DRAPER, Utah, July 14, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTC: FLXT) is pleased to announce the Bend Sensor® has been chosen by numerous global Virtual Reality, (VR), market leaders to help power their innovative VR platforms. The "Flexpoint Experience", defined by how our team engages with a customer/partner to custom design a sensor solution, as well as the unique and exceptional performance characteristics of the Bend Sensor®, have been the difference makers for those companies clamoring to bring their special products to market.
Although Virtual Reality and Augmented Reality, (AR), technologies are not new, major technological advances across the board from hardware-software-peripherals have enabled this market to expand and experience a remarkable rebirth. According to analyst Deloitte Global, virtual reality (VR) will have its first billion dollar year in 2016 . Flexpoint and its expanding customer base in this space are poised to greatly benefit from this market growth.
VR hardware platforms offered by such notable companies as HTC, Oculus, Sony and others, offer rich and powerful software development platforms which enable software developers, limited only by their imagination, to design and build applications. Applications of various types will mark the VR and AR landscape. These applications will certainly be gaming (B2C) based; which some industry analysts predict will reach a market size exceeding USD $9 billion by 2022. Business and commercial VR and AR adoption (B2B), another large market sub-segment, presents tremendous opportunity for Flexpoint. According to a Goldman Sachs report published earlier this year, the combined virtual reality and augmented reality market (hardware and software) is estimated to reach anywhere from $80B to $182B in market size, by 2025.
As previously projected, the company is now realizing revenue contribution from numerous VR technology development companies. Flexpoint expects these relationships to help fuel the company's projected and unprecendented 2016 growth and, as the global market adoption of these platforms increases, carry that growth into 2017 and beyond.
Glove based applications are driving the market adoption of the Bend Sensor®. Independent research, being proven out now by Flexpoint's marketshare achievements, have shown the Bend Sensor® to be superior to any other competing sensor alternative for the gloves. Technology alone is not the difference maker. The attractive price/performance benefit and the "Flexpoint Experience" are also major contributing factors.
According to Paul Sexauer, Flexpoint VP Sales and Marketing, "We are proud to have earned the opportunity to be a part of these exciting VR and AR solutions. The Bend Sensor® is clearly differentiated in this exciting market segment and we have achieved a noticeable leadership position for these types of (glove) applications. I am especially impressed by our engineers who have done a tremendous job of working with our customers to realize their vision and make it a reality."
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® 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, Inc.
Clark Mower, President
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