June 18, 2008
Implant Sciences Corp Awarded $500,000 Contract Extension From Department of Homeland Security
Implant Sciences Corporation (AMEX: IMX), a high technology supplier of sophisticated systems and sensors for the homeland security market and related industries, today announced $500,000 in follow on funding from the U.S. Department of Homeland Security ("DHS"), Science & Technology ("S&T") Directorate in Washington, DC for a Counter-Improvised Explosive Device Program. This award represents further support of a contract awarded to Ion Metrics, the San Diego based company acquired by the Company in April 2008. The addition of this $500,000 brings the total contract value to approximately $2,707,000.
The focus of this contract is to develop integrated, miniaturized sub-systems for use in the detection and identification of trace explosives. Implant Sciences' new San Diego-based Advanced Technology Group has been actively working on the development of a hyphenated system incorporating a Quadrupole Array Mass Spectrometer (QAMS), a miniature Ion Mobility Spectrometer (IMS) and a Differential Mass Spectrometer (DMS), which would represent a new and novel technological capability for the Company and the security industry.
"The Counter-Improvised Explosive Device Program was created in support of efforts by the Science and Technology Directorate within the Department of Homeland Security to leverage existing resources into new and more effective products to help further protect our country," stated Phillip C. Thomas, President and CEO of Implant Sciences. "Along with partners at the University of Florida and Washington State University, our Advanced Technology Group has made important progress in the development of QMS, IMX and DMS technologies which, when combined, could result in high performance yet lightweight, low cost/power technological capabilities for the detection of explosives, drugs, and other substances."
Mr. Thomas added, "Our expertise in the development of miniaturized mass spectrometers and vacuum pumps, combined with our understanding of the commercialization of devices for explosives and drug detection should provide Implant Sciences with a competitive advantage in the security marketplace. We are pleased the DHS continues to support our efforts in the development of this important technology."
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 Company's ability to successfully develop the QAMS, IMS and DMS technology and incorporate the technology into prototypes capable of detecting explosives and narcotics; the commercialization of a prototype, if one is developed; the market acceptance of a commercial product using the technology; 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 for the period ended June 30, 2007 and Quarterly Reports for the periods ended September 30, 2007, December 31, 2007 and March 31, 2008. The Company assumes no obligation to update the information contained in this press release.