DRAPER, Utah, Jan. 27, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) is pleased to announce it has been contracted to co-develop a specialized IIoT (Industrial Internet of Things) application with a specialty equipment manufacturer in the Energy industry. The customer designs, manufactures and maintains "special use" equipment employed by hundreds of power companies to produce electricity and fulfill the real-time demands of the grid.
Power companies around the world are on a path toward development and implementation of "smart grid" infrastructure. When mission critical equipment is "down" and inoperable, it comes at a very significant cost to the power company and customer satisfaction. This Flexpoint Bend Sensor® technology based application will provide advanced monitoring and provide timely alerts of impending problems to the power company (end user) and the manufacturer responsible for maintaining the equipment enabling them to be more proactive in maintenance of the equipment, ensuring performance goals are met and avoiding the costly downtime associated with traditional methods of equipment management.
Sensor-based, IIoT applications are rapidly becoming more and more in demand as the technology enabling these applications has become more advanced and within reach. Once completed, currently anticipated to be during Q2 2016, this application is expected to be sold and implemented to the growing, global customer base long held by this manufacturer. The final product system will include multi-function sensors, software and electronics.
According to Paul Sexauer, Vice President Sales & Marketing for Flexpoint, "This new customer relationship and resulting Bend Sensor® driven IIoT application are exactly the types of things that underscore how our unique technology can deliver real and immediate value to our customers." It is anticipated this relationship will result in a significant, long-term, sustained revenue stream for Flexpoint. Sexauer continues by adding, "The power companies leveraging this application will have their own, overall strategic IIoT frameworks and processes and this application will roll-up into those frameworks seamlessly as desired."
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
SOURCE Flexpoint Sensor Systems, Inc.