Flexpoint Enters Into a Design and Manufacturing Agreement with a Fortune 50 Automotive Manufacturer

Rhea-AI Summary

Flexpoint Sensor Systems (OTC PINK:FLXT) has entered a significant agreement with a major automotive manufacturer to design and produce parts aimed at enhancing vehicle ride quality using its patented Bend Sensor technology. This collaboration marks a pivotal step toward market introduction, building on previous advancements disclosed in earlier press releases. The global market for this innovation was valued at $55.28 billion in 2019 and is estimated to reach $73.36 billion by 2027, indicating a strong growth potential for Flexpoint's technology in the automotive sector.

Positive

• New agreement with a major automotive manufacturer to utilize Flexpoint's technology.
• Potential for significant cost savings linked to the new application.
• The global market for related products is projected to grow from $55.28 billion to $73.36 billion by 2027.

Negative

• None.

DRAPER, UT / ACCESSWIRE / September 8, 2021 / Flexpoint Sensor Systems, Inc. (OTC PINK:FLXT) is excited to announce that they have recently entered into a new agreement with a major automotive manufacturer for the design and production of parts to be utilized in the finalization of an innovative application of Flexpoint's technology for cars and trucks to maximize the ride quality of the vehicle. We believe this application will provide significant cost savings over existing systems and lead to wide spread application of this technology.

Clark Mower, President of Flexpoint stated, "We are pleased to see this innovative application advance this quickly and move into manufacturing and assessment. In an April 28 press release we announced that a Fortune 50 automobile manufacturer had filed a patent incorporating Flexpoint's patented Bend Sensor^® technology in a system that allows the manufacturer to optimize the ride quality of the vehicle. In a July 13 update release we announced that we were working closely with the manufacturer on implementation of the technology in vehicles. Today's announcement is a critical step towards bringing the system to market and being widely utilized in vehicles."

As previously announced, this technology has been developed to be used in the Fortune 50 manufacturer's vehicles but may also be licensed to other manufacturers for use of Flexpoint's technology in their vehicles. We believe that this new application is positioned to be implemented fairly quickly.

The global market for this product was valued at $55.28 Billion in 2019 and is projected to reach $73.36 Billion by 2027

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. 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

SOURCE: Flexpoint Sensor Systems, Inc.

View source version on accesswire.com:
https://www.accesswire.com/663061/Flexpoint-Enters-Into-a-Design-and-Manufacturing-Agreement-with-a-Fortune-50-Automotive-Manufacturer

FAQ

What recent agreement did Flexpoint Sensor Systems (FLXT) enter into?

Flexpoint Sensor Systems announced a new agreement with a major automotive manufacturer for the design and production of parts aimed at enhancing vehicle ride quality.

What technology is Flexpoint using in its new automotive application?

Flexpoint is using its patented Bend Sensor technology in the new automotive application.

What is the market projection for Flexpoint's technology by 2027?

The market for products related to Flexpoint's technology is projected to reach $73.36 billion by 2027.

How does the new agreement affect Flexpoint's business?

The agreement represents a critical step towards bringing Flexpoint's technology to market and potentially generating significant cost savings.