Terms regarding Flexpoint production of smart shoe sensors finalized
Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced the finalization of its manufacturing and distribution agreement with Bend Tech LLC for the company's smart shoe insole system. Flexpoint will produce and distribute sensors to Bend Tech, which will be used to create the Mettis Trainer.
As a part of the agreement, Flexpoint will make three sensor deliveries to Bend Tech within 180 days from the project's start date of February 24, 2015. Each delivery will include 3,000-5,000 sensors, for a total of 13,000 sensors, and will occur approximately every other month as specified under the terms of the agreement. After the deliveries, Flexpoint will continue to manufacture and deliver sensors to Bend Tech through consistent, periodic purchase orders.
The Mettis Trainer uses Flexpoint sensor technology to provide wireless, real-time feedback on a number of performance metrics, including form, balance, power and speed, to help optimize training. Each insert pad features multiple sensors designed by Flexpoint and featuring their patented Bend Sensor® technology. The inserts can be manufactured into different sizes, which can fit within existing shoes or can be manufactured, sized and customized for specific shoes. Flexpoint's sensors are constructed as a single layer so the sensors cannot be damaged or degraded by dust, dirt or other particulates. Moisture and immersion in mud, water, sweat or other substances also do not affect the sensors' performance. The Mettis Trainer product will allow athletes to improve training methods and reduce injuries.
"We are thrilled to announce the final agreement between Flexpoint and Bend Tech. This represents a significant and penultimate milestone. We are looking forward to manufacturing and delivering the necessary sensors to produce the Mettis Trainer smart shoe insole system. With the timeline and production requirements designated in the agreement, we will see significant revenue as we make each delivery. We are leaders in sensor technology, and we are looking forward to manufacturing a high quality product with Bend Tech for the use of the general public and larger athletic shoe companies," said Clark Mower, CEO of Flexpoint.
