West Jordan, Utah--(Newsfile Corp. - August 3, 2022) - Flexpoint Sensor Systems, Inc. (OTC Pink: FLXT) is pleased to announce initial deliveries under the second purchase order for an Impact Detection System. As previously announced Flexpoint has entered into an agreement with a manufacturer/OEM to provide an impact detection system for their autonomous vehicles in the United States. An autonomous vehicle is a driverless vehicle that is capable of sensing its environment and moving safely with little or no human input.
By strategically placing our flagship product, the Bend Sensor®, throughout the vehicle, we are able to play a vital role in the advancement of autonomous vehicles in the marketplace. Once production begins, purchase orders will begin escalating over the next several years.
Clark Mower, President of Flexpoint stated, "We are excited to have our technology involved on the ground floor of this significant advancement in the automotive industry. We are not limited to an exclusive arrangement with this manufacturer and should be able to market a similar system to other autonomous vehicle manufacturers. The expansion of this application could increase annual revenues exponentially."
The following projections and forecasts are taken from "The Future of Autonomous Vehicles and were included in the previous release."
- Goldman Sachs forecast the global AV market to be $96bn by 2025….
- In 2016, McKinsey estimated that up to 15% of new vehicle sold in 2030 could be fully autonomous.
- ……Accenture suggested that by 2035, as many as 23m AV's will be on US highways- just under 10% of all registered cars and trucks.
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 the automotive, safety, medical and industrial industries. The Bend Sensor® 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.
Please visit https://www.flexpoint.com/ for more information.
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132670
