DRAPER, Utah, Sept. 29, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) is pleased to announce the company is finishing another strong quarter, and meeting increasing customer production requirements.
Fresh off a strong Q2 2016, the company saw Purchase Order volume for the Bend Sensor® increase in Q-3, as planned. This increase is throughout several industries. Other milestone achievements have also contributed to the company's sustained growth performance and will continue to do so throughout the rest of 2016, into 2017 and beyond. Some of these milestones can be seen in the toy, automotive and virtual reality industries.
As previously announced, the Toy market segment continues to perform for Flexpoint as expected. According to Paul Sexauer, Flexpoint VP Sales and Marketing, "Current annualized production sensor volumes are in the range of 800,000 to 1M sensors and the backlog entering Q4 2016 is extremely encouraging." As Flexpoint enters 2017, production volumes are expected to increase due to anticipated increasing customer demand. Additional toy and gaming manufacturers, which are designing the Bend Sensor® into their products, are on schedule for product launch and release in late 2016/early 2017.
In Q3 2016, Flexpoint successfully completed contract requirements and met key deliverable milestones with a US-based global auto manufacturer for the Horn Pad application, further contributing to its anticipated strong quarterly financial performance.
The company has achieved the "production readiness" certification and will go on to the next stages of production planning in Q4 2016. This includes increased collaboration with specified Tier 1 auto supplier(s) to determine the specification of Program (model) adoption. Flexpoint also looks to extend its collaborations to other Tier 1 auto suppliers and auto manufacturers in products other than the Horn Pad application. 2017 is expected to result in long anticipated auto market success and prove to be a major contributor to overall company financial performance.
As expected, Virtual Reality/Augmented Reality demand (consumer and B2B) is ramping up. Q3 2016 will result in Flexpoint having met Purchase Order deliverable requirements (production and developmental) to multiple customers. Q4 2016/Q1 2017 are anticipated to mark an inflection point as it relates to Bend Sensor® Production Purchase Orders received and fulfilled for this exciting market segment.
Further commenting, Sexauer stated "the collaborative work we are accomplishing on VR/AR projects is truly inspiring. We see this rapidly becoming a tremendously successful market segment and catalyst for sustained growth and performance for Flexpoint for quite some time."
"At our plant in Draper UT, production staffing has increased and plant floor operations are fulfilling production Purchase Orders at a rate not seen in recent past," Sexauer concluded.
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.
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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SOURCE Flexpoint Sensor Systems, Inc.