Healthcare Industry News: coating
News Release - July 2, 2007
Implant Sciences Continues Operational Streamlining
Company Receives $350,000 in First Phase of Exit from Prostate Seed Business; Reduces Headcount in Other AreasWAKEFIELD, Mass.--(HSMN NewsFeed)--Implant Sciences Corporation (AMEX: IMX ) announced that as of Friday, June 29, 2007, it had completed the first phase of its plans for exiting the radioactive prostate seeds business, which included a major reduction of staffing in this business segment. Additionally, the Company announced it has reduced the size of its employee base in other areas of activity.
The Company has discontinued sales and manufacturing of its I-PlantTM radioactive prostate seeds and exited the business by successfully selling a portion of its assets to a medical device manufacturer for approximately $350,000. Additionally, the Company is actively pursuing the sale of other operating assets associated with the prostate seeds business, the terms of which are still under negotiation. As a result of the divestiture of this business unit, which historically contributed less than $2 million in annual revenues and operated at a loss, combined with other cutbacks, the Company has significantly reduced its overall cost structure.
Mr. Phillip C. Thomas, COO of Implant Sciences, stated, "In our continuing efforts to streamline the business, improve operating performance, and focus on our security business, the sale of our radioactive prostate seeds business represented the next operational step. This comes on the heels of our recent announcement to strengthen the balance sheet by selling our Accurel subsidiary and consolidating our semiconductor ion implantation operations on the west coast. This consolidation should provide greater efficiencies in our semiconductor business unit. We expect the changes in this semiconductor division - combined with the divestiture of the seeds business and the other cutbacks announced today - will result in a significant reduction in our costs."
Dr. Anthony Armini, President and CEO added, "We plan to generate additional cash from the disposition of the remaining prostate seeds assets. This streamlining of our operations, combined with prior efforts, not only provides the Company with additional cash, but reduces manpower and overhead costs while allowing us to continue building our security business. We plan to continue evaluating and acting on other areas of cost reductions while improving our sales volumes in both the security and semiconductor businesses."
About Implant Sciences
Implant Sciences, established since 1984, a developer and manufacturer of products for the national security, semiconductor and medical industries, uses its patented ion beam technology to develop, manufacture and sell products through its primary business units: (i) trace explosives detection systems for homeland security, defense, and other security related applications and (ii) state of the art services for the medical and semiconductor industries. The Company has developed and begun shipments of handheld, portable trace explosive detection systems to a growing number of locations around the world and domestically.
Building on several core technological capabilities, the Company is working on the development of several next generation trace explosives detection systems. The Company believes its strong background in ion beam technology addresses many important security needs in aviation, cargo, transportation, and other related elements of the government and commercial infrastructure. In addition to its security market focus, the Company provides high technology coatings for medical products at its main facility in Wakefield, Massachusetts and operates state-of-the-art ion implanters at a modern facility in Sunnyvale, California which provide implantation services to the semiconductor industry. The Company's fiscal year ends June 30th. For further details on the Company and its products, please visit the Company's website at www.implantsciences.com.
Implant Sciences believes this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to facts that could cause results to differ materially from the forward-looking statements. For further information you are encouraged to review Implant Sciences' filings with the Securities and Exchange Commission, including its Annual Report on Form 10K for the period ended June 30, 2006 and Quarterly Reports on Form 10Q for the periods ended September 30, 2006, December 31, 2006 and March 31, 2007. The Company assumes no obligation to update the information contained in this press release.
Source: Implant Sciences
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