Flexpoint Sensor Systems Reports Record Year in Both Revenues and Product Expansion in 2016 and Highlights Expectations for 2017
2017 growth is expected to come from toys, wearables, medical and automotive
DRAPER, Utah, Dec. 28, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announced 2016 accomplishments that have led to a record year for the company in both revenues and product expansion of the Bend Sensor®. Looking at 2017, the company expects the majority of growth to come from multiple markets including toys, shoes, gloves, medical and automotive.
Below are some of Flexpoint's accomplishments in 2016:
- Established an on-going relationship with an American-based, Fortune 500, global toy manufacturing company and first year annualized volume has been in excess of 800,000 sensors.
- Reached production readiness phase with Tier 1 automotive manufacturer featuring the patented Flexpoint Horn Actuation system.
- Expanded glove applications incorporating the Bend Sensor® across industries including medical, toys, gaming and virtual reality. Some specific relationships include:
- A robotics toy kit from ZeroUI
- Medical rehabilitation glove system from Neofect
- Launch of the industry's first consumer virtual reality glove by Manus VR
- Technological glove designed for the hearing impaired that converts Sign Language into speech in real-time from award winning Turtela Technology Solutions
- Queen's University Human Media Lab developed the industry-first, patented flexible smart phone – ReFlex – and other inventive technologies such as PaperTab and Holoflex which all incorporate the Bend Sensor®.
- Launched the Flexpoint Bend Sensor® Glove Kit in order to help engineers shorten the development time and assist in the implementation of the Bend Sensor into future applications.
"We continue to distinguish ourselves in these ever evolving markets through close client collaboration. As the Bend Sensor® repeatedly differentiates itself competitively because of its adaptability, durability and exceptional product quality, we expect to continue making strategic and prosperous partnerships going into 2017 and beyond," commented Paul Sexauer, VP Sales and Marketing.
Below are some of Flexpoint's expectations for 2017:
- Toy related purchase orders are expected to significantly increase from 2016. The Fortune 500, global toy manufacturing company Flexpoint has been working with will be the largest contributor with annualized volumes expected to grow as a direct result of increased sales and expansion to other models of the toys. Revenue contribution will also come from other toy clients as their commercialization efforts continue in 2017.
- Flexpoint expects growth in the shoe (wearable) related market segment as multiple customers come to market with different adaptations of applications.
- As the Virtual Reality and Augmented Reality (VR/AR) market segments continue on their dramatic growth path, Flexpoint expects to realize significant revenue from as many as ten different customer sources in 2017 – this exciting market adoption will span B2B, Consumer and Medical.
- Flexpoint will expand its channel/distributor partner presence globally in 2017 which will result in significant contribution to revenue from sales of "stock" products from these valued partners
- There are several of existing Flexpoint customers planning to bring new products to market leveraging the Bend Sensor® technology.
- IoT/IIot applications featuring the Bend Sensor® will increase as these types of applications continue their dramatic ascent across a variety of markets including medical and power/energy.
- Multiple medical products from various companies including, Haemoband, will achieve commercialization in 2017.
- Expected achievement of Cash Flow Positive
"Our diversity of partners and depth of projects has really expanded in 2016 and we expect that to increase in 2017. Our main sources of revenue have begun to shift, and we expect the bulk of revenues to come from our relationships with industries including toys, shoes, gloves applications (specifically virtual reality) and automotive. I truly believe Flexpoint is in the best position it has ever been in. 2016 was a record year for us and we expect to develop our on-going relationships further in 2017 as well as to develop new opportunities," commented Paul Sexauer, VP of Sales and Marketing.
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.
Forward-Looking Statements
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.
Contact Information:
Flexpoint Sensor Systems
Clark Mower, President
801-568-5111
Brokers and Analysts
Chesapeake Group
410-825-3930
[email protected]
SOURCE Flexpoint Sensor Systems, Inc.
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