Variflex is a company founded by Raymond H. Losi, and involved in various mass-market sporting equipment like skateboards and in-line skates. They teamed up with Team Losi to have two yo-yos produced and an instructional video made. The Variflex Pro was available in two shapes; one was similar to the Da Bomb and the other was a modified shape, while the X-Games was half-way between modified and butterfly shaped. The X-Games came packed with a fingerboard.
A pack also existed which contained Variflex Pro and an instructional video starring Steve Brown. It has been reported that problems with Variflex were a major part of the reason for Steve's eventual split with Team Losi and move to Duncan.
Variflex was founded in 1977 by Raymond H. Losi. A full company history may be found here.