DRAPER, UT--(Marketwired - Jul 17, 2013) - Flexpoint Sensor Systems, Inc. (
As previously announced, automotive platforms can consists of anywhere from 150,000 to 4 million cars, a product is typically launched in a platform of between 50,000-100,000 vehicles for a "shake-out" period and then incorporated into additional vehicles over the years. Once in full production, the annual revenue is expected to be in excess of $1MM annually and will grow over time as the steering wheels in additional vehicle platforms are fitted with Flexpoint's horn switch system.
"We are pleased to be moving forward with this project, and while the progress is not as fast as we had anticipated, it continues to move forward and gain momentum," said Flexpoint CEO Clark Mower. "We are pleased to be working with world leaders in the automotive industry and feel that this continued involvement validates our products and technology. We are also optimistic that additional products will be incorporated into platforms beginning as early as next year. I am optimistic that as the units are installed and available for 'hands-on' testing, the integration of the horn switch system into automotive lines will accelerate. It has been exciting to see that the more exposure the system receives, the greater the enthusiasm for the system within the company. I believe that this enthusiasm will continue to grow and increase as more and more individuals within the company are exposed to the system."
Flexpoint continues to focus on the automotive industry and has been involved in several meetings and continuing conversations on this and other products over the past several months. Developments stemming from those meetings and conversations continue to advance Flexpoint's work in the industry.
Flexpoint Sensor Systems, Inc. (
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.