Flexpoint Sensor Systems Inc. Completes Certification for Pressure Relief Device
DRAPER, Utah, Dec. 13, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced that it has completed development, passed all testing and received all required internal and external certifications, including UL certification, for a sensor that is integrated into a pressure relief device. Now that UL certification has been received, the device is being sold and distributed by them. The companies are also currently progressing on two other similar products.
Flexpoint has been working for over two years on these products and gains a crucial foothold in the industrial safety market with the completion of this product. Current estimates put the size of the industrial safety market in the US at well past the $100 million mark.
The initial production order of approximately 1,000 units has been delivered. It is expected that initial annual volumes will be approximately 6,000 10,000 units and expand as product acceptance occurs.
Flexpoint's partner for the application is a specialized manufacturing and distribution company that specializes in, and is a leading producer and marketer of, these types of devices. Development, testing and certification of the product have taken place over a two year period. Our partner is a leading provider of pressure relief devices that protect vessels or systems from over-pressurization. Flexpoint is working closely with our partner on a joint press release to provide more specific details.
Pressure relief devices are designed to fail at a predetermined pressure or temperature to protect the rest of the equipment from failing. Pressure relief devices are commonly used in aerospace, aviation, defense, medical, railroad, nuclear, chemical and oilfield applications. They can be used as single protection devices or as a backup device for a conventional safety valve; if the pressure or temperature increases and the safety valve fails to operate (or can't relieve enough pressure fast enough), the device will activate.
"We are excited to come to completion of this long and rigorous testing and certification process. It is significant that the product has now been accepted and placed into production. It is gratifying to have received the UL certification and to have the product now offered as a part of their product line. We look forward to a long fruitful relationship with them moving forward. The Bend Sensor® is ideally suited for this type of application because it can be exposed to a wide variety of liquids in harsh environments without degradation," said Flexpoint CEO Clark Mower. "The single layer construction and overall durability are the key features that make our technology a perfect fit for this application. With multiple applications in an international market, we are excited about the potential for this application. Our partner on this application is a well-established company in this fast growing market and we're proud of the work that we've done with them."
About Flexpoint:
Flexpoint Sensor Systems (OTCBB: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.
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 PR Contact:
Chris Mumford
801-568-5111
Brokers and Analysts:
Chesapeake Group
410-825-3930
SOURCE Flexpoint Sensor Systems, Inc.