DRAPER, Utah, March 8, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) http://www.flexpoint.com, a leader in design and supply of thin film sensing technology, announced today that they are currently working with other established companies on development of several new applications for their patented Bend Sensor® technology. These uses include two medical devices and a monitoring device. All are in the early prototype development and testing stage.
We are working with a company on the development of a disposable directional positioning sensor for colonoscopes. According to an article published in MedScape Today magazine, the "'annual demand for colonoscopy ranges from 2.21 to 7.96 million" procedures in the United States. One of the difficulties with the procedure is providing an inexpensive means of locating the exact position of the colonoscopes. With the use of a sensor array and monitoring equipment it appears to be possible to locate the positioning of the colonoscopes.
We have developed a specialty sensor for an undisclosed medical device with another company. The volumes quoted for this device are between 500,000 to 1 million sensors annually. The sensor is an adaptation of a sensor that we already have commercially available. Initial testing on this device has been very positive and further testing will continue for at least the balance of the year. We will work closely with the company in the adaptation and development of additional prototypes as testing progresses.
Flexpoint Sensor Systems is also in the process of developing a movement and motion detection system for the US Military with a military subcontractor.
Clark Mower, President of Flexpoint stated, "These are exciting applications for our technology. In every instance the companies have sought us out and are working with us on the development of a specialized sensor for their unique use requirements. While these are in the early development stage, initial testing for each application has produced positive results and development is moving forward. It is expected that the development process will continue throughout the year with significant production and sales not occurring until at least the following year. Because two of these involve medical devices, the approval process may be longer than normally anticipated. We look forward to continuing development of these and other applications in the future.
Flexpoint Sensor Systems (FLXT) is a leading supplier of thin film sensing technology to many industries, including automotive, medical, industrial controls, and consumer products.
Flexpoint manufactures a patented new flexible sensor that has also proven to be an extremely durable switch. The single layer Bend Sensor® product allows for the measurement of mechanical movement, air flow, water flow, or even vibration. In addition, it has been tested to over 35 million cycles without failure. It can be used as a range of motion sensor, or as a very durable, very reliable switch in most harsh environments. The breadth of applications for our sensor is limited only by one's imagination.
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, 801-568-5111
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SOURCE Flexpoint Sensor Systems, Inc.