Implant Sciences explosive detection tech attracts $1.2 million
Massachusetts-based Implant Science may have problems at home — the company received notice from the New York Stock Exchange of plans to delist the company’s stock from its Amex exchange owing to lack of compliance — but the company landed $1.2 million from a government agency in China for its explosive detection technology
Implant Sciences Corp. reports it has landed $1.2 million from a government agency in China for its explosive detection technology. Under the deal, the Wilmington, Massachusetts-based defense and homeland security sensor maker will deliver its Quantum Sniffer QS-H150 Portable Explosives Detectors to be used for transportation security applications throughout China.
Masshightech’s Brendan Lynch writes that the device does not use radioactive materials, so it does not require certifications, licenses, inspections, or special end-of-life disposal issues, according to Implant (OTCBB:IMSC). The device also calibrates autonomously.
You may recall that in March, Implant Sciences received notice from the New York Stock Exchange of plans to delist the company’s stock from its Amex exchange, a day after settling a lawsuit with Evans Analytical Group LLC. The NYSE found that Implant was not in compliance with several of its regulations. The company has since moved its stock to the Over the Counter Bulletin Board.
The lawsuit involved the sale by Implant Sciences of the assets of its subsidiary, Accurel Systems International, to Evans Analytical Group. Under the settlement, money will be disbursed to both Evans Analytical Group and Implant Sciences from an escrow fund created at the time of the closing of the initial 2007 transaction, as well as the issuance of convertible preferred stock to Evans.
