Flexpoint Sensor Systems, Inc. Provides Market Update with Renewed Interest and Progress on Multiple Products

Rhea-AI Summary

Flexpoint Sensor Systems (OTC PINK: FLXT) announces a resurgence in interest across various sectors following impacts from the Covid-19 crisis. President Clark Mower highlighted increased orders from both new and existing customers, particularly in automotive, medical, VR/AR/MR, and robotics markets. Key developments include partnerships with North American and foreign auto manufacturers, increased sensor orders from medical glove manufacturers, and ongoing fulfillment of a record order from MANUS VR. Expansion is also noted in battery safety measures and custom pressure sensors.

Positive

• Resurgence in interest leading to new orders from automotive, medical, and VR/AR/MR sectors.
• Continued fulfillment of a record order from MANUS VR indicating strong market demand.
• Ongoing partnerships for Battery Expansion Sensor with major computer manufacturers.
• Repeat orders for specialty sensors in industrial manufacturing and the musical industry.

Negative

• None.

DRAPER, UTAH / ACCESSWIRE / October 28, 2020 / Flexpoint Sensor Systems, Inc. (OTC PINK:FLXT) is pleased to share market developments as it relates to adoption of its' Bend Sensor^® technology. Flexpoint President Clark Mower stated, "As previously announced the company, like many other businesses, has been affected by the Covid-19 crisis, however, I am pleased to announce that this past month we have seen a renewed interest from companies in many different market segments which has led to orders from many new and previous customers. We anticipate additional product use as global recovery continues." These uses include:

AUTOMOTIVE -

We have seen a resurgence in market interest and adoption of the Flexpoint seat occupancy sensor and the company's more sophisticated, Occupant Classification System (OCS), along with interest in the Impact Detection System. We are currently working with both North American auto manufacturers as well as foreign automotive manufacturers. We are also in discussions with a large after market seller for seat products.

MEDICAL -

Medical Glove Manufacturers (Rehabilitation) - Neofect, (Korea), Idrogenet/Gloreha, (Italy), and others have all placed recent orders for sensors which will contribute to Flexpoints' revenue stream. Purchase orders are expected to continue increasing in order size and volume through the end of the year and into 2021.

VR/AR/MR -

Hugely popular vendors such as MANUS VR and others have established market presence in this rapidly growing marketspace as they rely on the Bend Sensor^® as integral components of their solutions. We continue to fulfill orders under the previously announced record order from Manus VR, (see June 2020 Press Release), and expect to complete final delivery of the balance of the order before the end of the year. These relationships continue to have a significant impact on Flexpoint's financial performance and show signs of tremendous growth on the horizon.

BATTERY EXPANSION SENSOR -

Flexpoint's Battery Expansion Sensor, ("BXS"), continues to make progress as they develop partnerships with major computer manufacturers and computer component providers who rely on lithium ion batteries in smaller spaces will utilize the expansion sensor as a safety measure. Flexpoint is actively working with major manufacturers on improving the quality and quantity of data we are able to utilize to keep lithium batteries safe in consumer products."

SPECIALTY SENSORS-

We have recently received repeat orders for a custom pressure sensor used in industrial manufacturing operations. This sensor was developed specifically for this application and we continue to receive orders from this company. We also have received a repeat order for a specialty glove that has application in the musical industry.

ROBOTICS -

More pure-play robotics development companies have placed orders with anticipated commercialization of their exciting technologies.

RESELLERS -

Resellers/Channel partners with global reach such as RobotShop, a steady contributor of purchase orders throughout 2020. We also receive orders from others such as Shopify, PayPal, Amazon and from orders placed on our website.

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.

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/612712/Flexpoint-Sensor-Systems-Inc-Provides-Market-Update-with-Renewed-Interest-and-Progress-on-Multiple-Products

FAQ

What recent developments has Flexpoint (FLXT) announced?

Flexpoint has reported renewed interest and new orders across various sectors, including automotive and medical, following Covid-19 impacts.

How is Flexpoint performing in the automotive sector?

Flexpoint has seen increased adoption of its seat occupancy sensors and is in discussions with both North American and foreign automotive manufacturers.

What is the significance of the orders from medical glove manufacturers for FLXT?

Increased orders from medical glove manufacturers are expected to contribute significantly to Flexpoint's revenue stream as demand rises.

What relationship does Flexpoint have with MANUS VR?

Flexpoint is fulfilling a record order from MANUS VR, which highlights the demand for its Bend Sensor technology in the VR/AR sector.

What expansions are occurring in Flexpoint's battery safety technology?

Flexpoint is developing partnerships with major manufacturers to enhance the safety of lithium batteries using their Battery Expansion Sensor.