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News

Negotiations continue on missed promissory note payments

Implant Sciences : 24 December, 2009  (Company News)
Implant Sciences and DMRJ Group are continuing to search for a solution to the payment of obligations on revolving promissory notes
Implant Sciences is continuing to engage in negotiations on financing following the missed payment on the Company's senior secured promissory notes and revolving promissory note that was due on December 10, 2009. On December 20, 2009, the Company received written notice from DMRJ Group, stating that the Company was in default of its obligations to DMRJ. The Company failed to pay an aggregate of $7,505,678 in principal, together with approximately $149,292 of interest, due on such date to DMRJ upon the maturity of (i) an amended and restate senior secured convertible promissory note dated March 12, 2009, (ii) a senior secured convertible promissory note dated July 1, 2009 and (iii) a revolving promissory note dated September 4, 2009. The Company is currently in negotiations with DMRJ with respect to these defaults.
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