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Thursday December 27, 8:30 am Eastern Time
Press Release
SOURCE: Implant Sciences Corporation
Implant Sciences Announces Creation of Explosives Detection Systems Division
WAKEFIELD, Mass., Dec. 27 /PRNewswire/ -- Implant Sciences Corporation (Amex: IMX - news), which develops products for the radiation oncology, interventional cardiology, orthopedic, and explosives detection marketplaces, today announced that it is forming a new Explosives Detection Systems Division to market and manufacture explosives vapor detection equipment. Dr. Leo Krasnobaev, Ph.D., who was responsible, along with his engineering staff, for the development of the technology and the prototype, will head the unit. The new division will eventually be operated as a wholly owned subsidiary of Implant Sciences Corporation.
In addition, the Company announced that it has retained James J. Aldo as a strategic and marketing consultant in the explosives detection field. Mr. Aldo was a co-founder of Vivid Technologies, a manufacturer of explosives detection x-ray equipment that is now a division of PerkinElmer Corporation. Mr. Aldo has marketed and sold explosives detection equipment worldwide and is experienced in working with the FAA and other government agencies. His first assignment is to acquire the necessary approvals from government agencies that purchase this type of equipment.
Dr. Armini, Chairman and Chief Executive Officer of Implant Sciences Corporation commented, ``The establishment of a separate operating division with a team led by these two very seasoned and capable individuals will enable Implant Sciences to enter the explosives detection market more quickly. We expect the market for explosives detection equipment to expand rapidly in coming years. On November 19, 2001, President Bush signed The Aviation and Transportation Security Act. Management believes that expenditures for the screening for explosives in airline passenger baggage could exceed $1 billion by the year 2003.''
``The incident last weekend, in which a passenger on a Paris-to-Miami flight attempted to detonate explosives hidden in his shoes, clearly illustrates the need to screen airline passengers and carry-on items for explosives, and this cannot be accomplished by the metal detectors currently in use at most airports,'' continued Armini. ``Our explosives vapor detection system is capable of detecting the presence of explosives from their natural vapor. The system, which was recently demonstrated at our annual shareholders' meeting, is 100 to 1000 times more sensitive than the capabilities of explosive-sniffing dogs and can detect explosives vapor at airborne concentrations measured in parts per trillion.''
Implant Sciences Corporation develops products for the medical device and explosives detection markets that primarily rely upon its proprietary ion implantation and thin film coatings technologies. The Company is headquartered in Wakefield, Massachusetts, and its common stock is listed on the American Stock Exchange under the ticker symbol ``IMX''.
This press release includes statements that may constitute ``forward- looking'' statements, usually containing the words ``believe,'' ``estimate,'' ``project,'' ``expect'' or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, the ability of the Company to develop effective new products and receive governmental approvals of such products, including its prototype explosives detection products, the Company's ability to manufacture its prototype explosives detection products profitability and at acceptable levels of quality in commercial quantities, risks of legal liability that may be associated with any failure of its explosive detection products to perform properly, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
