Flexpoint Enters into an Agreement to Supply Its Technology to the Autonomous Vehicle Market
Flexpoint Sensor Systems (OTC PINK:FLXT) has secured a significant agreement with a leading autonomous vehicle manufacturer to develop an impact detection system using its patented Bend Sensor technology. The initial order is expected within 45 days, with potential for larger production in 2022. This technology aims to enhance impact detection in autonomous vehicles, an area where existing systems face challenges. The agreement follows a resurgence in interest for Flexpoint's technology in the automotive sector, with additional agreements anticipated by year-end.
- Secured agreement with a leading autonomous vehicle manufacturer for impact detection systems.
- Initial order expected within 45 days, indicating strong market demand.
- Potential for larger-scale production in 2022.
- None.
DRAPER, UT / ACCESSWIRE / August 25, 2021 / Flexpoint Sensor Systems, Inc. (OTC PINK:FLXT) is pleased to announce that the Company has entered into an agreement with a leading manufacturer of autonomous vehicles for the design and production of an impact detection system utilizing Flexpoint's patented Bend Sensor® technology. This Company is a significant player in autonomous vehicle development and production. The initial order will be delivered within 45 days with the probability of larger scale production occurring during 2022.
Flexpoint is involved in the creation of impact detection sensors for this application. We have recently experienced a resurgence in interest in Flexpoint's technology, especially with the increase in growth of autonomous vehicles. There are many technologies such as radar, lidar (light detection and ranging) and video that allow the car to negotiate the streets and avoid pedestrians. Unfortunately, when a vehicle actually hits something these systems have difficulty recognizing the event. The Flexpoint Impact Detection Sensors are specifically designed to perform this function in an accurate and rapid manner.
In April and July of this year, the company indicated that it was receiving strong interest and was actively developing applications for multiple companies within the automotive industry. This agreement is the culmination of work being done for these manufacturers. Additional agreements with this and other manufacturers for Flexpoint sensor products are likely during the remainder of this year.
Clark Mower, President of Flexpoint stated, "This agreement is significant, not only because it is an automotive application, but it is an application in the new and rapidly growing market and industry of autonomous vehicles. As you can see from recent releases the Company has been working with autonomous vehicle manufacturers to help them solve the issue of detecting these impacts. The result of these collaborative efforts has lead to an agreement and to the awarding of a purchase order for the first vehicle specific impact detection sensor system. The light weight and robustness of the sensor make it ideally suited for this and other applications in this industry where the weight of the vehicle has such a significant impact on the vehicles operational capabilities."
Mower further stated, "This is an extremely important moment for the Company because this represents a major step in integrating these systems into production vehicles. This system integrates directly into the manufacturer's vehicle for final validation of the system. We expect to see a ramp up in rates and volumes for these sensors in the future for this is a high-profile stage that will showcase the effectiveness and simplicity of integration of Flexpoint's Impact Detection sensor. It not only validates the system but also paves the way for their inclusion in the autonomous vehicles for other manufacturers as the industry expands. The sensor is a significantly important component to the system because it allows communication with the vehicles artificial intelligence, ("AI"), system. It is the advancement of AI technology that enables the accurate and safe operation of autonomous vehicles. We feel fortunate to have Flexpoint's technology chosen to be included in a vehicle utilizing AI. It is interesting to note that a recent article from The Motley Fool quoted Amazon CEO, Jeff Bezos as saying that one technology is the key to Amazon's future success. (Note: Artificial Intelligence), In fact, Bezos argues that "it's hard to overstate the impact" of this game-changing technology which is later identified as artificial intelligence. Talking of the AI market, Catherine Wood, the CEO of ARK Investments takes Bezos further: "We think [it] could approach
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.
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FAQ
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