Flexpoint Sensor Systems, Inc. (OTCBB:FLXT) is engaged in advanced testing and prototype production of a new automotive product with a multibillion-dollar Tier 1 automotive supplier. This well-known supplier currently does business in over 100 countries around the world.
“This product will replace a legacy system currently in use and enhances its reliability and efficiency. This relationship is separate from the recently announced AEC agreement. As the product is commercialized, we expect it to significantly enhance our future revenue streams. We look forward to discussing this project in more detail in the coming months. With the current status of the global economy we believe there will be added pressure on manufacturers and suppliers to reduce costs. New cars will need technologically advanced sensing devices that are less expensive, lighter in weight, less complicated and more reliable. We believe that our sensor meets those requirements and fills that need. We are excited about the challenge and opportunities that these conditions present,” stated Clark Mower, President of Flexpoint Sensor Systems.
The company anticipates commercializing many other products this year in the automotive and medical industries working with both private and government entities.
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.
Contacts:
Tom Strong, CFO, 801-568-5111
