WILMINGTON, Mass.--(BUSINESS WIRE)--Mar. 30, 2009--
Implant Sciences Corporation (NYSE Amex: IMX), a supplier of systems and
sensors for the homeland security market and related industries, today
announced that it received notice from the staff of the Corporate
Compliance department of the NYSE Regulation Inc. on behalf of NYSE Amex
of its determination to prohibit the continued listing of the Company’s
common stock on the Exchange and to initiate delisting proceedings.
Implant Sciences has filed its notice to appeal this decision.
Pending the outcome of its appeal, the Company will attempt to ensure
that its common stock is quoted and eligible for trading on the
Over-The-Counter Bulletin Board (the “OTCBB”), a regulated electronic
quotation service offered by the Financial Industry Regulatory
Authority, Inc. (FINRA), on or before the date on which trading is
suspended by the Exchange, or as soon as practicable thereafter.
Companies listed on this exchange are fully reporting companies.
The Staff determined, as previously disclosed, that the Company was not
in compliance with Sections 1003(a)(i), (ii), (iii) and (iv) of the
Exchange’s Company Guide.
About Implant Sciences
Implant Sciences develops, manufactures and sells sophisticated sensors
and systems for the Security, Safety and Defense (SS&D) industries. The
Company has developed proprietary technologies used in its commercial
portable and bench-top explosive trace detection systems which ship to a
growing number of locations domestically and internationally. For
further details on the Company and its products, please visit the
Company's website at www.implantsciences.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements," as
that term is defined in the Private Securities Litigation Reform Act of
1995. Such statements are based on management's current expectations and
are subject to risks and uncertainties that could cause the Company's
actual results to differ materially from the forward-looking statements.
Such risks and uncertainties include, but are not limited to, the risks
that: if the NYSE Amex delists our common stock, it may be extremely
difficult to raise capital; if third party credit is unavailable, our
working capital could be restricted and we may not be able to borrow
capital; and other risks and uncertainties described in the Company's
filings with the Securities and Exchange Commission, including its most
recent Forms 10-K, 10-Q and 8-K. Such statements are based on
management's current expectations and assumptions which could differ
materially from the forward-looking statements.
Source: Implant Sciences Corporation
Implant Sciences Corporation
Glenn Bolduc, CEO, 978-752-1700
gbolduc@implantsciences.com
