Implant Sciences Announces Settlement in Evans Litigation

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Mon Mar 30, 2009 3:21pm EDT

WILMINGTON, Mass.--(Business Wire)--
Implant Sciences Corporation (NYSE Amex: IMX), a supplier of systems and sensors
for the homeland security market and related industries, today announced the
settlement of its ongoing litigation with Evans Analytical Group, LLC. over the
2007 sale by Implant Sciences of the assets of Accurel Systems International (an
Implant Sciences subsidiary) to Evans. 

The settlement includes disbursement of money to both Evans and Implant Sciences
from an escrow fund created at the time of the closing of the initial 2007
transaction, as well as the issuance of convertible preferred stock to Evans
with certain liquidation preferences. The more specific terms of the settlement
and the preferred stock will be described in a Current Report on Form 8-K to be
filed by Implant Sciences with the Securities and Exchange Commission. 

Glenn D. Bolduc, Implant Sciences' Chief Executive Officer, commented, "This
settlement is a significant step forward for Implant Sciences and its
shareholders. It removes a major uncertainty for the company and enables us to
focus our attention on our business plan and growth strategy." 

About Implant Sciences

Implant Sciences develops, manufactures and sells sophisticated sensors and
systems for the Security, Safety and Defense (SS&D) industries. The Company has
developed proprietary technologies used in its commercial portable and bench-top
explosive trace detection systems which ship to a growing number of locations
domestically and internationally. For further details on the Company and its
products, please visit the Company's website at www.implantsciences.com. 

Safe Harbor Statement

This press release may contain certain "forward-looking statements," as that
term is defined in the Private Securities Litigation Reform Act of 1995. Such
statements are based on management's current expectations and are subject to
risks and uncertainties that could cause the Company's actual results to differ
materially from the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the risks that: if the NYSE Amex delists our
common stock, it may be extremely difficult to raise capital; if third party
credit is unavailable, our working capital could be restricted and we may not be
able to borrow capital; and other risks and uncertainties described in the
Company's filings with the Securities and Exchange Commission, including its
most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management's
current expectations and assumptions which could differ materially from the
forward-looking statements. 





Implant Sciences Corporation
Glenn Bolduc, 978-752-1700
CEO
gbolduc@implantsciences.com

Copyright Business Wire 2009

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