DRAPER, Utah, July 7, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) a maker of innovative sensors utilizing their patented Bend Sensor technology that creates a sensor that "thinks for itself" is pleased to provide key insight into the preliminary results of the second quarter and expectations for the balance of 2016.
"The Company is excited to announce that it has met its Q2 2016 revenue goals and anticipates transitioning into being cash flow positive during the second half of 2016 as revenues continue to accelerate. The revenues for Q2 are primarily from four sources including interactive gloves, automotive, medical devices and toys," stated Clark Mower, President.
The Company is currently receiving and delivering on purchase orders from multiple interactive glove manufacturers, and expects the size and frequency of the orders to increase during the 3rd and 4th quarters of 2016.
During the 2nd quarter the company completed a significant delivery into the automotive industry and the final phase is expected to be completed before year end. The Company remains confident that the revenue contribution from this relationship will increase dramatically during 2017, as the projects are implemented.
Through the Company's partner, Haemoband, the Company expects to complete the governmental certification process for the colonoscope. The Company continues to support Haemoband in this process and expects to achieve production and commercialization of the product in late 2016.
The Company continues to receive revenue from production orders in the toy industry and expects on going and increasing revenues as the product reaches full commercialization during 2016.
Mower continued, "We are excited that we reached our revenue goals for the quarter and have positioned the company to achieve positive cash flow and many of the key financial metrics that investors expect. As we continue to execute on our business model as we have for this quarter, I believe that revenues will exceed a million dollars for the year. We appreciate our investors' patience and are pleased to begin realizing the larger revenue streams that everyone has anticipated and expect increased sales in each of these industries. The four products mentioned represent only a small portion of the products that have been and are being developed by the Company. We also anticipate significant additional revenues from other products that are currently being developed. Just as we have announced the increase in revenue for this quarter, we expect revenues from these products to continue and increase. We also expect to see significant additional growth as new products become commercialized."
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 many industries. The Bend Sensor's single-layer, thin film construction cuts costs and weight. Flexpoints' technology and expertise 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.