SOURCE: Implant Sciences Corporation
WILMINGTON, MA--(Marketwire - Jul 2, 2012) - Implant Sciences Corporation (OTCQB: IMSC) (PINKSHEETS: IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced it has won a contract to provide units of its Quantum Sniffer™ QS-H150 handheld explosives trace detector to a bank in Singapore. Implant Sciences equipment was chosen due to its non-radioactive source, lower total cost of ownership, and ease of use.
This sale continues Implant Sciences success with corporate customers that include banks, stock exchanges, hotels, manufacturing plants, and office buildings around the world. Recent financial service shipments include banks in Europe, the Middle East, Africa, and Asia.
"Companies in the financial services industry are particularly aware of security threats, and they are very proactive about protecting personnel and physical assets. We are seeing growing interest and increasing purchases from the banking sector," stated Implant Sciences' Vice President of Global Sales and Marketing, Dr. Darryl Jones. "We find that the easy-to-use and low total cost of ownership design of Implant Sciences' products, combined with the freedom from the worry, cost, and regulatory burden of a radioactive source is especially attractive to corporate customers."
Glenn Bolduc, Implant Sciences' President and CEO, stated, "As our company grows it is important that we continue to diversify our revenue base between government and commercial customers. This serves to increase the total available market for our technology and reduces the reliance on any one sector. Both government and commercial entities have security requirements that include explosives trace detection, and today's announcement proves that we continue to win contracts in both markets."
About Implant Sciences
Implant Sciences develops, manufactures and sells sophisticated sensors and systems for Security, Safety, and Defense (SS&D) markets. The Company has developed proprietary technologies used in its commercial explosive and narcotics trace detection systems which ship to a growing number of locations domestically and internationally. Implant Sciences' QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and the Company's QS-B220 desktop explosives and drugs trace detector has received a Developmental Testing & Evaluation (DT&E) Designation by the U.S. Department of Homeland Security under the Support Anti-terrorism by Fostering Effective Technology Act of 2002 (the SAFETY Act). 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 may contain 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 risks that our explosives detection products and technologies (including any new products we may develop) may not be accepted by the Transportation Security Administration or by other U.S. or foreign government and law enforcement agencies or commercial consumers of security products; economic, political and other risks associated with international sales and operations could adversely affect our sales; our business is subject to intense competition and rapid technological change; the risk that we will be required to repay all of our indebtedness to our secured lender, DMRJ Group, by September 30, 2012; that if we are unable to satisfy our obligations to DMRJ and to raise additional capital to fund operations, DMRJ may seize our assets and our business may fail; the risk that we continue to incur substantial operating losses and may never be profitable; the risk that 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; the risks that our markets are subject to technological change and that our success depends on our ability to develop and introduce new products; the risk that we may not be able to retain our management and key employees or to identify, hire and retain additional personnel as needed; the risks that we may not be able to enforce our patent and other intellectual property rights or operate without infringing on the proprietary rights of others; and other risks and uncertainties described in our 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.