DRAPER — Flexpoint Sensor Systems Inc. said Monday it has emerged from Chapter 11 bankruptcy protection.
The U.S. Bankruptcy Court confirmed its reorganization plan, effective last Friday. The company had filed for protection July 31, 2001, after a partner withdrew financial support in conjunction with a $150 million contract. The contract was for mass production of seat sensors for a "smart" air-bag system in the automobile industry.
Upon approval of the plan, Flexpoint will emerge from bankruptcy with its technology intact and sufficient financing to begin operations and take its technology back to the marketplace, it said.
The company has developed the "Bend Sensor" technology for applications that require accurate measurement and sensing of deflection, acceleration and range of motion.