DRAPER, Utah, Dec. 9, 2008 (GLOBE NEWSWIRE) -- Flexpoint Sensor Systems, Inc. (OTCBB:FLXT) recently completed a Joint Development Agreement with Auto Electronic Corporation, "AEC," of Korea that provides for the joint development of automobile-related applications. Under the terms of the agreement, Flexpoint will provide the technology and production and AEC will provide electronics, electronic interface and marketing for products targeting the automobile industry.
AEC, an automotive parts supplier, has been selling components to automakers for over 26 years. They have a very strong relationship with Hyundai-Kia Motors, as well as other Tier-One automotive suppliers and manufacturers. As part of the agreement, AEC intends to promote new and existing applications to automotive manufacturers and parts suppliers including Hyundai-Kia, the world's sixth largest auto manufacturer. AEC has operations worldwide and recently opened their second manufacturing facility in the USA.
"This will allow us to aggressively target this multi-billion dollar industry. Our sensors allow for applications that provide the industry with inexpensive solutions to previous inefficiencies. We look forward to rolling out our products in vehicles in the very near future. The company has worked for years to bring these automotive products to market. We are excited about our relationship with AEC and look forward to our products going into production for the automotive industry in 2009," stated Clark Mower, President of Flexpoint Sensor Systems, Inc.
Mr. Joon Kook Choi, Chairman and CEO of AEC said, "I am looking forward to working with Flexpoint and see great potential in combining and leveraging our skills, relationships, and products and see great potential for products in the markets, both in Korea and worldwide."
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(r) 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 and reliable switch in most harsh environments. Flexpoint serves numerous industries including automotive, medical, industrial controls and 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.