IMX - should make new highs
United States Army Awards Implant Sciences $730,000 Contract for Portable Landmine Detection Program
Business Wire - November 24, 2003 14:40
WAKEFIELD, Mass., Nov 24, 2003 (BUSINESS WIRE) -- Implant Sciences Corporation (AMEX:IMX, IMX.WS) today announced the receipt of a U.S. Army Contract of $730,000 for the continued development of a Portable Landmine detection device. This is the third installment added to the program, bringing the total amount of the contract to $850,000.
The landmine detection device uses the Company's Laser Ion Mobility Spectrometer (IMS) technology, which was first developed for the homeland security market. To date, the Company has successfully detected explosive related chemicals in typical minefield soil supplied by the U. S. Army. The system uses a proprietary Flash Extraction Module to rapidly release the vapor from the soil and direct it into the laser IMS unit.
Dr. Anthony J. Armini, president and chief executive officer of Implant Sciences Corp., stated: "Based on the successful laboratory tests of the initial device, the U.S. Army has decided to award an additional $730,000 to allow us to convert our landmine detection technology into a prototype suitable for Army field testing."
Dr. Armini also commented: "There is a worldwide landmine problem of over 120 million landmines in 61 countries. The UN estimates it will take $30 Billion to clean up all the landmines in the world. Thus, the market for our landmine detection technology, once ready for commercialization, could be very substantial. We are thrilled that the U. S. Army selected our Laser IMS Technology for conversion into a field operational prototype. What's needed is a safe, reliable and cost-efficient technology for finding land mines. Our goal is to provide this technology not only to the U.S. Army, but to military institutions around the world."
According to the International Committee of the Red Cross, a landmine explodes, maiming or killing a civilian -- every 20 minutes. At the current rate of detection and removal, clearing the world's land mines could take hundreds of years.
About Implant Sciences
Implant Sciences, incorporated in 1984, is using its core ion technology to develop, manufacture and market products for national security, industry, and medicine. Under development is a portable trace explosives detection device to identify explosives, narcotics and other toxic materials. Implant has received development grants from the US Army, Navy and Air Force, and, signed a cooperative R&D agreement with the Transportation Security Administration, which facilitates equipment evaluation and new government contracts. Using its proprietary ion implantation and thin film coating technologies, Implant also manufactures and markets radioactive and non-radioactive products for medical use. Implant derives revenues from its radioactive seeds for treating prostate cancer that are distributed throughout the US by its direct sales force and MED-TEC, Inc. Implant is also developing brachytherapy products for the treatment of breast, eye, and other cancers. Additionally, Implant modifies the surface characteristics of orthopedic joint implants to reduce polyethylene wear, thereby increasing the life of the implants.
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, 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.
SOURCE: Implant Sciences Corporation
Investor contact:
Aurelius Consulting Group
Ed Sasso, 407-681-8899
Edaurelius@cfl.rr.com
or
Dave Gentry, 407-644-4256
Aurelius@cfl.rr.com
www.runonideas.com
or
Implant Sciences Corporation:
David C. Volpe, 508-523-3141
dvolpe@implantsciences.com
www.implantsciences.com
or
Media contact:
The Investor Relations Group
Lisa Lindberg or Janet Vasquez, 212-825-3210
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