Flexpoint Receives Purchase Order for Medical Device Used in Procedure Performed Millions of Times Annually
Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) http://www.flexpoint.com, a leader in design and supply of thin film sensing technology, announced today that they have received a purchase order for the a disposable colonoscope device.
The purchase order will advance the development of a disposable directional positioning sensor for colonoscopes and follows the successful testing of the original prototypes. Annual demand for colonoscopy ranges from 2.21 to 7.96 million procedures in the United States, according to an article published in MedScape Today magazine.
One of the difficulties with the procedure is providing an inexpensive means of locating the exact position of the colonoscopes. With the use of a sensor array and monitoring equipment it appears to be possible to locate the positioning of the colonoscopes.
"In March, we announced we were working on developing this product and have now advanced to the stage of receiving a purchase order for working prototypes of this product," said Flexpoint President Clark Mower. "The development to date shows significant promise and this purchase order is an advancement of the early prototype development and testing stage. Prior work on this technology has gone well and the client is anxious to move the development, testing and approval process along as quickly as possible. Since it is a medical application, it will have to go through a rigorous testing process before final approvals are received. Assuming the testing and approval process occurs as anticipated; this product could gain wide scale usage as early as the second half of 2013 and be used in a high percentage of all colonoscopies." Mower continued, "I also want to provide more clarity on our May 9th announcement. We are currently working with a major truck manufacturer. They are currently distributing RFQ's to Tier 1 manufacturers for a product that they will OEM. The RFQ is for the manufacture of the entire integrated component, but Flexpoint's sensor is a required component included in all the RFQ's. It is anticipated that during the next few weeks a decision will be made on the Tier 1 manufacturer and we look forward to supplying the selected supplier in this process with our sensors for their production. Flexpoint anticipates each new system to be integrated with the Bend Sensor@ with annual volumes in excess of 80,000." About Flexpoint Flexpoint Sensor Systems (FLXT) is a leading supplier of thin film sensing technology to many industries, including automotive, medical, industrial controls, and consumer products.
Flexpoint manufactures a patented new flexible sensor that has also proven to be an extremely durable switch. The single layer Bend Sensor@ product allows for the measurement of mechanical movement, air flow, water flow, or even vibration. In addition, it has been tested to over 35 million cycles without failure. It can be used as a range of motion sensor, or as a very durable, very reliable switch in most harsh environments. The breadth of applications for our sensor is limited only by one's imagination.
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.
Flexpoint Sensor Systems Clark Mower, President, 801-568-5111 Brokers and Analysts: Chesapeake Group 410-825-3930 SOURCE Flexpoint Sensor Systems, Inc.
-0- 05/14/2012 /Web Site: http://www.flexpoint.com (OTC-BB:FLXT) / CO: Flexpoint Sensor Systems, Inc.
ST: Utah IN: CPR MEQ HEA SU: OTC PRN -- SF06363 -- 0000 05/14/2012 12:20:00 EDT http://www.prnewswire.c