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Micropoint Inc. Reports First Quarter 1999 Results

13 May 1999

Micropoint Inc. Reports First Quarter 1999 Results

    SALT LAKE CITY--May 13, 1999--Micropoint Inc. (OTC BB:MICP) today announced results for the three-months ended March 31, 1999.
    Revenues for the period ended March 31, 1999 were $121,757 compared to $60,088 for the same period a year ago. The rise in revenues is due primarily to increased development fees generated under the agreement between Micropoint and Delphi Automotive Systems.
    The net loss for the first quarter 1999 was approximately $1.1 million, or $(0.07) per share compared to a net loss of $455,704, or $(0.05) per share in the first quarter of 1998.
    Doug Odom, president and chief executive officer of Micropoint, commented, "Our relationship with Delphi Automotive Systems remains strong as evidenced by our announcement last month of modifications to our original agreement. The revised agreement reflects an increase in anticipated production demand by General Motors for our Flexpoint Occupant Detection System and we estimate it could generate $300 million in sales over the life of the contract."
    Odom added, "We continue to make progress at our new facilities and expect to start the qualification phase this month. Our primary focus is to bring our new facilities on line and begin full-scale production of the Flexpoint Occupant Detection System in the fourth quarter of 1999."
    "In order to execute on our aggressive business plan, we will be adding management staff as well as operational staff during the second half of 1999 to meet the needs of our growing company. We are in discussions with several other large automotive companies and are excited about our future prospects. Although we are currently focused on the automotive industry, Bend Sensor technology is a platform that can be used in many other applications in other fields such as industrial and medical. Our patented technology is thinner, lighter and more reliable than other sensor technology currently available and it allows engineers to design products in new and innovative ways," Odom concluded.
    Forward looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, completion of manufacturing facilities, market acceptance, government regulation, changing economic conditions, risks in product and technology development, the effect of the company's accounting policies, competitive conditions and other risk factors detailed in the company's filings with the Securities and Exchange Commission.

    About Micropoint Inc.

    Through its operating subsidiary Flexpoint, Inc., Micropoint designs, manufactures, and markets flexible Bend Sensor(R) technology for various industries, including the automotive and toy industries. Micropoint has also begun marketing to various other industries, which include industrial and medical applications.
    Micropoint's unique Bend Sensor device measures a predictable change in electrical resistance as it is deflected. It is capable of precisely measuring minute to very large changes in position. Flexible and self-contained Bend Sensor technology can provide an ideal solution to problems associated with numerous applications requiring accurate sensing devices in many industries. The Bend Sensor is thinner, lighter, longer-lived, more reliable and more cost-effective than many previous devices in the sensor industry.

                            Micropoint Inc.
Financial Highlight for the three months ended March 31, 1999 and 1998
                              (unaudited)

                                        Three months ended
                                            March 31,
                                     1999              1998

Sales                              $121,757           $60,088
Gross profit                        120,912            15,362
General and administrative          595,418           317,269
Research and development            670,079           153,757
Net loss                        ($1,132,054)        ($455,704)
Net loss per share                   ($0.07)           ($0.05)

Weighted average shares 
 used in calculation             15,860,279         9,860,279


                            Micropoint Inc.
                       Balance Sheet Highlights

                                   March 31,         December 31,
                                     1999                1998

Cash                              $1,102,325           $657,775
Current assets                     1,450,725          2,776,287
Total assets                       3,977,850          4,051,458
Current liabilities                  883,732            458,311
Stockholders' equity               3,094,118          3,593,147
Total liabilities and 
 stockholders' equity             $3,977,850         $4,051,458