DRAPER, UT--(Marketwire - June 27, 2012) - Flexpoint Sensor Systems, Inc. (OTCQB: FLXT) (OTCBB: FLXT) today responded to questions over how recent developments tie into the company's overall growth strategy. These developments align in the following way: The combination of completed work on an industrial flow application, along with a new partnership with a leading wireless company, has positioned Flexpoint to increase its presence in the lucrative, fast growing industrial sensors market.
Flexpoint's recently announced partnership with Monnit, a leading supplier of wireless data transmission and sensing technology, coincides with a recent report by MarketsandMarkets that estimates the CAGR for wireless industrial sensor networks at 15.58% over the next five years. Overall market size is expected to top $3.795 billion by 2017. Flexpoint also recently announced completed work on a mechanical flow application that represents its critical first step into the industrial market.
"Monnit is the perfect fit for our technology with their extensive expertise in wireless applications and impressive portfolio of clients," said Flexpoint CEO Clark Mower. "Our Bend Sensor technology is already making inroads in the industrial sector with our recently completed work on an industrial color mixing device. The custom work we did for that application pushed our sensing technology to new heights of durability in harsh industrial conditions. Now as we approach new clients, we have critical proof of concept for wireless industrial applications."
Full commercial implementation of these technologies will be key as the company ramps up a renewed sales effort. Flexpoint is currently accepting applications for a lead sales position that will help expand its client base and bring in revenues for the company's array of products and applications.
Another report on industrial sensing technology singles out pressure, level and flow as being among the most measured properties in industrial manufacturing. Bend Sensor technology is ideally suited to each of these types of measurement, opening opportunities for deployment in industries such as Oil & Gas, Water and Wastewater, Food & Beverages, Automotive, Power, Chemicals, Metal & Mining, Pharmaceuticals, Paper, Textiles, and much more.
The Bend Sensor's small size and durability make it uniquely suited for embedded mechanical movement applications. The sensor produced in conjunction with Monnit can be purchased directly on http://www.monnit.com for plug-and-play use, or customized for specific applications.
"The timing of this market turnaround really couldn't be better for us as we continue our transition from development to full commercialization of these products," Mower said. "It's time to shift more of our focus toward building our clientele base, and we feel these recent breakthroughs have put us in position to do so."
Flexpoint Sensor Systems, Inc., (FLXT), is a leading supplier of thin film sensing technology to many industries, including automotive, medical, industrial controls, and consumer products.
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.