2/13/2008 8:52:13 AM
WAKEFIELD, Mass. - Implant Sciences Corporation (AMEX: IMX), a leading manufacturer of advanced security products, today announced the execution of a binding letter of intent to acquire San Diego, California-based Ion Metrics, Inc. (“Ion Metrics”). In connection with this transaction, the Company plans to acquire all the assets of Ion Metrics, including its mass spectrometer (“MS”) technology, differential mobility spectrometer (“DMS”) technology, ion mobility spectrometry (“IMS”) technology, miniature, light weight vacuum pump technology, patents, manufacturing fixtures, and other related technological capabilities. The Company will also be assuming certain specified liabilities. The Company plans to issue 2 million shares of its common stock as consideration for the transaction. The common stock to be issued will be restricted pursuant to the provisions of Securities and Exchange Commission Rule 144. The acquisition is subject to the execution of a definitive purchase agreement, which is expected to occur no later than March 31, 2008, and the satisfaction of other conditions which are customary in these types of transactions.