Today, Flexpoint Sensor Systems, Inc. outlined its expectations for 2012, as well as released the results of the operations from the most recent financial year, in a press release that also acted as a short-term history lesson on the company as a whole, detailing their major activity from 2004-2008.
Flexpoint was founded in 1995 with the goal of developing thick film sensing technology intended for the automotive industry. Their technology was trademarked as Bend Sensor after a 1998 merger and was envisioned as a useful tool in smart airbag technology. The company’s sensor products have been used in a number of industries, including medical applications and in consumer toys.
Flexpoint currently has 15 non-automotive clients that utilize their technology (including the US military and NASA), with 2011 revenue of approximately $75,000. Notably Flexpoint announced over the past month that it has made the transition from a development company to a manufacturing company.
Flexpoint anticipates that their revenue from existing product applications will multiply four to five times in 2012, and that several new products have the potential for growth as well. In addition, Flexpoint is testing and developing several new products that will be produced in 2012.
Clark Mower, president of Flexpoint, said, “We have been successful in bringing many products into commercial production. We are gratified at the progress that has been made and excited that the success has verified the commercial viability of the Bend Sensor technology. We have achieved many milestones, both from an engineering and negotiation standpoint. In the first half of 2012, our company will no longer be viewed as just a company with strong potential, but as a company which is achieving the financial success that shareholders deserve.”
“We are currently working with some of the largest and most respected companies in their respective industries,” he continued. “We also have several products that are in the advanced development and testing stages that we expect to go into commercial production this year. We expect to see a significant increase in both the number of clients and in the revenues from production. We have also advanced the automotive applications during this process and expect multiple products on many platforms moving forward. We are working to bring the first automotive application that we disclosed last year into production. We anticipate announcing full year end results in late March and anticipate a number of positive developments this year.”
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