U.S. Markets close in 39 mins

Flexpoint Sensor Systems Provides Corporate Update with 2017 Guidance

DRAPER, Utah, May 9, 2017 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today released a corporate update for shareholders on current company activities and projected events for 2017.

"We have been able to build and expand on many of our relationships, resulting in recurring revenue streams from multiple sources across industries," commented Clark Mower, Flexpoint President and CEO. "We have worked for years to get to this position and now that we are here, we are reaping the benefits from our years of hard work. We have established ourselves in many industries that have proved to be very lucrative for the company including virtual reality/augmented reality (VR/AR), medical IoT and robotics just to name a few."

Some key highlights include:

  • The biggest contributors to Q2 2017 revenue will be glove based products and the toy relationship.
  • Flexpoint is expected to deliver on over one million sensors in 2017 for the toy manufacturer.
  • Medical IoT sensor volume is expected to be more than 50,000 sensors in 2017.
  • Sensor volume from glove based applications is expected to exceed 175,000 in 2017.

Flexpoint, year-to-date, has delivered on approximately 150,000 sensors for its partnership with the toy manufacturer. The company expects annualized volumes for 2017 to be in excess of one million sensors.

The launch of ZeroUI, which was featured at CES 2016 and 2017, is taking place in Q2 2017, and Flexpoint anticipates delivering more than 10,000 sensors for ZeroUI in 2017. ZeroUI sells a hand-gestured modular robotics toy kit.

Initial clinical tests for Haemoband have completed. Haemoband is expected to incorporate the Bend Sensor® in multiple product and device types that will launch beginning in late 2017. It is anticipated that production orders for these new products will begin in the second half of 2017 and are expected to significantly increase in 2018.

The product launch of a wearable shoe application will take place in Europe in the second half of 2017. The second half of this year will also see the product launch in North America of a medical orthotics shoe product. Between these two products, sensor volume is estimated to be 175,000.

The company began selling and distributing sensors through two resellers in 2016. Flexpoint has since greatly increased its relationships with resellers and is currently working with seven resellers across diverse industries. Some of these companies include Amazon, NoDNA, RobotShop, Oz Robotics, Karlsson Robotics, SPI and Infusion Systems.

"This meets our stated goal and expectation for 2017 of expanding our reseller markets," mentioned Paul Sexauer, VP Sales and Marketing. "We expect to add a few more resellers this year, two of which will be in the near term. We are receiving recurring sales from these resellers with most experiencing a growing number of sensors ordered each time." Sensor volume sold in 2017 through these channels will approach 25,000.

Virtual reality/augmented reality (VR/AR) continues to be a focus of Flexpoint's because it has proven to be an incredibly fast growing multi-billion industry. ManusVR and Virtual Motion Labs both have products that are currently commercially available and feature the Flexpoint Bend Sensor®. CaptoGlove along with a few other companies are all expected to release Bend Sensor® products in 2017. Flexpoint expects the purchase orders that are currently being fulfilled for ManusVR and CaptoGlove to significantly ramp up in volume and frequency throughout 2017.

Flexpoint has also established relationships with several medical IoT vendors. These include companies like 11Health, Neofect, Gloreha and YouReHab; all with a focus on medical rehabilitation with a different approach. Products from these companies range from gloves to prosthetics to virtual reality, all with the intention of improving medical health or medical rehab.

Sexauer further commented, "2017 will be a significant advancement year for consumer electronics, an exploding market which focuses on VR/AR, smartphones and other electronics. This growing market puts Flexpoint in a position for exponential growth. We expect this growth to carry over into 2018 across various industries."

"In summary, we have positioned the company for a record setting year in both sensor production and revenue for 2017 because of our new and expanding relationships. I further wish to thank everyone in the investment community who has been a part of our journey at Flexpoint over the years as we look forward to a prosperous 2017 and our best year yet," concluded Mower.

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® is a groundbreaking sensing solution that is revolutionizing applications in many industries such as sports/fitness, automotive, safety, medical and industrial; some of which can be further categorized in the rapidly growing "wearables" space.  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. 

Forward-Looking Statements

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.

Contact Information:

Flexpoint Sensor Systems
Clark Mower, President
801-568-5111

Brokers and Analysts
Chesapeake Group
410-825-3930
info@chesapeakegp.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/flexpoint-sensor-systems-provides-corporate-update-with-2017-guidance-300453865.html