Flexpoint Announces On-Time Delivery of Orders of Impact Detection Sensors to a Leading Manufacturer of Autonomous Vehicles

West Jordan, Utah–(Newsfile Corp. – October 6, 2022) – Flexpoint Sensor Systems, Inc. (OTC Pink: FLXT) is pleased to announce completion of deliveries under the second purchase order for an Impact Detection System. As previously announced Flexpoint has entered into an agreement with a leading US based 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^®, in key impact areas of 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. This on-time delivery of the systems was accomplished in close coordination with the Flexpoint team and the team from the autonomous vehicle company. This type of synergistic effort has enabled us to quickly respond to changes and additions and still meet the initial delivery schedule. This represents an important step in moving forward with this manufacturer. We expect orders to ramp up significantly throughout 2023. 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/139709