WILMINGTON, Mass., March 19, 2015 /PRNewswire/ -- Implant
Sciences Corporation (OTCQB:IMSC), a leading manufacturer of
explosives trace detection (ETD) and drugs trace detection
solutions for homeland security applications, today announced the
extension of its March 2014 secured
credit agreements with DMRJ Group, LLC and the group of investors
represented by BAM Administrative Services, LLC.
DMRJ has agreed to extend the maturity of all Implant Sciences
indebtedness held by DMRJ from March 31,
2015 to March 31,
2016. No other terms or conditions of the DMRJ credit
agreements were changed.
The maturity of the BAM note has been extended from March 31, 2015 to March
31, 2017. As of April 1, 2015,
in consideration of the two year extension, the interest rate on
the BAM note will increase by 1%. The remaining terms and
conditions of the BAM credit agreement remain the
same.
"The recent order from the U.S. Transportation Security
Administration for the procurement of 1,170 of our QS-B220 desktop
explosives trace detection systems is the single largest order in
our history," stated Implant Sciences' CEO, Dr. Bill McGann. "The combination of approvals
from TSA and the European Civil Aviation Conference for the QS-B220
give us potential access to tens of millions of dollars of
procurements, both here in the U.S. and in Europe. We believe
these credit extensions provide the time needed as we seek to
realize the revenue from these orders. We appreciate the continued
support from DMRJ and BAM during this exciting time."
"The updated agreement gives us the runway we need to implement
our plans for growth and profitability," stated Bob Liscouski, Implant Sciences' Executive Vice
President. "Our technical team has built what we believe is the
best and most reliable explosive trace detection technology in the
market, and now it is time for us to win orders and execute as the
leader in ETD solutions worldwide."
Detailed information on the extensions will be made available by
the Company's in a Current Report on Form 8-K to be filed with the
Securities and Exchange Commission.
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.
The company's explosive trace detection products have received
approvals and certifications from several international regulatory
agencies, including the TSA in the U.S., 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 Implant Sciences and its products, please
visit the Company's website at www.implantsciences.com.
Cautionary Note Regarding Forward-Looking Statements
This press release and any related statements of management and
representatives of Implant Sciences Corporation (the "Company")
contain "forward-looking statements" as that term is defined in the
Private Securities Litigation Reform Act of 1995. Statements that
are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the generality of the
foregoing, words such as "plan," "project," "potential," "seek,"
"may," "will," "expect," "believe," "anticipate," "intend,"
"could," "estimate" or "continue" are intended to identify
forward-looking statements. Such statements are based on
management's current expectations and are subject to significant
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 the Company will be required to repay all of its
indebtedness to secured lenders by the due dates; the risk that if
the Company is unable to satisfy its obligations to its secured
lenders and to raise additional capital to fund operations, lenders
may seize the Company's assets and its business may fail; the
Company continues to incur substantial operating losses and may
never generate recurring revenue or profitability; the Company's
independent registered public accounting firm has expressed
substantial doubt as to the Company's 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 the Company's explosives detection products or
that any new products which the Company 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 the
Company's sales; liability claims related to the Company's products
or the Company's handling of hazardous materials could damage the
Company's reputation and have a material adverse effect on the
Company's financial results; the Company's business is subject to
intense competition; the Company's markets are subject to rapid
technology change and the Company's viability will depend on its
ability to develop and introduce new products; the Company may not
be able to retain its management and key employees or identify,
hire and retain additional personnel as needed; the Company may not
be able to enforce its patent and other intellectual property
rights or operate without infringing on the proprietary rights of
others; and other risks and uncertainties described in the
Company's 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 cause the actual results to differ materially from
those anticipated in the forward-looking statements. The
Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Contact:
Implant Sciences Corporation
Company Contact
978-752-1700 x116
or
Investor Contact
Laurel Moody
646-810-0608
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SOURCE Implant Sciences Corporation