traded volume reached approximately 450 thousand shares. It seems that traders’ interest is rising up and FLXT started the high trade.The most reasonable explanation on the progressive move appears to be the recent news on the company’s business. During the last couple of weeks, Flexpoint has been publishing updates concerning the advancements in their patented Bend Sensor technology, their new website content and the purchase order for theater seats. Mr. Clark Mower, President of Flexpoint, said he was satisfied with the company’s progress and stated his optimistic projections for the next year. As a result of the positive press releases, the stock price jumped up and FLXT started the gain.[BANNER]
Flexpoint Sensor Systems, Inc. is a development-stage company engaged in designing, engineering and manufacturing bend sensor technology and equipment using its Bend Sensor technology. Historically, the company has traded lower, though currently the stock is climbing up.
Last month, otcmarkets.com pointed that Clark Mower, the President of Flexpoint, has acquired 10.000 shares of the company’s common stock, however, the reason for the purchase remained unknown. According to the company’s quarterly report, by end-September the liabilities of Flexpoint were over 50% higher than its total assets and the deficit accumulated during the development stage exceeded $16 million. Over the past quarter, the company’s net loss has increased, while the stockholders’ equity has decreased.
During the first nine months of this year, Flexpoint has entered into several new agreements for developing new types of products, though the company’s future operations are dependent upon “the ability to attract significant long-term production contracts”. The management believes “it is likely that significant progress may not occur for the next twelve months”, thus they “cannot guarantee that we will realize significant revenues or that we will become profitable during the remainder of 2010, or in 2011”.
