WILMINGTON, Mass., April 4, 2014 /PRNewswire/ -- Implant Sciences Corporation (OTCQB:IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced that John Hassett has been elected to the Company's Board of Directors. Mr. Hassett is currently Managing Principal and President of Little Harbor Advisors LLC, a SEC registered private equity and hedge fund advisor. He has over 12 years' experience in the investment management business. Mr. Hassett becomes Implant Sciences' seventh director.
Mr. Hassett is a serial entrepreneur and inventor who has built and sold several high-tech startups including Multilink, AT/Comm and Vialog. Multilink introduced the first full-duplex conferencing bridge in 1983, paving the way for the emergence of conference calling as a business norm today. Multilink was acquired by PictureTel Corporation to form what was then the largest teleconferencing systems company in the world. AT/Comm pioneered the use of microwave technology for electronic tolls. Mr. Hassett holds seven important patents in microwave systems for this area. The firm and technology were acquired by a then division of Scientific Applications International Corporation in 1997, consolidating the industry and later establishing EZ-Pass and other interstate electronic toll systems.
In 1997, Mr. Hassett led the consolidation of nine privately owned conference services companies to form Vialog Corporation, which went public in 1999 and was acquired by a French firm in 2002. Vialog became the subject of a Harvard Business School case, based on its unique financing and the successful integration of so many companies in such a short period. Mr. Hassett is responsible for numerous licensing agreements, M&A transactions, private and public equity and debt financing, and business restructurings, and has in-depth experience in corporate finance, business integration, and strategic planning. In 2004, Mr. Hassett co-founded Tuckerbrook Alternative Investments, LP, which pioneered the development of investible composite structures for hedge funds, including the Tuckerbrook Short Alpha Composite, and he remains its managing member.
"We are honored to welcome John to our board. He brings key expertise to our Company at a pivotal time in our growth. John has an admirable track record of building several profitable high tech companies. He uniquely combines deep experience in technology development, business operations, and financing methods and structures that can be of substantial value to Implant Sciences," stated Implant Sciences CEO Glenn Bolduc.
John Hassett commented, "I have been impressed with Implant Sciences' management team's tenacity in their pursuit of innovation in this important area of defense, and believe that the technology they are bringing forward may be a game-changer in terms of effectiveness, cost, and flexibility. I am thrilled to be part of this endeavor."
About Implant Sciences
Implant Sciences is the leader in next generation Explosives Trace Detection (ETD) technology. In January 2013, the Company became only the third ETD manufacturer, and the sole American-owned company, to have product approval from the US Transportation Security Administration. Implant Sciences has developed proprietary technologies used in its commercial explosives and drugs 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 air cargo screening, the Company's QS-B220 has also received STAC certification, 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), and the GSN 2013 Homeland Security Award for "Best Explosives Detection Solution". For further details on the Company and its products, please visit the Company's website at http://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 our success will depend 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 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.
Implant Sciences Corporation
Glenn Bolduc, CEO
SOURCE Implant Sciences Corporation