Implant Sciences Corporation (NYSE Alternext US: IMX), a supplier
of systems and sensors for the homeland security market and related
industries, today announced the Company submitted a revised plan of
compliance (the "Revised Plan”) to the NYSE Alternext US, LLC (the
"Exchange”) on November 26, 2008 in response to a November 5, 2008
notification by the Exchange of non-compliance with its continued
listing requirements. The Revised Plan outlines the actions the Company
has taken and will take that would bring it into compliance with Section
1003(a)(iv) of the Exchange’s Company Guide by February 5, 2009 and all
continued listing standards by October 9, 2009. The Company intends to
issue a follow-up press release once it receives notification from the
Exchange as to the status of acceptance of the plan. The Company’s
common stock continues to be listed on the NYSE Alternext US under the
ticker symbol "IMX.”
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, but are not limited to, the NYSE
Alternext US’s acceptance of the Revised Plan and, if accepted, the
Company’s ability to execute upon the compliance plan so as to regain
compliance with the NYSE Alternext US listing standards within the
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.
