Secure Point Technologies Inc (fka IMSCQ)

[Entendance]

IMPLANT EXTENDS CREDIT AGREEMENTS
Credit Extension to Support Implant Sciences' Current Orders and Future Growth
WILMINGTON, Mass., March 19, 2015 /PRNewswire/ -- Implant Sciences Corporation (OTCQB:IMSC), a leading manufacturer of explosives trace detection (ETD) and drugs trace detection solutions for homeland security applications, today announced the extension of its March 2014 secured credit agreements with DMRJ Group, LLC and the group of investors represented by BAM Administrative Services, LLC.

DMRJ has agreed to extend the maturity of all Implant Sciences indebtedness held by DMRJ from March 31, 2015 to March 31, 2016. No other terms or conditions of the DMRJ credit agreements were changed.

The maturity of the BAM note has been extended from March 31, 2015 to March 31, 2017. As of April 1, 2015, in consideration of the two year extension, the interest rate on the BAM note will increase by 1%. The remaining terms and conditions of the BAM credit agreement remain the same.

"The recent order from the U.S. Transportation Security Administration for the procurement of 1,170 of our QS-B220 desktop explosives trace detection systems is the single largest order in our history," stated Implant Sciences' CEO, Dr. Bill McGann. "The combination of approvals from TSA and the European Civil Aviation Conference for the QS-B220 give us potential access to tens of millions of dollars of procurements, both here in the U.S. and in Europe. We believe these credit extensions provide the time needed as we seek to realize the revenue from these orders. We appreciate the continued support from DMRJ and BAM during this exciting time."

"The updated agreement gives us the runway we need to implement our plans for growth and profitability," stated Bob Liscouski, Implant Sciences' Executive Vice President. "Our technical team has built what we believe is the best and most reliable explosive trace detection technology in the market, and now it is time for us to win orders and execute as the leader in ETD solutions worldwide."

Detailed information on the extensions will be made available by the Company's in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.


greetings from Entendance!
(go view my profile)