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|Implant Sciences Targets $2 Billion Revenue Opportunity in U.S. Security Markets|
Company Responds to Increase in Threats from Domestic Terrorism
Implant Sciences Corporation (OTCBB:IMSC), a high technology supplier of systems and sensors for homeland security markets, today announced new strategic initiatives designed to showcase its patented Quantum Sniffer™ QS-H150 Portable Explosives Detection system for use in the United States. Leveraging on its sales success with law enforcement and security agencies around the world, Implant Sciences will seek to partner with domestic law enforcement agencies and other security organizations that protect both public and privately owned critical infrastructure. The Company will focus on sites that have screening requirements that fit the QS-H150 profile, including ports, energy facilities, courthouses, military bases and sports stadiums. The Company estimates that the total U.S. market for explosives detection technologies may be greater than $2.0 billion by 2011.
To support its efforts in the U.S., the Company has applied for qualification of the QS-H150 under the SAFETY Act, a part of the U.S. Homeland Security Act of 2002 that ensures liability protection for providers of anti-terrorism technologies. The purpose of the Act is to ensure that the threat of liability does not deter potential manufacturers or sellers of anti-terrorism technologies from commercializing and deploying technologies that could significantly reduce the risks or mitigate the effects of large-scale terrorist events. Thus, the Act creates certain liability limitations for "claims arising out of, relating to, or resulting from an Act of Terrorism" where Qualified Anti-Terrorism Technologies have been deployed. The Company believes that SAFETY Act qualification has become an important competitive advantage for success in the U.S. security industry.
Implant Sciences is launching these initiatives in response to the increasing threat from homegrown extremism, and its belief that its technology is a proven solution to aid in combating these threats. The Christmas Day bombing attempt of Northwest Airlines flight #253 is only the latest example of what some anti-terrorism officials and experts see as a sign of accelerated radicalization among American based terrorists. According to a recent article in Time Magazine, "more terrorist threats were uncovered in the U.S. in 2009 than in any year since 2001."
Glenn Bolduc, Company CEO commented, "The fact that many planned incidents were averted and did not result in actual attacks is in large part due to the work of federal, state and local law enforcement agencies. As a leading supplier of explosive detection solutions to law enforcement agencies around the world in countries like China, India and Pakistan, it is the right time to also focus our efforts on assisting law enforcement agencies at home. Our board approved this initiative at our recent Board of Director’s meeting. Two of our board members, Howard Safir, former New York City Police Commissioner, and Robert Liscouski, former Assistant Secretary, Critical Infrastructure, Department of Homeland Security, are specifically helping to shape our efforts."
The QS-H150 offers compelling technical, operational, and competitive advantages. Among the most significant are non-contact sample collection; non-radioactive ionization; simultaneous detection and identification of explosives particulate and vapor; continuous self-calibration; and ultra-fast clear down (cycle time). The substance library of the QS-H150 is the broadest in the industry and includes not only standard military and commercial explosives, including PETN (pentaerythritol tetranitrate) which was used in the recent attempted bombing of Northwest Airlines flight #253, but also a wide variety of improvised and homemade explosives (IED’s and HME’s). The library is also easily expanded as new threats emerge. These advantages offer an extremely versatile solution, and can be rapidly deployed to greatly increase the number of items screened, effectively becoming a force multiplier.
Glenn Bolduc, Implant Science’s CEO concluded, "Our handheld explosive trace detection system provides a necessary and valuable solution to the current threats against the U.S. We are working with both the federal and private sector to gain visibility and traction for our technology in the domestic marketplace."
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 we have defaulted on our indebtedness to our secured lender, DMRJ Group; if we are unable to satisfy our obligations to DMRJ and to raise additional capital to fund operations, DMRJ may seize our assets and our business may fail; we continue to incur substantial operating losses and may never be profitable; our explosives detection products and technologies (including any new products we may develop) may not be accepted by the U.S. government or by other law enforcement agencies or commercial consumers of security products; our products may not receive SAFETY Act qualification; liability claims related to our products or our handling of hazardous materials could damage our reputation and have a material adverse effect on our financial results; our business is subject to intense competition and rapid technological change; the delisting of our common stock by the NYSE Amex has limited our stock’s liquidity and has impaired our ability to raise capital; and other risks and uncertainties described in our 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.