Implant Sciences Corporation (NYSE Alternext US: IMX), a supplier
of sophisticated systems and sensors for the homeland security market
and related industries, today announced the execution of an agreement
with Wakefield Investments, Inc. to lease a 23,000 square-foot facility,
at 600 Research Drive, Wilmington, Massachusetts. The Agreement has a
one-year initial term at an annual base rent of $368,000, plus a
proportionate share of the common area expenses associated with the
facility. The Company has an option to extend the lease for one
three-year term at a base rent equal to the fair market rental value at
the time of the extension. The Company plans to have the relocation
completed and facility fully operational by the end of December 2008
with minimal disruption to its operations. The lease for the Company’s
Wakefield, Massachusetts facility expires December 31, 2008.
Phillip C. Thomas, President and CEO of Implant Sciences, commented, "In
connection with our strategy to transform Implant Sciences into a
sustainable enterprise, moving into a smaller, more modern facility will
significantly lower our expenses and provide a more efficient operating
environment. We expect to realize annual cost savings of approximately
50% over our current facility expenses. As an additional benefit, our
new corporate headquarters will also aid in our continuing efforts to
improve the Company’s image with our customers, vendors, investors and
shareholders.”
Mr. Thomas added, "We continue to make good progress with the near
completion of our divestiture objectives, recent financing efforts, and
improving our reputation in the security market. As a result, we will be
entering the new calendar year with a lean operating structure, a focus
on aggressive revenue growth and the goal of sustained profitability and
increased market share.”
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 execute
on the Company’s growth plan so as to achieve sustainable revenue growth
and profitability; the Company’s ability to innovate and become a market
leader; 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.
