West Jordan, Utah–(Newsfile Corp. – June 10, 2022) – Flexpoint Sensor Systems, Inc. (OTC Pink: FLXT) announces significant growth and high demand for the Flexpoint Glove Bend Sensor. This sensor has been well developed over the years and is now highly sought after by the large Virtual Reality (VR) companies and their markets. The Company currently has 20 different customers ordering the patented Bend sensor with approximately 10 of these being major companies giving us reoccurring orders. Our largest companies being Manus and a Pacific Rim Supplier.
The Company has received Glove Sensor orders totaling $130,000 during the last quarter of 2021 and first quarter of 2022 with approximately $35,000 additional orders in May. We are now seeing significantly larger orders of the Glove Sensor from larger companies on a reoccurring basis and believe that this revenue source will continue to grow.
As we disclosed in 2021, VR gloves are used extensively for various purposes in key markets including entertainment, gaming, medical, automotive, and education; sectors that are fueling the growth of the broad-based virtual reality market. This is a market that is expected to grow at a rate of 18% annually and reach in excess of $60 Billion by 2028.
Clark Mower, President of Flexpoint stated, “I am encouraged to report that the Company is current with its previous Glove Sensor orders and the Company is seeing regular monthly orders for the Glove Sensor. We are currently seeing not only larger orders, but more frequent re-orders. The number of companies, including new customers, that are ordering is significant. We believe that this product and market not only substantiates our technology but has now given us a reoccurring revenue stream for the Company. This has allowed Flexpoint to build an ongoing revenue stream with the creation of other AR/VR sensors while expanding into the medical glove market. We currently supply AR/VR sensors to both national and international companies including companies throughout Europe and the Pacific Rim.”
About Manus VR – https://www.manus-vr.com/
Well known industries and companies are currently using the virtual reality gloves. Manus gloves featuring Flexpoint’s Bend Sensor® are assisting in virtual reality, augmented reality, and mixed reality experiments that, for example, train astronauts how to maneuver through the International Space Station in a zero-gravity environment. The value key customer relationships such as BMW, Audi, and Airbus which utilize Manus VR gloves with Flexpoint’s Bend Sensor® technology to test drive future models before production has even started. Volkswagen uses Manus VR gloves to give the feeling of a real steering wheel to experience what happens if an accident were to occur. Manus VR has many clients of large industries such as Netflix, Google, and Rolls Royce. Manus VR is widely known for its role in virtual reality gaming and can allow the hands of the user to feel like and be used as controllers.
The Manus VR glove will revolutionize the VR market. It is poised to play a huge role in the on-going virtual reality revolution. Manus VR believes in open innovation through sharing knowledge and experience. The possibilities of the Manus VR gloves are virtually endless and extend far beyond virtual reality.
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.
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.
Flexpoint Sensor Systems
Clark Mower, President
Brokers and Analysts
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