DRAPER, Utah, July 25, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced that it has signed a Joint Development Agreement for a new variation of Bend Sensor® technology that can fit inside a narrow tube. The new design could potentially have immediate use in Flexpoint's colonoscope project and in other small diameter applications.
The agreement was signed with Mark Woodbury, an experienced engineer who has worked at Flexpoint in the past and has extensive experience with Bend Sensor technology. Woodbury will be working closely with Flexpoint's head engineer, David Beck to develop the sensor, which is attached to materials differently than previous Bend Sensors, thus opening the door to new types of applications and materials. Mark currently works for a defense contractor, but has maintained close contact with Flexpoint over the years.
"This new design could greatly advance our work with the colonoscope and open the door to a number of uses that demand a very small sensor," said Flexpoint CEO Clark Mower. "We have been pursuing expansion into a number of industries with partner companies, and this new design could open up some exciting possibilities."
Mower continued, "The new sensor type is an extension of the existing technology and not a replacement for the existing technology. The sensor could also be used in other applications that were previously unavailable due to difficulty of attaching sensors to different types of media. We are excited about the venues that this technology will open to us." Testing and development are already underway.
The market for medical sensors is expected to reach $12.4 billion by 2016, according to a recent report.
Flexpoint Sensor Systems (OTCBB: 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
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