Implant Sciences Completes Acquisition of Ion Metrics
Acquisition Strengthens and Broadens Implant Sciences' Product Offering
(Wakefield, Mass., April 14, 2008) -- Implant Sciences Corporation (AMEX: IMX), an established supplier of systems and sensors for the homeland security market and related industries, today announced it has completed its acquisition of privately-held Ion Metrics, Inc. ("IMI") for two million shares of Implant Sciences common stock and the assumption of certain specified liabilities. Further details of the transaction can be obtained from the Definitive Agreements which will be available on the Company's Current Report on Form 8-K expected to be filed no later than April 15, 2008.
IMI is a manufacturer of low-cost, mass sensor systems for the detection and analysis of chemical compounds such as explosives, chemical warfare agents, narcotics, and toxic industrial chemicals for the homeland defense, forensic, environmental, and safety/security markets. IMI's miniaturized devices and system designs provide high performance and reliability in combination with low manufacturing costs. The acquisition is expected to strengthen and broaden Implant Sciences' product offering in the Safety, Security and Defense (SS&D) market.
"We believe this acquisition brings a highly skilled team of innovative engineering talent, a rich technology suite, and important relationships within our target market," said Phillip C. Thomas, CEO and President of Implant Sciences. "As a result of this acquisition, we expect to accelerate the expansion of our product line to more effectively address the needs of the SS&D sector, as well as accelerate our entry into the narcotics, chemical warfare and toxic industrial chemical detection marketplaces. By combining our technologies, we see ourselves enhancing our competitive position while improving sales volumes and product margins in the future."
Source : Implant Sciences Corp.
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