Business
Flexpoint Leads the Supply of Innovative Sensors for the Top Virtual Reality (VR) Glove Market
Flexpoint Leads the Supply of Innovative Sensors for the Top Virtual Reality (VR) Glove Market.
About this update from Flexpoint Sensor Systems, Inc.
[{"type":"text","content":"West Jordan, Utah--(Newsfile Corp. - June 10, 2022) - Flexpoint Sensor Systems, Inc. (OTC Pink: FLXT) announces significant growth and high demand for the Flexpoint Glove Bend Sensor. This sensor has been well developed over the years and is now highly sought after by the large Virtual Reality (VR) companies and their markets. The Company currently has 20 different customers ordering the patented Bend sensor with approximately 10 of these being major companies giving us reoccurring orders. Our largest companies being Manus and a Pacific Rim Supplier. The Company has received Glove Sensor orders totaling $130,000 during the last quarter of 2021 and first quarter of 2022 with approximately $35,000 additional orders in May. We are now seeing significantly larger orders of the Glove Sensor from larger companies on a reoccurring basis and believe that this revenue source will continue to grow. As we disclosed in 2021, VR gloves are used extensively for various purposes in key markets including entertainment, gaming, medical, automotive, and education; sectors that are fueling the growth of the broad-based virtual reality market. This is a market that is expected to grow at a rate of 18% annually and reach in excess of $60 Billion by 2028.Clark Mower, President of Flexpoint stated, \"I am encouraged to report that the Company is current with its previous Glove Sensor orders and the Company is seeing regular monthly orders for the Glove Sensor. We are currently seeing not only larger orders, but more frequent re-orders. The number of companies, including new customers, that are ordering is significant. We believe that this product and market not only substantiates our technology but has now given us a reoccurring revenue stream for the Company. This has allowed Flexpoint to build an ongoing revenue stream with the creation of other AR/VR sensors while expanding into the medical glove market. We currently supply AR/VR sensors to both national and international companies including companies throughout Europe and the Pacific Rim.\" About Manus VR - https://www.manus-vr.com/Well known industries and companies are currently using the virtual reality gloves. Manus gloves featuring Flexpoint's Bend Sensor® are assisting in virtual reality, augmented reality, and mixed reality experiments that, for example, train astronauts how to maneuve...