Implant Sciences Corporation (OTCQB:IMSC), a leading manufacturer of explosives trace detection (ETD) solutions, announced today that there will be a shareholder meeting anticipated to occur in December 2016, subject to standard proxy solicitation, in Wilmington, MA.
The Board of Directors is exploring opportunities to provide optionality to its shareholders following the successful completion of the ETD asset sale. The economics of the sale will ensure that creditors and shareholders will receive economic benefit. The company may provide alternatives as part of the plan to emerge from voluntary Chapter 11 bankruptcy that would recognize the value of the SEC registered corporate structure. Implant Sciences currently anticipates having sufficient cash and shareholders’ equity to potentially be up listed to a national securities exchange. Shareholders will be given the opportunity to approve any proposed transaction or plan presented at the shareholder meeting, including the potential acquisition of Zapata Industries, as previously communicated in the July 23, 2016 announcement regarding the Letter of Intent to acquire Zapata.
Details regarding the shareholder meeting will be provided in the proxy, which will be distributed before the shareholder meeting, in compliance with SEC regulations.
About Implant Sciences
Implant Sciences is a leader in developing and manufacturing advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives and drugs. The company’s team of dedicated trace detection experts has developed proprietary technologies used in its commercial products, thousands of which have been sold across more than 70 countries worldwide. The company’s ETDs have received approvals and certifications from several international regulatory agencies including the TSA in the U.S., ECAC in Europe, CAAC and the Ministry of Public Safety in China, Russia FSB, STAC in France, and the German Ministry of the Interior. It has also received the 2015 GSN Airport/Seaport/Border Security Award for “Best Security Checkpoint”. For further details on the Company and its products, please visit the Company’s website at www.implantsciences.com.