WILMINGTON, Mass., Oct. 16, 2014 /PRNewswire/ -- Implant
Sciences Corporation (OTCQB: IMSC), a high technology supplier of
systems and sensors for homeland security and defense markets,
announced today that the U.S. Department of Homeland Security has
selected Implant Sciences' proposal to develop next generation
explosives trace detection (ETD) screening systems for funding. The
project, pending successful negotiations, is worth up to
approximately $2 million to the
Company.
The funding results from a proposal submitted by Implant
Sciences in response to the Department of Homeland Security's
Science and Technology Directorate's Broad Agency Announcement
(BAA) 13-03. BAA 13-03 sought proposals from private industry and
universities that have expertise in explosives trace detection
equipment and methods. Through this BAA, the Department of Homeland
Security seeks next-generation ETD technologies with significantly
expanded capabilities in order to further promote passenger safety
and homeland security.
"We are very proud to have been selected by the Department of
Homeland Security to carry out this contract. Implant Sciences will
work closely with the department to accelerate the development of
ETD systems engineered by our team. We believe the next generation
of ETDs can significantly further increase passenger safety, reduce
false positives, and create a better travel experience with respect
to security screening," stated Glenn D.
Bolduc, President and CEO of Implant Sciences.
About Implant Sciences
Implant Sciences is a leader in developing and manufacturing
advanced detection capabilities to counter and eliminate the
ever-evolving threats from explosives and drugs. The Company's team
of dedicated trace detection experts has developed proprietary
technologies used in its commercial products, thousands of which
have been sold across more than 50 countries worldwide. Implant
Sciences is only the third manufacturer, and the sole
American-owned company, to currently have an ETD system named as a
Qualified Product by the US Transportation Security Administration.
The Company's ETDs have received approvals and certifications from
several international regulatory agencies including the TSA in the
U.S., ECAC in Europe, STAC in
France, the German Ministry of the
Interior, and the Ministry of Public Safety in China. It also received a GSN 2013 Homeland
Security Award for "Best Explosives Detection Solution". All
Implant Sciences products are recognized as Qualified
Anti-Terrorism Technologies by the Department of Homeland Security.
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 by March 31, 2015; if we are
unable to satisfy our obligations and to raise additional capital
to fund operations, our secured lenders 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 government and 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