Implant Sciences Corporation (NYSE Alternext US: IMX), a supplier
of sophisticated systems and sensors for the homeland security market
and related industries, today announced that on February 2, 2009, the
Company received notice from the NYSE Alternext US, LLC (the "Exchange”)
indicating that the Exchange intends to initiate proceedings to delist
the Company’s common stock. The Company has appealed this determination
and requested an oral hearing before the Exchange’s listing
qualifications panel. Pursuant to Exchange rules, the delisting
proceeding will be stayed pending the outcome of our appeal subject to
the Exchange’s ongoing review of our status.
Specifically, as previously disclosed, the Staff previously determined
that the Company was not in compliance with Sections 1003(a)(i), (ii),
(iii) and (iv) of the Exchange’s Company Guide. In addition, the
Exchange notified the Company that, pursuant to Section 1003(f)(v) of
the Company Guide, the Exchange staff believes that a reverse stock
split is appropriate in view of the fact that the Company’s common stock
has been selling for a substantial period of time at a low price per
share, and that the low selling price of the Company’s common stock over
that period constituted an additional deficiency with respect to the
Exchange’s continued listing requirements.
There is no assurance that the Company’s appeal will be successful. In
the event that the Company’s common stock is delisted by the Exchange,
the Company believes that the stock will be eligible to trade or be
quoted on alternative markets.
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 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, the Company’s ability to
successfully appeal the Exchange’s determination and, if successful in
its appeal, the ability to regain compliance with the NYSE Alternext US
listing standards within prescribed timeframes; if the NYSE Alternext US
delists our common stock, it may be extremely difficult to raise
capital; 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.
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, as amended, for the period ended June 30,
2008 and Quarterly Report on Form 10-Q for the period ended September
30, 2008. The Company assumes no obligation to update the information
contained in this press release.
