Flexpoint Sensor Systems Inc (FLXT)

Description:

Flexpoint Sensor Systems, Inc. was incorporated in the state of Delaware in June 1992 as Nanotech Corporation. In April 1998, Nanotech acquired Sensitron, Inc., a Utah corporation ('Sensitron'), as a wholly-owned subsidiary through a reverse triangular merger. Nanotech also acquired Sensitron's wholly-owned subsidiary, Flexpoint, Inc. As part of this acquisition, Nanotech changed the company name to Micropoint, Inc. In July 1999 Micropoint changed its name to Flexpoint Sensor Systems, Inc. A development stage company mainly engaged in designing, engineering and manufacturing bend sensor technology and equipment using its patented Bend Sensor technology, (a flexible potentiometer technology). The Company currently manufactures, or is jointly developing, five products that are being sold and supplied to current customers. It is working towards continued expansion of its customer base and the Company markets to a number of users and is in the process of furthering its marketing effort for products that the Company can produce. The Company has developed the following applications for the Bend Sensor technology: Medical Bed, Automotive Products, Variable Speed Seat Switch, Comfort Seats, Seat Belt Reminder, Pedestrian Impact Detection Sensor, Theater Seats, Emergency Vehicles, Flow Control Applications, and Other Applications. The sensor business is competitive and competition is expected to continue to increase. Certain force transducer sensors and fiber optic sensors are comparable to its Bend Bend Sensor technology. The Company regards certain of its designs as proprietary and attempt to protect them with patents and by restricting disclosure of the designs as trade secrets. Flexpoint Sensor has nine issued patents for its Bend Sensor technology and has filed five additional patent applications, and is in the process of preparing two additional patents for new types of sensors using its technology.