Facility Extended to September 30, 2012
WILMINGTON, MA, Feb 22, 2012 (MARKETWIRE via COMTEX) --Implant Sciences Corporation (OTCQB: IMSC) (PINKSHEETS: IMSC), a
high technology supplier of systems and sensors for homeland security
markets, today announced that it has renegotiated its credit
agreements with its senior secured investor, DMRJ Group LLC.
On February 21, 2012, DMRJ agreed to extend the maturity of all
Implant Sciences' indebtedness to September 30, 2012. No other terms
of the credit facility were changed.
DMRJ Managing Director David Levy commented, "Implant Sciences has
made significant progress in achieving market success. They are
shipping QS-B220 systems internationally, and have developed strong
relationships with TSL and TSA, which are so critical to the domestic
market."
Implant Sciences President and CEO Glenn D. Bolduc added, "The
willingness of DMRJ to extend our credit line well before its current
expiration date is a true vote of confidence in the Company's
products and technology. This is a critical period for Implant
Sciences, and their cooperation and support is very helpful in
allowing us to focus on reaching our goals."
About the Quantum Sniffer(TM) QS-H150
The QS-H150 is a handheld
explosives trace detector that uses Ion Mobility Spectrometry (IMS)
to rapidly detect and identify trace amounts of a wide variety of
military, commercial, and homemade explosives. The QS-H150 uses no
radioactive materials and features a low-maintenance design that is
self-calibrating and self-clearing, providing very high levels of
operational availability.
About the Quantum Sniffer(TM) QS-B220
The QS-B220, introduced in
May 2011, is a benchtop explosives and narcotics trace detector that
uses Ion Mobility Spectrometry (IMS) to rapidly detect and identify
trace amounts of a wide variety of military, commercial, and homemade
explosives, plus narcotic substances. The QS-B220 continues the
Implant Sciences tradition of freedom from radioactive materials, low
total cost of ownership, and high operational availability.
About Implant Sciences
Implant Sciences develops, manufactures, and
sells sophisticated sensors and systems for Security, Safety, and
Defense (SS&D) markets. The Company has developed innovative
proprietary technologies used in its explosives and narcotics trace
detection systems, which ship to a growing number of locations
domestically and internationally. Implant Sciences products have been
deployed in a wide range of security environments including airports,
subways, railways, cargo facilities, nuclear power plants, police
departments, military units, government buildings, and financial
institutions. The QS-H150 and QS-B220 are Department of Homeland
Security (DHS) Qualified Anti-Terrorism Technologies under the
Support Anti-terrorism by Fostering Effective Technology Act of 2002
(the SAFETY Act). 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 our
explosives detection products and technologies (including any new
products we may develop) may not be accepted by the Transportation
Security Administration or by other U.S. or foreign government and
law enforcement agencies or commercial consumers of security
products; economic, political and other risks associated with
international sales and operations could adversely affect our sales;
our business is subject to intense competition and rapid
technological change; and other risks and uncertainties described in
our filings with the Securities and Exchange Commission, including
our 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.
Contact:
Implant Sciences Corporation
Company Contact:
Glenn Bolduc
CEO
978-752-1700
Email Contact
Or
Investor Contact:
Laurel Moody
646-810-0608
Email Contact
SOURCE: Implant Sciences Corporation
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