Message #36 From:
NewsBot Date: November 28, 2006 06:15:00 AM
FLXT News Flexpoint Enters Joint Development Agreement with Precision Pumping, Inc.
DRAPER, Utah--(BUSINESS WIRE)--Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced that they
have reached an agreement with Precision Pumping Systems, Inc., a full
service pumping systems integrator, to jointly develop, certify and
market a flow meter featuring their Bend Sensor®
technology.
Precision Pumping Systems, Inc., founded in 1996, is a full service pump
systems integrator and distributor which designs, builds, installs, and
services custom comprehensive pump, metering and control systems.
Precision Pumping also distributes many brands of pumps, flow meters,
and instrumentation products required for flow management. Precision
Pumping serves a variety of industrial manufacturing companies and
original equipment manufacturers including Weyerhaeuser Paper Company,
Boeing Satellite Division, municipal and agricultural users, and many
specialty chemical companies serving the pulp and paper industry.
The joint agreement will combine Precision Pumping’s
industry experience with Flexpoint’s cutting
edge patented technology to further develop and market a flow meter. The
two companies have completed extensive development over the past few
months and reached a point where both companies are committed to bring
the technology to market.
Dona Williamson, President of Precision Pumping Systems, Inc. explains, “Current
flow metering technology depends on many different methods of acquiring
inferential flow measurement that are either invasive and/or expensive.
The product we are developing with Flexpoint addresses these areas of
concern by utilizing the Bend Sensor®
technology to provide a direct inferential reading of flow rate without
any significant pressure drop, and without using rotating components
prone to failure, and at a reasonable price level.
Mrs. Williamson continued, “Our customers have
been requesting a product of this nature for many years. I am pleased
that we are able to deliver a better alternative to what is currently on
the market today.”
“We are very excited to announce this
partnership with Precision Pumping, a true leader in their industry,”
stated CEO of Flexpoint, Clark Mower. “By
combining resources, knowledge, innovation and industry expertise, we
will build a cutting edge flow monitoring device with great potential in
the marketplace. The size of the market for flow sensing devices is in
excess of $400 million per year.”
Flexpoint Sensor Systems, Inc.
Manufactures a patented cutting edge flexible sensor, that has also
proven to be an extremely durable switch. The single layer Bend Sensor®
product allows for the measurement of mechanical movement, air flow,
water flow or even vibration. It can be used as a range of motion
sensor, or as a durable, & reliable switch in most harsh environments.
Flexpoint serves numerous industries including automotive, medical,
industrial controls & more.
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.
