Implant Sciences Corporation (NYSE Alternext US: IMX), a high
technology supplier of sophisticated systems and sensors for the
homeland security market and related industries, today announced that
its Board of Directors has retained Noblemen Holdings, LLC ("Noblemen”)
to provide M&A and management advisory services to assist in creating,
evaluating, and implementing strategic alternatives for the Company.
Phillip C. Thomas, President and CEO of Implant Sciences, stated, "Through
the efforts of the Noblemen Group, we have received inquiries from a
number of sources who have expressed an interest in a potential
transaction with the Company. As such, we are moving to be in a position
to evaluate various alternatives on behalf of our shareholders, each
intended to maximize our corporate value. This process is underway and
we are endeavoring to move it along as expeditiously as possible. In
parallel with these efforts, we continue to execute on our operating
plan to the best of our ability during a financing/business environment
which is challenging and unpredictable. In the last year, we believe we
have made significant progress in the disposition of non-strategic
assets and focusing our efforts on the expansion of our security
products business and we continue our efforts in these areas.”
There can be no assurance that the evaluation of strategic alternatives
will result in any agreements or transactions. The Company does not
intend to disclose developments with respect to the evaluation of
strategic alternatives unless and until its Board of Directors deems it
appropriate.
About Implant Sciences
Implant Sciences develops, manufactures and sells sophisticated sensors
and systems for the Security, Safety and Defense (SS&D) industries. The
Company has developed proprietary technologies used in its commercial
portable and bench-top explosive trace detection systems which ship to a
growing number of locations domestically and internationally. 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 contains forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements are subject
to risks and uncertainties, including, but not limited to, the fact that
if we are unable to redeem the Series D Preferred Stock on October 24,
2008, Laurus may seize our assets and we may be forced to curtail or
discontinue operations entirely; the fact that our auditors’
opinion regarding our financial statements for the fiscal year ended
June 30, 2008 expresses substantial doubt about our ability to continue
as a "going concern”;
an adverse determination in the litigation related to our sale of the
assets of our Accurel subsidiary could have a material adverse effect on
our financial condition and results of operations and could require us
to file for protection under bankruptcy laws; we do not operate at a
profit and do not expect to be profitable for some time; if the NYSE
Alternext US delists our common stock, we may not be able to raise
capital and shareholder liquidity may become extremely limited; our
business is subject to intense competition and rapid technological
change; our explosives detection products and technologies (including
any new products we may develop) may not be accepted by the market; we
may not be able to effectively protect our intellectual property; we may
not be able to manage our future growth or attract or retain key
personnel; 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; any failures of our suppliers
or contract manufacturers could materially damage our business; if third
party credit is unavailable, our working capital could be restricted and
we may not be able to borrow capital; shares of our common stock
eligible for future sale may adversely affect the market for our stock;
and other risks and uncertainties described in the Company’s
filings with the Securities and Exchange Commission, including its 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.
For further information, you are encouraged to review Implant Sciences’
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the period ended June 30, 2008. The
Company assumes no obligation to update the information contained in
this press release.
