DRAPER, Utah, May 6, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT), a leader in flexible Bend Sensor® technology, today announced continuing developments on a number of projects that are contributing to overall company success and previously projected quarterly revenue recognition. The company is progressing toward significant 1st half 2016 and full year revenue recognition milestones with a number of projects, initiatives and customers.
According to Clark Mower, Flexpoint CEO, "Flexpoint is on a tremendous path and an unprecedented trajectory on a number of projects. We are on track to our projected guidance to achieve cash flow neutrality in the first half of the year and to have positive cash flow by the end of the year. We continue to execute necessary deliverables in order to obtain the results we have been projecting and expect to be able to announce details of these projects in the near future:
- Toy manufacturer – production level volume sensor orders being shipped
- HTK Safety agreement announcements with multiple global resellers, OEM's and end customers
- Anticipate additional larger scale purchase orders with various Flexpoint glove and wearables products customers
- Tier 1 automobile manufacturer - delivery and acceptance of contracted for "deliverables" in Q2 2016 associated with a previously announced agreement. Flexpoint also anticipates finalizing an alignment with a Tier 1 supplier. This should be instrumental in securing long-term, multi-year production agreements with this very strategic customer
- Establishment of reselling and product development contracts with a major, tier 1 auto and truck parts manufacturer
- Additional order and completion of work to begin long awaited commercialization for Haemoband's colonoscope utilizing custom Flexpoint's Bend Sensor® and electronic system
- Development of new channel relationships with global manufacturers/resellers
- Announcement of a strategic partnering relationship with a Global IIoT software platform provider whereby we will deliver integrated (sensors and software) IIoT solutions to this blossoming marketspace."
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
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SOURCE Flexpoint Sensor Systems, Inc.