Flexpoint Sensor Systems, Inc. Updates Progress on Automotive and VR Projects

Rhea-AI Summary

Flexpoint Sensor Systems (OTC PINK:FLXT) reported positive developments in the adoption of its Bend Sensor technology across various sectors, especially post-COVID-19. The company is witnessing an uptick in orders from established clients and is forging new partnerships. Notably, Flexpoint is collaborating with a Fortune 50 automotive company to implement its technology in vehicles, enhancing ride quality. In the VR/AR sector, a substantial order from Manus VR indicates growing demand. The medical sector is also seeing increased orders, contributing to Flexpoint's revenue stream growth.

Positive

• Significant increase in orders from long-term partners post-pandemic.
• Collaboration with a Fortune 50 automotive company for innovative vehicle applications.
• Delivery of 3,200 glove sensors to Manus VR, indicating robust demand.
• Growing orders from medical glove manufacturers, contributing to revenue.
• Formalizing international reseller agreements to expand market presence.

Negative

• None.

DRAPER, UT / ACCESSWIRE / July 13, 2021 / Flexpoint Sensor Systems, Inc. (OTC PINK:FLXT) is pleased to provide an update on market developments as it relates to adoption of its' Bend Sensor^® technology with various products. Clark Mower, Flexpoint President stated, 'We are seeing significant opportunities with both existing and new customers as the business world reemerges from the hibernation brought on by the COVID 19 Pandemic. Flexpoint is experiencing a resurgence in orders from long term partners as both the volume and frequency of orders has increased, as well as having success in building new relationships and developing new partners. The Bend Sensor^® is rapidly regaining momentum which was halted by the pandemic and is diversifying potential applications and receiving meaningful orders worldwide. We anticipate the momentum continuing with additional purchase orders in the second half of this year."

AUTOMOTIVE -
We are continuing to work closely with a Fortune 50 automotive company on the integration of a system utilizing Flexpoint's patented Bend Sensor^® technology which was included in a patent issued to the major automotive manufacturer. By utilizing Flexpoint's technology, this manufacturer, along with Flexpoint, has created an innovative application for automobiles and trucks which allows them to optimize the ride quality of the vehicle. Flexpoint is actively working with the manufacturer on implementation of this new technology in vehicles.

Additionally, we have seen significant market interest and the recent adoption of a variety of sensor applications including the Flexpoint seat occupancy sensor and the companies' more sophisticated, Occupant Classification System (OCS), along with integration of the Impact Detection System. We are currently working with both North American and foreign automotive manufacturers on these systems. These companies include Fortune 50 automotive manufacturers as well as new, well financed companies in the EV and Autonomous Driving vehicle market spaces. We look forward to announcing production agreements with our partners and their anticipated production schedules. We are also working on formalizing an arrangement with a large after-market seller for seat products.

VR/AR/MR -
Hugely popular vendors such as Manus Technology Group, MANUS VR and others have established market presence in this rapidly growing market space as they rely on the Bend Sensor^® as integral components of their solutions. During June Flexpoint delivered the first shipment of the record order of 3,200 gloves from Manus VR as announced in the May 26, 2021 press release and expect to complete final delivery of the balance of the order before the end of the third quarter 2021. The Purchase order calls for the staged delivery of the glove sensors to meet their projected inventory requirements.

MEDICAL -
Medical Glove Manufacturers (Rehabilitation) - Neofect, (Korea), Idrogenet/Gloreha, (Italy), and others have all placed recent orders for sensors which will contribute to Flexpoint's' revenue stream. Purchase orders are expected to continue increasing in order size and volume through the end of the year and into 2022. The company continues to receive substantial purchase orders as it expands its global medical and medical IoT wearables.

RESELLERS -
Resellers/Channel partners such as RobotShop, has been a steady contributor of purchase orders throughout the past three years. We also receive orders from others such as Shopify, PayPal, Amazon and from orders placed on our website. Flexpoint is currently in the process of formalizing reseller agreements with international partners that have committed to develop markets for our sensors in their countries. We plan to add additional information on these partners as the agreements are formalized and we are working to increase this market area as it provides effective and significant growth and scale.

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/655243/Flexpoint-Sensor-Systems-Inc-Updates-Progress-on-Automotive-and-VR-Projects

FAQ

What recent developments have been reported by Flexpoint Sensor Systems (FLXT)?

Flexpoint announced increased orders from existing partners and new client acquisitions, emphasizing the revival of its Bend Sensor technology post-COVID.

How is Flexpoint Sensor Systems (FLXT) performing in the automotive market?

Flexpoint is collaborating with a Fortune 50 automotive company to enhance vehicle ride quality through its Bend Sensor technology.

What is the significance of the order from Manus VR for Flexpoint Sensor Systems (FLXT)?

Flexpoint fulfilled a record order of 3,200 glove sensors for Manus VR, showcasing the growing application of its technology in the VR/AR market.

How are medical sector orders affecting Flexpoint Sensor Systems (FLXT)?

Flexpoint has received increased orders from medical glove manufacturers, further boosting its revenue streams.

Are there any new reseller agreements for Flexpoint Sensor Systems (FLXT)?

Flexpoint is in the process of formalizing international reseller agreements to enhance its market capabilities.