Implant Sciences Executes Letter Of Intent To Acquire Ion Metrics Inc
Wakefield, MA - Implant Sciences Corporation , a leading manufacturer of advanced security products, recently 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.
Ion Metrics is in the business of producing low cost mass sensor systems for the detection and analysis of chemical compounds such as explosives, chemical warfare agents (CWA), narcotics, and toxic industrial chemicals (TICs) for the homeland defense, forensic, environmental, and safety/security markets. Ion Metrics has adapted its mass spectrometer technology, and other innovative front-end detection and separation technologies, to meet the growing need for field deployable, high-throughput screening instruments in industries such as drug discovery, security, and safety. The Company's approach revolves around innovative miniaturized devices and system designs providing improved performance and reliability in combination with low manufacturing costs.
David J. Ferran, Executive Chairman of Ion Metrics commented, "After conducting a global search for the right partner to team up with for the commercialization of our leading edge mass spec technology, the board of Ion Metrics determined the technology and corporate fit with Implant Sciences represented a significant opportunity for us to gain a leadership position in the worldwide security and threat detection arena. We believe Implant Sciences has the right management focus, growth strategy, and complementary technologies to be successful. Our team is proud to become the newest members of Implant Sciences."
Phillip C. Thomas, Chairman and CEO of Implant Sciences stated, "The acquisition of Ion Metrics and its rich technology suite fits perfectly with our ongoing strategy to grow our security business. Integral components of this strategy are the enhancement of our core technology with new capabilities and the integration of these capabilities into new product offerings. After a thorough evaluation by our team of scientists and engineers, we believe Ion Metrics has demonstrated the capability of successfully miniaturizing advanced MS, DMS, and IMS technologies with clear applications for security, safety and defense. Furthermore, the integration of the Ion Metrics technologies into our Quantum Sniffer product line provide us with opportunities to introduce smaller, lower cost, and higher performance security solutions. Looking ahead, we also see the added benefit of being able to detect narcotics, chemical warfare agents (CWA), and toxic industrial chemicals (TICs) as part of our product line expansion."
Mr. Thomas added, "The innovative technology developed by Ion Metrics is, in part, the result of over $2 million in government funding over the past 3 years. The willingness of Ion Metrics' senior management, who represent the majority shareholders, to accept Implant Sciences' common stock in lieu of cash as substantially all of the up-front consideration for this transaction demonstrates their commitment to the success of Implant Sciences. We look forward to bringing the Ion Metrics and Implant Sciences teams together to collectively execute on our ongoing plan for growth and the achievement of sustained profitability."
SOURCE: Implant Sciences Corporation