Flexpoint Sensor Systems Reports 2004 Financial Results

DRAPER, Utah--April 1, 2005--Flexpoint Sensor Systems, Inc. (OTCBB:FLXT) today announced audited financial results for fiscal year 2004 ending on December 31st. Flexpoint commenced operations on February 24th, upon confirmation of the company's reorganization.

As reported in Flexpoint's recently filed 10K revenues for the interim period, February 24 through December 31, 2004 were $345,433. Revenues were realized from sales, research and development contracts, and licensing fees. Net losses for the period were ($4,510,726), largely one time, non-recurring expenses associated with reorganization and financing initial operations.

Since March of 2004, Flexpoint has completed several major steps towards its goal of acquiring an automotive contract. Significant events include new facility and production line began fulfilling orders, S&P Corporation Records approved manual listing, new Board of Directors and Chief Executive Officer, as well as advancement of several automotive, security, and medical applications.

Flexpoint is currently working with manufacturers, automotive suppliers, and distributors to identify new applications and uses of the Bend Sensor(R) technology across numerous fields and industries. The company is maximizing the sensor's competitive advantages to develop applications for customers that emphasize functionality, reliability, quality, and convenience.

"Since we commenced operations, Flexpoint has been negotiating contracts, manufacturing Bend Sensor(R) devices, and further developing our technology," stated CEO of Flexpoint Clark Mower. "During the fourth quarter, development and research for automotive customers increased more than management anticipated. Negotiations have steadily progressed and we are working towards finalizing contracts for these applications."

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.