DRAPER, Utah, Nov. 18, 2015 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) is pleased to announce it has begun work on a recently executed, advanced stage turnkey design/development agreement with a North American Fortune 100 auto manufacturer.
According to Clark Mower, President of Flexpoint Sensor Systems, "This marks yet another major milestone on a path to success within the automotive industry in general and with this manufacturer in particular. This is particularly satisfying because it marks significant progress on a path we set out on many months ago."
Once completed, this pre-production design/development agreement clears the way for wide-spread adoption and production deployment to begin. Considerable revenue contribution from this agreement will be recognized in Q4 2015, with further revenue recognition coming in Q1 2016. The company expects more significant revenue contribution from this relationship to follow.
The Flexpoint Bend Sensor® has been adapted and designed into a number of now patented automotive applications. "The Bend Sensor® technology has proven to be differentiated to the point where this OEM has seen the value it will bring to their 'design for the future'. Bend Sensor® and Flexpoint differentiate themselves from competitors because of our ability to adapt to a variety of criteria," remarked Paul Sexauer, Flexpoint's VP of Sales & Marketing.
"The road to gaining ground in the auto industry is complex, and we are thrilled to see the progress we've made. We've had to overcome the many barriers to entry. After a company overcomes these barriers, successfully navigating through the morass of concept, design, prototype, testing, certification, alignment with Tier1/Tier 2 suppliers, gaining application readiness, and then pre-production readiness, etc. can be a journey to test the mettle of almost any manufacturer", further commented Sexauer. "There are also OEM changes in process and requirements to meet the measurement of success in each of these stages that evolve over time with which one has to contend. It was not easy, but the team at Flexpoint has endured, adapted and this goal line is clearly in sight!"
Additionally, Flexpoint anticipates significant developments with Tier 1/Tier 2 auto suppliers in 2016 to compliment this major milestone victory, further adding to its industry success and demonstrating the ability to execute on a major component of their long-term strategy.
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
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SOURCE Flexpoint Sensor Systems, Inc.