WILMINGTON, Mass., Dec. 3, 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 that the its Board of Directors has authorized management to retain financial advisors to explore strategic alternatives to maximize shareholder value.
"Implant Sciences' explosives trace detection equipment is a critical piece in any security system. Conventional security approaches need to be expanded to include advanced screening technologies to ensure terrorists can be detected and defeated. This was recently observed in Paris, when an alert security guard at a Stade de France checkpoint screened and turned away a suicide bomber, saving a number of lives," stated Bob Liscouski, President of Implant Sciences. "We are in an event driven industry, and as a company we need to explore all corporate options available to us to help ensure we are able to respond to what we expect will be a continuing surge in demand for our technologies based upon world events."
"With our first quarter revenues in FY2016 of $14.3m outpacing our full year FY2015 revenues, the growth in our business has been significant and we expect to continue to see strong demand for our products," commented Dr. Bill McGann, CEO of Implant Sciences. "The homeland security sector clearly has its cycles as we observed in the aftermath of the 9/11 attacks and it looks like the industry is entering a phase that could have a similar impact on the sector at large. In response, we have built our production capacity to meet this increased demand for our products to respond to the growing need in the market place beyond our traditional client markets. As a result of our success, we are happy to report that the Board of Directors has authorized us to explore strategic alternatives that will help us build on the momentum we have created over the past year."
Michael Turmelle, Chairman of the Implant Sciences Board of Directors, added, "Our Board of Directors and management are strongly committed to acting in the best interests of all of our shareholders. Over the past several months, we have given much thought to the bright prospects for our business and the possible options available to us to create value. We have also spent considerable time listening to our shareholders and believe that now is an opportune time to explore all strategic alternatives available to the company."
The company cautioned that there could be no assurance that the exploration of strategic alternatives would result in any definitive agreement or transaction or increase in shareholder value. Chardan Capital Markets, LLC and Noble Financial Capital Markets are serving as financial advisors in connection with these matters, and Willkie Farr & Gallagher LLP is acting as legal counsel.
About Implant Sciences
Implant Sciences Corporation 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 70 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 Company's exploration of strategic options as described herein will eventuate in a transaction that is beneficial to the Company's shareholders, or that any such transaction will actually be consummated, or that 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; or that the Company will be able to meet demand for its products. The Company is also subject to economic, political and other risks associated with international sales and operations that could adversely affect its sales, and the Company's business is subject to intense competition and rapid technological change. In addition, the Company's ability to generate revenue and profit will depend on its ability to develop and introduce new products. The Company is also subject to other risks and uncertainties described in its filings with the Securities and Exchange Commission, including its 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
Chardan Capital Markets, LLC
Matthew T. Mrozinski
Noble Financial Capital Markets
Richard H. Giles
SOURCE Implant Sciences Corporation