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News

Implant Sciences sells subsidiary

Implant Sciences : 17 November, 2008  (Company News)
Core Systems in management buyout from Implant Sciences as holding company seeks to release non-strategic elements of its business
Implant Sciences has announced that the company and its wholly owned subsidiary Core Systems have signed a definitive agreement to sell substantially all of Core Systems' assets for a purchase price of $3,000,000 plus the assumption of certain liabilities. The transaction is expected to close by November 21, 2008.

The buyer, an entity newly formed by Core Systems' general manager and certain other investors, made an initial down payment of $250,000 prior the execution of the definitive agreement. The balance of the purchase price will be paid at the closing by delivery of $1,250,000 in cash and a promissory note in the amount of $1,500,000. The promissory note will require the buyer to pay $500,000 on or before December 24, 2008, and the remaining principal balance, together with accrued interest, in equal monthly installments over a period of 60 months commencing February 1, 2009. The note will be collateralized by a security interest in all of the buyer's Core Systems assets. The Company was advised in the transaction by the Noblemen Group of Dallas, Texas.

"We continue to execute on our operating plan to withdraw from non-strategic businesses and to focus on the continued growth and expansion of our security products business," said Phillip Thomas, Chief Executive Officer of Implant Sciences. "This transaction allows us to further streamline our business and continue the focus on the expansion of our security products while generating additional cash to sustain operations."
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