WILMINGTON, Mass., July 7, 2015 /PRNewswire/ -- Implant Sciences Corporation (OTCQB:IMSC), a leading manufacturer of explosives trace detection (ETD) and drugs trace detection solutions for homeland security applications, announced today that it held its annual shareholders meeting on July 1, 2015 at its headquarters in Wilmington, MA. At this meeting, the company's shareholders approved each proposal presented, including the election of the Director nominees to the Board of Directors. The Board and Implant Sciences' management believes this outcome conveys investor confidence in the current direction of the company.
James M. Simon, Jr. has been elected as an independent member of the Implant Sciences Board of Directors and Michael C. Turmelle, an existing independent director, has been elected as Chairman of the Board of Directors. Dr. Bill McGann and Robert Liscouski, Implant Sciences' Chief Executive Officer and Executive Vice President, Business Development, respectively, were also elected and will continue to serve on the Board. The final voting results of the Annual Meeting will be made available publicly in a Form 8-K to be filed with the Securities and Exchange Commission.
"We are very pleased with the outcome of the shareholders meeting," stated Michael Turmelle, Implant Sciences' Chairman of the Board. "We believe that our significant progress in the marketplace, as demonstrated by the numerous ECAC wins over the competition, continues to bolster our confidence, which is shared by our shareholders and investors, that Implant Sciences is now a major force in the marketplace."
"During the shareholders meeting, management was pleased to convey to our shareholders our confidence in our manufacturing capacity and in the delivery schedules set forth in contracts with the TSA and EU airports. Our production team has been planning for our success in the marketplace and we are pleased to be able to deliver on the growing demand for our products," stated Dr. McGann.
James M. Simon, Jr., has served as CEO of Intelligence Enterprises LLC since January 2003, specializing in advising companies and governments worldwide on a variety of matters, including business development, contract capture, and strategic program initiatives. Mr. Simon has a breadth of professional experience, including serving as Assistant Director of Central Intelligence for Administration, Microsoft's Chief Strategist for its worldwide public and its executive sponsor for the State of Alabama, founding Microsoft's Institute for Advanced Technology in Governments, teaching Cyber Security at the University of Alabama, and serving in the US Army. Mr. Simon has also served on a number of corporate boards, including GeoEye, Inc. Mr. Simon holds a B.A. degree in Political Science from The University of Alabama and an M.A. in International Relations from the University of Southern California.
Michael Turmelle was first confirmed as a director of the Company in December 2005. Michael has had a successful consulting business since 2009. From September 2007 to December of 2009, he was Chief Financial Officer of Premium Power Corporation, a venture capital backed large format electrical energy storage company. Prior to Premium Power, Mr. Turmelle held several management positions with SatCon Technology Corporation, including a director, Vice President, Chief Financial Officer and Treasurer, Chief Operating Officer and President of SatCon Power Systems. Prior to SatCon he worked for HADCO Corporation in various financial and operating assignments. Mr. Turmelle graduated from the General Electric Financial Management Training program (FMP) in 1984. He holds a B.A. degree in Economics from Amherst College.
Also approved at the annual meeting were proposals to increase the number of Implant Sciences' authorized shares and to approve the company's stock option plans. Concurrently with the annual meeting, as previously announced, the terms of Howard Safir, John A. Keating and John J. Hassett as members of the Board ended, following their April 2015 decisions to not stand for reelection to the Board.
About the QS-B220 Desktop Explosives Trace Detector
The QS-B220 uses Ion Mobility Spectrometry (IMS) to rapidly detect and identify trace amounts of a wide variety of military, commercial, and homemade explosives. With significantly lower maintenance requirements than competing systems, the QS-B220 can be deployed for a much lower total cost of ownership than other approved products. Featuring a radioactive material-free design, push-button maintenance and diagnostics, and a patented inCal™ internal automatic calibration system, the QS-B220 brings new levels of performance and convenience to desktop trace detection users with unsurpassed ease of use.
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 60 countries worldwide. The Company's ETDs have received approvals and certifications from several international regulatory agencies including the TSA in the U.S., ECAC in Europe, CAAC and the Ministry of Public Safety in China, Russia FSB, STAC in France, and the German Ministry of the Interior. It has also received the 2015 GSN Airport/Seaport/Border Security Award for "Best Security Checkpoint". 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.
Cautionary Note Regarding Forward-Looking Statements
This press release and any statements of employees, representatives and partners of Implant Sciences Corporation (the "Company") related thereto contain or may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. Such statements are based on management's current expectations and are subject to significant risks and uncertainties (many of which are beyond the Company's control) 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 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; our business is subject to intense competition and rapid technological change, and our ability to generate revenue and profit 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. In light of these risks and uncertainties, readers are cautioned that actual results may differ significantly from those described or 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 presentations or otherwise, except as required by applicable law.
Implant Sciences Corporation
978-752-1700 x 116
SOURCE Implant Sciences Corporation