DRAPER, Utah, May 23, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) a maker of innovative "thinking" sensors is pleased to provide a shareholder update for First Half 2016.
"Flexpoint is a Company with multiple areas of expansion, progress and growth. We are beginning to receive purchase orders and produce deliverables for multiple long term, large-scale production orders. As a result of this, revenues have dramatically increased for the first half of the year. We look forward to continually generating custom solutions for recognizable cutting-edge technology companies. Customers are starting to realize the value of our products," said Clark Mower, CEO of Flexpoint. "Our execution of our business plan, from a revenue standpoint, is now beginning," continued Mower.
Below are some of accomplishments of the First Half of 2016:
- Strong Increase in Deliverables
- The company has had numerous significant deliverables during the first half of the year including toys, automotive and five glove manufacturers.
- Significant Increase in Revenues.
- Revenues and Total Current Assets Increased 10% for Q1 2016. The company anticipates revenue in Q2 2016 to grow at least 300% over revenues for the first quarter and exceed last years' total of $138,347.
- Decrease in Net Loss per Share.
- Net loss per share remained the same at .01 EPS. The actual dollar amount of the loss decreased 2% for Q1 2016.
- Largest Deliverable to Automotive
- During Q2 2016, the company has successfully met key milestones and deliverables associated with a turnkey design/development contract with an automaker and Tier 1 supplier. The company received nearly $65,000 in exchange for the deliverable. Flexpoint is now focused on completing the final phase of the project prior to the commencement of production deployment and widespread system adoption. The final phase is expected to be completed in Q4 2016. The company remains confident that the revenue contribution from this relationship will increase dramatically during 2017, as the project becomes production ready.
- Increased Production
- The company has the facilities to produce over twenty million sensors per year. The company anticipates hiring additional machine operators during 2016 to meet the expected increase in demand.
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 such as sports/fitness, automotive, safety, medical and industrial; some of which can be further categorized in the rapidly growing "wearables" space. 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.