DRAPER, Utah — (BUSINESS WIRE) — August 19, 2010 — Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) ( http://www.flexpoint.com) today announced that they have expanded their working relationship with Sensor Products, Inc. (SPI), of Madison, N.J. ( www.sensorprod.com). In addition to development and production of “nip sensors” for Sensor Products, Inc., the Companies continue to explore development of additional products. SPI will continue to market and distribute Flexpoint’s patented Bend Sensors® through their extensive sales, marketing and distribution network.
Flexpoint is working with SPI on the finalization of the nip sensor, which they plan to have in production by the end of the year. The nip sensor is utilized to measure actual contact (interfacial) pressure and distribution between two mating or impacting surfaces. These products are analytical tools used in the manufacturing and R&D processes by engineers and technicians. Initial production levels of the sensors are expected to be thousands of units per year.
Sensor Products Inc. is a world leader in the niche field of tactile surface pressure and force sensors. Its customized and off-the-shelf systems are installed within virtually all of the Fortune 500 industrial companies.
Flexpoint is currently working on the development of two additional products which have been brought to the Company by SPI. Flexpoint will also begin to manufacture an additional product under contract for SPI. These products have the potential to significantly increase the production of sensors by Flexpoint.
The President of Flexpoint, Clark Mower, stated, “We continue to be excited to be involved with Sensor Products, Inc. The relationship has been very synergistic for both companies, and we look forward to a long relationship with them as we progress on these and other products.”
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
Clark Mower, President, 801-568-5111