Flexpoint Sensor Systems Announces Grant of New Patent
31 March 2000
Flexpoint Sensor Systems Announces Grant of New Patent
SALT LAKE CITY--March 30, 2000--Flexpoint Sensor Systems (OTC BB: FLXP) Thursday announced that it was recently granted a new Patent No. 6015163 titled System for Measuring Parameters Related to Automobile Seat.This patent is the first to be granted of others filed directly relating to Flexpoint's occupant classification system.
Doug Odom, president and chief executive officer of Flexpoint Sensor Systems, commented, "We are pleased by the receipt of this new patent which will play a role in enhancing our current position of strength with our automobile occupant classification system.
"This brings us to six patents issued and several others are filed for. As a technology company we will continue to develop our products to meet the many market opportunities facing us."
Flexpoint Sensor Systems is developing an automobile occupant classification system in conjunction with Delphi Automotive Systems, the tier one automotive supplier.
Delphi Automotive Systems has overall responsibility for providing the electric interface for the system as well as for the integration of the system into the vehicle's passenger seat. Delphi Automotive Systems is also lending its vast high production experience to Flexpoint to assist in Flexpoint's production readiness.
Flexpoint Sensor Systems Inc. has developed and patented the Bend Sensor(R) technology. 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.
Global market opportunities include automotive, medical, industrial controls, health and fitness, security, computer peripherals, aerospace, transportation and consumer products. Flexpoint has produced over 6 million sensors for the toy and consumer industries.
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 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 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.