Flexpoint Sensor Systems, Inc. Announces Key Developments
Flexpoint has developed the Bend Sensor® Technology for effectively tracking and monitoring the use of Opioids and is working with two auto manufacturers to incorporate and adapt the Bend Sensor® Technology in 2020 Automobiles.
DRAPER, Utah, June 26, 2018 (GLOBE NEWSWIRE) — Flexpoint Sensor Systems, Inc. (FLXT) today announces two significant development opportunities. The opportunities involve the implementation of two of Flexpoint’s Bend Sensor® technologies for vehicles, and the development of Flexpoint’s Bend® Sensor technology and its testing and proof of concept for tracking and monitoring the use of opioids.
Flexpoint is working with two major US Automotive manufacturers on its seat occupancy sensor technology and pedestrian impact sensor system. Flexpoint’s seat occupancy or OCS (Occupant Classification System) is a heavily software/algorithm-based system, and auto manufacturers are urgently looking to have the OCS incorporated in their vehicles beginning as early as the 2020 production models. The OCS will also be an important part in the race to successful driverless cars for car manufacturers.
“As a result of imposed requirements in the auto industry, car makers are constantly seeking effective ways to come up with new innovations for safety. We envision our sensor systems to become one of the key players in the industry, while assisting in the solution and decline in airbag related deaths. We are optimistic about the events to come and expect to receive agreements in the near future,” commented Paul Sexauer, Vice President – Sales & Marketing of Flexpoint
Flexpoint has been working and collaborating with another company to adapt and utilize Flexpoint’s Bend Sensor® Technology in a system configuration that will allow the healthcare industry to effectively track and monitor the usage of opioids on a real-time basis. Prototype production, testing, and proof of concept testing have been successfully completed with positive results.
The opioid epidemic is receiving a great amount of governmental and private attention. Prescription opioids were involved in more than 40% of all lethal overdoses in 2016, causing over 100 deaths per day. As reported by CBS News, “A new report from the Centers of Disease Control and Prevention brings more bad news for the nation’s continued fight against the opioid epidemic. Data from hospital emergency departments show a big increase in drug overdoses across the country. According to the study, which examined data from 16 states, emergency department visits for suspected opioid overdoses jumped 30 percent from July 2016 through September 2017.”
The cost of this crisis is $78 Billion per year, overburdening our healthcare, law enforcement and criminal justice systems. Currently over 2 million people in the United States suffer from substance use disorder related to prescription opioid pain relievers. The 21st Century Cures Act, passed in 2016, allocated $1 Billion over two years in opioid crisis grants to states, providing funding for expanded treatment and prevention programs.
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in the developing products that feature the Company’s patented Bend Sensor® and related technology. 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 reorganized 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.
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 unknow 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
Source: Flexpoint Sensor Systems, Inc.
© 2018 GlobeNewswire, Inc.