Flexpoint Sensor Systems Announces $5 Million Funding
22 March 2000
Flexpoint Sensor Systems Announces $5 Million Funding
SALT LAKE CITY, March 22 Flexpoint Sensor Systems, Inc.
(OTC Bulletin Board: FLXP), owner of the patented Bend Sensor(R) Technology,
announced that the Company has received investment funding from a
Utah-based investment group of up to $5.0 million. Flexpoint expects to
utilize the funds for general corporate purposes, working capital to
accelerate the development of the Company's automotive, industrial controls,
medical, and consumer applications and to pay off debts. The Company
continues to seek additional financing for expansion into various product
markets.
The Bend Sensor is a technological breakthrough that reduces the
dimensions of typical sensor devices by as much as 90 percent. Management
believes this ultra-thin flexible plastic film is the lightest, most robust
and cost-effective variable resistor available. Flexpoint is able to offer a
superior solution for applications that require accurate measurement and
sensing of deflection, acceleration, and range of motion. Flexpoint has
produced over 6,000,000 sensors for the toy and consumer industries to date.
Global market opportunities include medical, industrial controls, health and
fitness, security, computer peripherals, aerospace, transportation and
consumer products.
In preparation to supply Delphi Automotive Systems and General Motors the
Company has completed the first phase of its automotive production facility
for its patented "Occupant Detection System" which utilizes the Bend Sensor
Technology. By automatically sizing up a car's passenger, this device will
be able to distinguish the difference between a child car seat or adult
passenger. The Company's system is expected to help automakers meet the soon
to be government regulations eventually requiring advanced air bag systems in
every car sold in North America. The Company is positioning itself to ramp up
production of its Occupant Detection System in the second half of 2000. With
worldwide production of automobiles exceeding 55 million cars, the market
opportunity for this system is expected to exceed several hundred million
dollars annually.
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such statements are subject
to risks and uncertainties that could cause actual results to vary materially
from those projected in the forward-looking statements. The Company may
experience significant fluctuations in future operating results due to a
number of economic, competitive and other factors, including, among other
things, the size and timing of customer contracts, new or increased
competition, changes in market demand and seasonality of purchases of the
Company's products and services. These factors and others could cause
operation results to vary significantly from those in prior periods, and those
projected in forward-looking statements. Additional information with respect
to these and other factors which could materially affect the Company and its
operations are included on certain forms the Company files with the Securities
and Exchange Commission.
Bend Sensor and Flexpoint are registered trademarks of Flexpoint Sensor
Systems Inc.