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
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