Purchase Orders include those from customers like Neofect's rapidly expanding FDA approved technology that features the Flexpoint Bend Sensor®
DRAPER, Utah, April 3, 2018 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announced Q4 2017 and Q1 2018 resulted in multiple production purchase orders from various customers around the globe including those in the medical and virtual reality/augmented reality (VR/AR) market segments. Flexpoint expects these purchase orders to increase in 2018 as these market segments experience rapid growth.
As the medical rehabilitation VR/AR market continues to grow, valued Flexpoint customers such as Neofect (Korea-based), Gloreha (Italy-based), Reha-Stim Medtec (Switzerland-based and formerly YouReHab,) are seeing their technologies gain greater acceptance in their respective markets.
Neofect, in particular, is experiencing rapid expansion in the US market as their technology which features the Bend Sensor® has FDA approval. Flexpoint is also engaged with other medical companies in this segment such as Focal Wellness and their ground-breaking Carpal Tunnel Syndrome (CTS) rehabilitation solution. All of these partner solutions impact millions of lives and prove the Bend Sensors® uniqueness is in high demand.
As previously announced, more pure-play B2B and gaming VR/AR peripheral manufacturers such as Manus VR (Netherland's-based), CaptoGlove and Virtual Motion Labs (US-based) have all contributed to Flexpoint's recent success via new and recurring PO's. Overall, this is currently a multi-billion dollar market segment which is expected to grow 10x by 2023. Flexpoint and its' partners are poised to be a major part of this growth.
According to Paul Sexauer, Flexpoint VP Sales & Marketing, "Flexpoint technology plays a key role in these wonderful VR/AR peripherals. Many of these customers have been under development and working with us for a couple of years to achieve what they are now accomplishing – real traction in their respective, rapidly growing markets. It is great to be a part of such success."
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. 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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