Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) announced revenue of $18,616 for Q3 2011 ending 9/30/11 compared to revenue of $24,181 during the same quarter of 2010. For Q3 2011 net losses were ($603,902) or (.02) EPS vs. ($334,957) or (.01) EPS during the corresponding period in 2010. Excluding a one-time noncash expense of $250,757, loss from operations was ($346,178) or (.01) EPS for Q3 2011.

The following summarizes the Company’s recent strategic, marketing and financial milestones:
  • During the past few months we have entered into several new agreements to develop new types of products for our Bend Sensor® technologies and have received small production orders from existing customers. We expect these orders to continue and increase over the next several years.
  • We have made improvements on our initial prototype for a Home Monitoring Presence Detection System using our Bend Sensor® technologies and have received development and design orders from NASA and a toy and gaming manufacturer.
  • We continue to manufacture products for Intertek Industrial Corp. Its ProTek System is an automotive seat monitoring device integrated into emergency response vehicles.
  • In 2010 we entered into a Technology Development Agreement with Design HMi, LLC, which has extensive experience, contact and knowledge involving product design and development in the automotive industry. This relationship has opened additional automotive opportunities for the implementation of the Bend Sensor® technology for the automotive industry that should be realized in 2012.
  • In addition, we continue working with significant market makers and Tier 1 automotive suppliers in the U.S. and Europe for our horn switch, comfort seat application, steering wheel alertness detection system and seat belt reminder switch.
  • Through a joint venture relationship, we have completed the development of a universal sensor and integration of a housing utilizing the patented Bend Sensor® for use in multiple seat related applications. Shortly thereafter the company began receiving orders for this product.
  • Announced receipt of a follow-up purchase order from the University of Rome Tor Vergata for additional sensors to use in its next generation of interactive gloves and further testing of related applications for the interactive glove technology. Delivery of the order will take place before the end of the year. It is one of the largest research-based institutions in the world.

Since the end of the last quarter the company has signed joint marketing agreements with:
  • Victor S.r.l., of Italy, http://www.victor-equipment.it, for development and marketing of specialty products utilizing Bend Sensor® technology for the auto, marine and truck industry in Europe.
  • Mobicon Group Limited, of Hong Kong, to market Flexpoint sensors and specialty products in China and Asia. Mobicon recently featured Flexpoint’s patented Bend Sensors® and Bend Sensor technology at “electronicAsia” 2011 in Hong Kong.
  • Joint Venture and Marketing Agreement with a U.S. firm for production and marketing of the newly announced Universal Sensor.

Clark Mower, President of Flexpoint Sensor Systems, stated, “While the revenues are still small, the majority of our revenues are actual sales as opposed to being primarily development contracts as we experienced during 2010. We expect to receive multiple large scale multi-million dollar purchase orders during the later part of 2011 and early 2012. Overall we expect revenues of $3-6 MM during 2012 with a backlog of orders nearly twice that. We anticipate having as many as five to 10 different products featuring our patented Bend Sensor ® technology on the market over the next eight to 12 months including products in the automotive, residential home care and industrial control industries.”

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.

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