DRAPER, Utah, April 24, 2013 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announced that it has reached a favorable universal settlement in the legal case involving a series of products featuring technologies that use Bend Sensor® technology.
Flexpoint led the complicated negotiations that culminated in the agreement which involved multiple parties and multiple issues. The universal settlement reinforces Flexpoint's rights and gives the company new revenue from all sales of related products moving forward.
Through the course of negotiations, it became clear that the medical bed and related applications have numerous interested potential customers who could move aggressively to bring these products to market. As part of the settlement, Flexpoint has reached a marketing agreement with Bend Tech, LLC, and Jules Anthony "Tony" DeGreef. Mr. DeGreef has been involved with these products for years, and has previously successfully marketed the products and has already begun talks with new interested clients.
The resolution of the issues involving the products utilizing Bend Sensor® technology represents a breakthrough for Flexpoint, as the products involved represent major revenue potential for the company moving forward.
"We are gratified to reach such a favorable settlement in this case," said Flexpoint President Clark Mower. "The products involved represent years of innovative development, and we are excited to see them progress and be positioned to realize their significant market potential. The talks that led up to this settlement have us feeling confident that we will see exciting movement on these products in the coming year. These products, which were essentially put on hold for several years pending the outcome of litigation, should result in substantial sales for Flexpoint's Bend Sensors®. Based upon current interest we expect orders beginning as early as late this year. We are excited to be in a position to add such strong products to our market inventory."
Flexpoint Sensor Systems (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
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.
Flexpoint Sensor Systems
Clark Mower, President
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