DRAPER, Utah, Nov. 13, 2012 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced that it is finalizing work necessary for inclusion of its sensors in a seat occupancy system for buses with Pink Power Technology (PPT), a luxury technology company based in Mumbai, India. Please see www.pinkpowertech.com for more information.
India has one of the most extensive busing systems in the world, with some 2,000 different carriers serving tens of millions of passengers on a daily basis. Many times these seats are sold out months in advance. Earlier this year, the government announced plans to roll out at least 85,000 buses in the next five years in its bid to improve public transport. PPT is well-connected in India's bus industry and has been eager to develop a system that will meet clients' demands for occupancy detection on their bus fleets.
Development has already progressed rapidly since PPT first contacted Flexpoint two months ago seeking their partnership for development. In particular, PPT was impressed by Flexpoint's thin-film Bend Sensor ® technology and the ease with which it can be installed in virtually any seat. PPT is an enthusiastic partner and is pleased by the Bend Sensor's ® many competitive advantages, most notably durability and reliability. Flexpoint has since been working closely with PPT executives and engineers on the passenger detection system, which utilizes Flexpoint's Universal Sensor. The companies are now exploring the means through which data from the sensors will be aggregated and transmitted for monitoring. Several solutions have already been identified .
"This system should be completed and ready for rollout by late 2012/early 2013. Flexpoint currently anticipates that an initial order could fall in the $250,000 - $1,000,000 range and could escalate substantially from there as PPT outfits more and more buses with our combined system. They are looking at placing sensors in tens of thousands up to hundreds of thousands of seats. We are excited to be working with PPT on this system, which utilizes one of our innovative plug-and-play solutions to meet the demands of their clients," said Clark Mower, Flexpoint CEO. "We have been impressed with their diligence on this project and are gratified to see it moving along so quickly. This project represents progress in our business strategy and we look forward to providing further updates as they become available. We have had numerous inquiries for similar systems from companies located in a variety of international destinations and this system will enhance our opportunities for these other areas as well."About Flexpoint: Flexpoint Sensor Systems (OTCBB: 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's 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. 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.