It was a tough day in the markets for investors in Flexpoint Sensor Systems Inc (OTCMKTS:FLXT) as the stock suffered from a selloff and ended up with a decline of as much as 5% for the day.
Flexpoint Announces On-Time Delivery of Orders of Impact Detection Sensors to a Leading Manufacturer of Autonomous Vehicles
Despite the decline in the stock, it should be noted that the company actually announced that it had been successful in completing the deliveries of the Impact Detection System under the second purchase order that had been placed. It should be noted that the company had earlier announced that it had gone into an agreement to supply Impact Detection System to an America-based manufacturer for its autonomous vehicle project.
The company noted that its flagship product named Bend Sensor is going to be placed strategically on most of the impact areas of the vehicle in question. As a consequence, it would be possible for Flexpoint to play a major role in advancing the cause of autonomous vehicles in the market.
The company went on to state that once the client started producing the vehicles commercially; the purchase orders are also going to pile up at a good pace over the course of the coming years. Despite the drop in the stock price, it could be a good idea to track the Flexpoint sock.
Clark Mower, President of Flexpoint stated, “We are excited to have our technology involved on the ground floor of this significant advancement in the automotive industry. This on-time delivery of the systems was accomplished in close coordination with the Flexpoint team and the team from the autonomous vehicle company.”