DRAPER, Utah, Feb. 6, 2013 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. ( OTCQB: FLXT) today discussed the developmental history, current status, and revenues associated with its portfolio of commercial applications.
For a number of years Flexpoint was considered a research and development company with a unique sensor technology, but without any commercialized products. A conscious decision was made to target some smaller industries, develop specific products for those industries and market those products. The last couple of years Flexpoint has been focused on building a number of smaller sensor products which have been commercialized products to get the Bend Sensor ® technology before the public and potential customers. The success of this effort placed us in a position where our technology has been accepted in a variety of different industries. This validation by multiple companies of the feasibility, reliability and cost effectiveness of our sensors and its numerous applications has created a platform where we are now able to pursue the larger contracts. What is particularly exciting is that this momentum has been built on several different products and with a variety of different Companies. We expect revenues from these products to grow as we develop and market the sensor to other larger industries. We are now in position to realize the rewards of those efforts.
2012 saw the completion of a burst disc application for industrial systems. This project has taken over three years to complete development and required governmental certifications and represents a significant breakthrough in the industrial sector for Flexpoint. Our customer has indicated that initial volumes for this product will be approximately 8,000 units annually. Revenues from this application are expected to ramp up in the coming years as additional products are completed and offered through Flexpoint's partner.