DRAPER, UT / ACCESSWIRE / September 8, 2021 / Flexpoint Sensor Systems, Inc. (OTC PINK:FLXT) is excited to announce that they have recently entered into a new agreement with a major automotive manufacturer for the design and production of parts to be utilized in the finalization of an innovative application of Flexpoint's technology for cars and trucks to maximize the ride quality of the vehicle. We believe this application will provide significant cost savings over existing systems and lead to wide spread application of this technology.
Clark Mower, President of Flexpoint stated, "We are pleased to see this innovative application advance this quickly and move into manufacturing and assessment. In an April 28 press release we announced that a Fortune 50 automobile manufacturer had filed a patent incorporating Flexpoint's patented Bend Sensor® technology in a system that allows the manufacturer to optimize the ride quality of the vehicle. In a July 13 update release we announced that we were working closely with the manufacturer on implementation of the technology in vehicles. Today's announcement is a critical step towards bringing the system to market and being widely utilized in vehicles."
As previously announced, this technology has been developed to be used in the Fortune 50 manufacturer's vehicles but may also be licensed to other manufacturers for use of Flexpoint's technology in their vehicles. We believe that this new application is positioned to be implemented fairly quickly.
The global market for this product was valued at $55.28 Billion in 2019 and is projected to reach $73.36 Billion by 2027
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. 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.
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https://www.accesswire.com/663061/Flexpoint-Enters-Into-a-Design-and-Manufacturing-Agreement-with-a-Fortune-50-Automotive-Manufacturer
