WILMINGTON, Mass., Oct. 1, 2014 /PRNewswire/ -- In response to
a press release/general solicitation by the class action law firm,
Levi & Korsinsky, LLP, Glenn D.
Bolduc, CEO of Implant Sciences Corporation (OTCQB:IMSC), a
high technology supplier of systems and sensors for homeland
security and defense markets, said today: "Levi & Korsinsky's
press release/solicitation is identical to the press release it
issued on August 8. The new release
contains no new information and identifies no grounds whatsoever
for an investigation of Implant Sciences or its board of directors.
The firm has never contacted us directly, and we are not aware of
any basis for an investigation. We do not believe this law firm's
actions will benefit our shareholders, and we continue to encourage
our shareholders and other interested parties to draw their own
conclusions about the motivation behind this law firm's
actions."
About Implant Sciences
Implant Sciences is the leader in next generation Explosives
Trace Detection (ETD) technology. In October
2013, the Company became the third ETD manufacturer, and the
sole American-owned company, to currently have product
qualification from the US Transportation Security Administration.
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 explosives 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, in addition to receiving TSA qualification for
aviation checkpoint and checked baggage and air cargo screening,
certification by Service Technique de l'Aviation Civile in
France for passenger and air cargo
screening, the Company's QS-B220 has also received Qualified
Anti-Terrorism Technology 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
we will be required to repay all of our indebtedness to our secured
lenders, DMRJ Group, LLC and certain lenders for which BAM
Administrative Services LLC serves as agent, by March 31, 2015; if we are unable to satisfy these
obligations and to raise additional capital to fund operations, BAM
or DMRJ may seize our assets and our business may fail; we continue
to incur substantial operating losses and may never be profitable;
our independent registered public accounting firm has expressed
substantial doubt as to our ability to continue as a going concern;
there is no guaranty that the Transportation Security
Administration (TSA) or any other U.S. or foreign governments, law
enforcement agencies or commercial consumers will purchase any of
our explosives detection products or that any new products we may
develop will be accepted by the TSA or by such other governments,
agencies or consumers; economic, political and other risks
associated with international sales and operations could adversely
affect our sales; 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; our markets are subject
to rapid technology change and our success will depend on our
ability to develop and introduce new products; we may not be able
to retain our management and key employees or identify, hire and
retain additional personnel as needed; we may not be able to
enforce our patent and other intellectual property rights or
operate without infringing on the proprietary rights of others: 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
or
Investor Contact:
Laurel Moody
646-810-0608
SOURCE Implant Sciences Corporation