Flexpoint Sensor Systems, Inc. (OTCBB: FLXT), http://www.flexpoint.com, announced the following information to update previous press releases.

In the past six months, the Company has issued several press releases containing information on projects and Company direction. Following our announcements we have received questions regarding the status of several of our development and production contracts. The purpose of this announcement is to provide the public with a current update on progress and status of these projects and to identify the priority projects that the Company is working on.

For clarity, we have identified the date of the release and then included an update and current status for each project identified.
  • December 9, 2010: Flexpoint Announces Theater Seat Purchase Order – These are major systems being installed in the expanding “high-end” theaters, and the sensors and related controls are part of the control system of the seat. Following the initial order, additional modifications were identified and we are currently working with the supplier to provide the requested modifications. Safety requirements for theaters mandate a system such as ours, and the system could be used to retrofit existing theaters to bring them into compliance. We are currently working with the client on completion of a system that meets the requirements. There is significant potential for recurring revenue from this application.
  • December 14, 2010: Flexpoint Updates Automotive Progress – We are making significant progress on the completion of what we believe will be the first product to go into an existing automotive platform. Progress has been steady, and we continue to be optimistic about having a product in automobiles in the 2012 model year. We also have several other products with additional manufacturers that are in various stages of development for inclusion in later automobile model years. The company still anticipates $20-30MM in annual revenue once in full production on multiple products.
  • January 11, 2011: Flexpoint Announces Anticipated Milestones for 2011 – We are still on schedule and on target to meet the announced milestones for 2011. We expect to execute at least one long term/multiyear production contract for the automotive industry and are in development of additional products for a major automotive supplier.
  • January 26, 2011: Flexpoint and Victor Developing Specialty Auto Products – We have jointly worked on the development of a system using our patented Bend Sensor technology. A prototype of the system has been completed, and Victor is currently making presentation of the technology to a European auto supplier. We expect the market for custom steering wheels to be small initially, but to expand each year as acceptance increases.
  • April 26, 2011: Flexpoint Receives Follow-Up Order on Sensor for Telecommunications Industry – The initial order has been delivered and is undergoing testing. We are awaiting completion of the testing before any further development will continue.
  • April 29, 2011: Flexpoint Receives Development Order for Sensors from NASA – We have developed and produced the sensors for NASA and are waiting to hear developmental results. Based on preliminary results, we hope to develop additional products and produce additional sensors for NASA in the future.
  • May 5, 2011: Flexpoint Receives Request for Design and Production of Sensors for Toys – The initial sensors and production pricing information have been sent. We are awaiting additional contact from the Company once the testing has been completed.
  • June 22, 2011: Flexpoint Advances Wireless Technology for Sensors – The Company is continuing to work with a couple of different suppliers of wireless systems. Production of small order of custom sensors was recently completed. This wireless technology has a significant number of applications and we believe will open the door for additional uses for the sensor. We are working with several clients who have specific needs for applications which can wirelessly report results from the sensor.

The President of Flexpoint, Clark Mower, stated, “The top priorities for the Company continue to be the completion of a significant production contract with a major automotive Company and completion of additional long term production contracts with other industries including many of those listed above.”

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.

Copyright Business Wire 2010