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"I believe that it is important to update the shareholders on the current status of the company and several of its products," said Clark Mower, President of Flexpoint Sensor Systems. "The current downturn in the economy over the last year has delayed progress on several of the products that the company is bringing to market. Having said that, I feel that it is important to indicate that the company is still moving forward and I feel positive about the future of the company. In response to the economic downturn the company has made several organizational changes and employee reductions to allow the company to continue to move forward and to preserve cash through these difficult times."
In a release dated September 16, the company stated:
- Medical Beds - Concerns over rising hospital costs and the downturn in the economy have negatively impacted capital expenditures for hospitals, which has resulted in a delay in completion of development and production of the medical mattress. The commitment to the project is still strong and the organizations are working together to bring this product to market. Because of the economic downturn production of the mattress will be delayed into early next year.
- Theatre Seats - We continue to further develop our relationship with a major cinema theatre management firm to place Bend Sensors in movie theatres to monitor customers' paid attendance and to identify open available seats. The company continues to supply additional prototype sensors which are undergoing testing. The prototypes have recently been installed in several theatre seats to complete the testing process. Once this is complete the company expects to move toward a production contract.
- Automotive - The company continues to work with several Tier 1 suppliers and manufacturers on engineering and development of several different products for use in the automotive industry including seat control switches, seat belt reminders, control panels and other applications. These products are in various stages of development and all are continuing in the development process. The company is currently receiving some revenue from its engineering and development activities in the automotive sector. A detailed update of the company's involvement and progress in the automotive industry will be the subject of a future press release.
- Emergency Vehicles - The company continues to produce and supply sensors for the passenger safety system which is currently installed in emergency vehicles. The system is currently in use in ambulances in the US and is being tested for installation in other types of emergency vehicles and in vehicles for public conveyances. This is an application of the company's technology as a safety device in automobiles and the company believes that it can continue to grow this portion of the business through sales of existing products as well as new applications as they are proven.
- Other Applications - Sports and Game Applications - Flexpoint is working closely with a number of manufacturers to develop several sports and game related products that the company anticipates could be brought to market in a relatively short time. Working prototypes have been completed and tested. Designs have been modified and additional prototypes are being developed for further testing before production can begin. It is expected that some of these products will be into production before year end.
- As you can see from the update the company is focusing on controlling its costs as it grows its revenues. The company anticipates providing additional updates in the near future to inform our shareholders of the company's continuing progress.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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