Flexpoint Sensor Systems Working on Second Generation of Silo Application

DRAPER, Utah--Sept. 22, 2004--Flexpoint Sensor Systems, Inc. (Pink Sheets:FLXT) today announced Ricochet Development, Inc. has contracted Flexpoint to develop another version of the silo measuring sensor system; this sensor being developed for existing structures. This updates a prior press release between Ricochet Development, Inc. and Flexpoint dated July 22, 2004.

The first application of the measuring sensor was designed to measure the contents of a brand new silo. The Bend Sensor(R) was chosen for its ability to provide years of reliable measurements while not being susceptible to environmental conditions including rain, dirt, and dust particles that rendered the existing sensors useless.

The second application will be a sensor device that can be retro-fitted on existing silos where sensors have deteriorated or need to be upgraded. Ricochet Development believes there is a much larger market of silo owners looking to replace the measuring device rather than the entire silo.

"Ricochet Development will soon be able to offer customers who are either in the market for a new silo, or need to upgrade an existing one, a solution they can count on for years and years of reliable service," stated CEO of Flexpoint, John Sindt. "We remain focused on the automotive industry, but are currently manufacturing devices for a wide range of sectors including the medical industry, industrial controls, and security applications. It is important for us to receive revenues from several sources to grow and sustain a healthy business model."

Flexpoint Sensor Systems, Inc. has developed and patented the Bend Sensor(R) technology. The Bend Sensor is a technological breakthrough that offers a superior solution for applications that require accurate measurement and sensing of deflection, acceleration and range of motion. Global market opportunities include automotive, medical, industrial controls, government, health and fitness, security, computer, aerospace, transportation and consumer products.

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.