DRAPER, UT -- (Marketwired) -- 07/17/13 -- Flexpoint Sensor Systems, Inc. (OTCQB: FLXT), (http://www.flexpoint.com/) today announced that they have recently received a purchase order from a major Tier One supplier in conjunction with a Fortune 100 Auto maker for completion of horn switch systems to be installed in a limited number of automobiles to complete in-vehicle testing. The units should be completed in approximately eight weeks and the in-vehicle studies should be completed by the end of September to mid-October and results available by late this year. This will give each of the departments a chance to see it in place and to test the horn system. The purpose of these tests is to collect additional data and give designers and engineers within the auto maker an opportunity to experience the system in an automobile. This will allow them a "hands on" experience with the technology prior to their designating the system for incorporation into future vehicle programs. Once it has been incorporated into a specific platform, we will work to get the models identified and have it pulled forward for a drop in application so that the field testing and verification can be completed. It is expected that as development of the initial horn switch is completed and the first units integrated into existing production, the project will be expanded to integrate control switches onto the horn pad, and that the application could be expanded to additional models of automobiles and light trucks.
As previously announced, automotive platforms can consists of anywhere from 150,000 to 4 million cars, a product is typically launched in a platform of between 50,000-100,000 vehicles for a "shake-out" period and then incorporated into additional vehicles over the years. Once in full production, the annual revenue is expected to be in excess of $1MM annually and will grow over time as the steering wheels in additional vehicle platforms are fitted with Flexpoint's horn switch system.
"We are pleased to be moving forward with this project, and while the progress is not as fast as we had anticipated, it continues to move forward and gain momentum," said Flexpoint CEO Clark Mower. "We are pleased to be working with world leaders in the automotive industry and feel that this continued involvement validates our products and technology. We are also optimistic that additional products will be incorporated into platforms beginning as early as next year. I am optimistic that as the units are installed and available for 'hands-on' testing, the integration of the horn switch system into automotive lines will accelerate. It has been exciting to see that the more exposure the system receives, the greater the enthusiasm for the system within the company. I believe that this enthusiasm will continue to grow and increase as more and more individuals within the company are exposed to the system."
Flexpoint continues to focus on the automotive industry and has been involved in several meetings and continuing conversations on this and other products over the past several months. Developments stemming from those meetings and conversations continue to advance Flexpoint's work in the industry.
Flexpoint Sensor Systems, Inc. (OTCQB: FLXT), (http://www.flexpoint.com/) 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'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.
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.
Flexpoint Sensor Systems
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