TMCnet News
Flexpoint Sensor Systems Completes Private PlacementDRAPER, Utah --(Business Wire)-- April 22, 2005 -- Flexpoint Sensor Systems, Inc. (OTCBB:FLXT) a supplier of proprietary sensor technology for automotive, medical, and industrial industries, announced today it has completed its recently announced private placement. The private placement was a unit offering with each unit consisting of one share of the company's common stock and a warrant to purchase one common share at $3.00. The units were offered at $1.50 each. Flexpoint intends to use the proceeds to fund current operations, qualify a facility to QS 9000, increase inventory, purchase equipment, and add additional personnel to the engineering, sales, and manufacturing departments. "Through this financing we have strengthened our balance sheet and raised the necessary capital to expand our current and future operations," stated CEO of Flexpoint Clark Mower. "Several members of our board of directors participated in the private placement. We are very pleased with the success of this offering and will immediately use the proceeds to increase our shareholder's value." Alpine Securities Corporation, a registered Broker-Dealer in Salt Lake City, Utah was engaged as the Placement Agent for this transaction. The units sold by the company have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent such registration or an available exemption from registration. The company has agreed to file a resale registration statement for purpose of registering for resale the shares of common stock forming the units, including the common stock underlying the warrants. Flexpoint Sensor Systems, Inc. has developed and patented the Bend Sensor(R) technology. The Bend Sensor is a technological breakthrough that offers a superior solution for applications that require accurate measurement and sensing of deflection, acceleration and range of motion. Global market opportunities include automotive, medical, industrial controls, government, health and fitness, security, computer, aerospace, transportation and consumer products. 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. |
