DRAPER, Utah, Sept. 7, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announced the company remains on a growth trajectory which has shown itself in recent quarters. Coming off a strong Q2 2016, the company remains focused on key markets: Toys, Automotive, Medical and Wearables, while continuing to identify and develop new markets for the Bend Sensor®.
Toys: Flexpoint continues to receive recurring mass production PO's from a global supply chain outsourced manufacturer on behalf of a Fortune 100 toy manufacturer which has incorporated the Bend Sensor® technology into an anticipated expanding line of toys.
Annualized volumes of sensors are on track to be above 750,000 sensors in 2nd half of 2016 and into early 2017. Other toy and gaming manufacturers are designing the Bend Sensor® into their products which are earmarked for release in late 2016/early 2017; further contributing to revenue related to this very strategic market segment for the company.
Automotive: Working with a US-based global auto manufacturer, the company is fast approaching production readiness adoption of an advanced interiors application leveraging a truly unique Bend Sensor® design. The company has been aligned with strategic tier one suppliers in preparation for mass adoption and production. In addition, other tier 1 suppliers continue to evaluate the technology having identified applications whereby the Bend Sensor® will improve product performance and quality, lower costs and help "drive" innovation.
Medical: Next generation medical device and applications incorporating wearables are the end goal for Flexpoint in this market segment. Haemoband continues to move forward in their certification and commercialization efforts for the "scope" technology which features a truly unique Bend Sensor® design. Multiple other companies globally are taking integrated hardware and software, glove-based applications to new heights as the Bend Sensor® has clearly differentiated itself in these applications without peer. Commercialization efforts for these next generation technologies are well underway.
Wearables: From shoes to gloves to other wearables, Flexpoint is working with multiple firms which will soon unveil their creations to the markets they serve and in some case currently dominate.
The shoe based sensors have proven tremendous efficacy in health and fitness applications, as well as the ever growing IoT marketspace and the company plans to expand its presence in this arena in the remainder of 2016.
VR/AR applications for the Bend Sensor® are increasingly presenting themselves such that it is anticipated that this will become a major contributor to Flexpoint's success in the short and long-term.
In the second half of 2016, Flexpoint is pleased to reveal it will be finalizing product development and launching some of its own new products. These products will reflect the strengths highlighted herein and also demonstrate the company's commitment to building channel sales and distribution relationships which will dramatically allow it to scale operations and revenues for years to come.
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
Brokers and Analysts
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SOURCE Flexpoint Sensor Systems, Inc.