Implant Sciences Announces Receipt of $5.654M From the India Ministry of Defence
Dec 20, 2012 (Marketwire via COMTEX) --Implant Sciences Corporation (OTCQB: IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced it has received payment of approximately $5,654,000 or 95% of the amount due from the India Ministry of Defence. Implant Sciences announced the shipment of its Quantum Sniffer™ QS-H150 handheld explosives trace detectors to the Ministry on November 29, 2012. The funds will be applied to reduce the Company's obligation for accrued interest and borrowings under its credit facility with DMRJ Group, LLC.
"The receipt of the funds from the India Ministry of Defence substantially completes all of the requirements under the agreement, and will be used to improve our balance sheet," stated Implant Sciences' President and CEO, Glenn D. Bolduc. "Our Field Service and Technical Training team, under the leadership of Marc Edgeworth, will be onsite in India in the near term to provide training to the end-users. Successful completion of our contract with the India Ministry of Defence provides us with momentum in India, which we intend to capitalize on in the pursuit of additional business in this significant market."
About the Quantum Sniffer™ QS-H150 Handheld Explosives Trace Detector
The Quantum Sniffer QS-H150 utilizes Ion Mobility Spectrometry (IMS) technology, providing fast, accurate detection of trace amounts of a wide variety of military, commercial, and homemade explosives. Built with no radioactive materials and featuring a low-maintenance, self-calibrating, and self-clearing design, the QS-H150 provides very high levels of operational availability. The QS-H150 has been proven to perform well in a wide variety of temperatures and challenging environments, from humid jungles to dry, sand swept deserts.
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 proprietary technologies used in its commercial explosive and narcotics trace detection systems which ship to a growing number of locations domestically and internationally. Implant Sciences' QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and the Company's QS-B220 desktop explosives and drugs trace detector has received a Developmental Testing & Evaluation (DT&E) Designation by the U.S. Department of Homeland Security 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; the risks that our markets are subject to technological change and that our success depends on our ability to develop and introduce new products; 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.
Implant Sciences Corporation