Flexpoint Signs Major Development Agreement

Flexpoint Sensor Systems, Inc. recently completed a Joint Development Agreement with Auto Electronic Corporation (AEC) of Korea that provides for the joint development of automobile-related applications. Under the terms of the agreement, Flexpoint will provide the technology and production while AEC will provide electronics, electronic interfaces and marketing for products targeting the automobile industry.

Automotive parts supplier AEC has been selling components to automakers for over 26 years. They have a very strong relationship with Hyundai-Kia Motors as well as other Tier-One automotive suppliers and manufacturers. As part of the agreement, AEC intends to promote new and existing applications to automotive manufacturers and parts suppliers including Hyundai-Kia, the world’s sixth largest auto manufacturer.

“Our sensors allow for applications that provide the industry with inexpensive solutions to previous inefficiencies. We look forward to rolling out our products in vehicles in the very near future,” stated Clark Mower, President of Flexpoint Sensor Systems, Inc.

Mr. Joon Kook Choi, Chairman and CEO of AEC said, “I am looking forward to working with Flexpoint and see great potential in combining and leveraging our skills, relationships, and products and see great potential for products in the markets, both in Korea and worldwide.”

Flexpoint Sensor Systems (FLXT) was founded in 1995 to develop thick film sensing technology for the automotive industry.  Their main facility is located in Draper, Utah, just south of Salt Lake City.