DRAPER, UT /BUSINESS WIRE/ -- Flexpoint Sensor Systems Inc. announced the company has completed a purchase and sale agreement with Precision Pumping Inc. on a flowmeter device and an agreement with Intertek Industrial Corp. for an automotive seat sensor application.
Under the terms of the agreement, Precision Pumping will market and distribute the patented Wave Sensor a flowmeter using Bend Sensor technology to determine the presence and volume of liquid flow through a pipeline. The amount and direction of the flow can be continuously measured, monitored, and recorded. Through the monitoring of liquid flow, municipalities, governmental agencies, and other entities can measure and pinpoint flow efficiency, as well as locate trouble in the pipelines and help detect leaks.
The Wave Sensors will be marketed and distributed by Precision Pumping to all types of industries, including original equipment manufacturers, municipalities, irrigation companies, governmental agencies, and individual property owners. The market for flow sensing and measuring devices is estimated to be in excess of $400 million per year.
Flexpoint also announced that it has reached an agreement with Intertek Industrial Corp. on an automotive seat application for emergency response vehicles. This monitoring device places Flexpoint's Bend Sensors in each rear passenger seat, with a monitor viewable to the vehicle's driver. The foolproof system informs the driver if the EMT(s) are seated and properly secured prior to departure and while the vehicle is in motion.
"As we see the company turn from a development stage to a marketing/production company, we are very pleased to announce these two agreements and to be working with industry leaders in bringing our cutting edge technology to the marketplace," stated Clark Mower, CEO of Flexpoint. "Precision Pumping is a highly reputable distribution company, with relationships and the resources to mass market the Wave Sensor flow metering device, as well as, additional applications in this industry."
Mr. Mower continued, "Intertek Industries is a leading supplier of vehicle-safety technologies and becomes an ideal supplier for the company's automotive seat sensor applications for emergency vehicles. We believe this to be a significant application for furthering the company's technologies in the automotive industry."
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 allows for the measurement of mechanical movement, air flow, water flow, or even vibration. It can be used as a range of motion sensors or as a durable, reliable switch in most harsh environments. Flexpoint serves numerous industries, including automotive, medical, and industrial controls.