Flexpoint Sensor Systems, Inc. is a development-stage company principally engaged in designing, engineering and manufacturing sensor technology and equipment using a flexible potentiometer technology. The Company operates through its subsidiaries, Sensitron, Inc. and Flexpoint, Inc. Flexpoint Sensor sought bankruptcy protection on July 3, 2001, and it filed a voluntary petition for reorganization pursuant to Chapter 11 of the United States Bankruptcy Code. Flexpoint Sensor's primary challenge is to have its proposed bankruptcy plan confirmed. The Company must complete confirmation of its proposed bankruptcy plan no later than March 1, 2004, to avoid Chapter 7 bankruptcy.