Defense Speak Interpreted: If CHIPS Cuts Back, What Happens to Electronics Packaging Funds?
American Made Advocacy: Where’s the Budget for a Modern Military Run on Microelectronics?
Beyond the Board: Orbital High Ground—Why Space Superiority Is Slipping Away
L-3 Agrees to Acquire Implant Sciences Explosives Trace Detection Assets
October 10, 2016 | PRNewswireEstimated reading time: 2 minutes
Implant Sciences (IMSC) announced today that it has entered into an asset purchase agreement to sell the explosives trace detection (ETD) assets to L-3 Communications for $117.5 million in cash, plus the assumption of specified liabilities. Following the proposed acquisition, the assets will be integrated into L-3's Security & Detection Systems division within its Electronic Systems segment.
Pursuant to the terms of the agreement, L-3 will acquire the worldwide rights to the QS-B220 desktop and the QS-H150 handheld ETD systems as well as all other product and technology assets of Implant Sciences. Over 5,000 of IMSC's non-radioactive ion mobility spectrometry systems have been deployed in more than 70 nations for aviation security, infrastructure protection, mass transit security, military operations, VIP protection, and corporate security. The company's ETD systems have received approvals and certifications from several international regulatory agencies including the US Transportation Security Administration (TSA), the European Civil Aviation Commission (ECAC) and the Ministry of Public Safety in China. In September 2016, the TSA placed a delivery order for an additional 1,353 of the QS-B220 systems and related supplies.
"Implant Sciences' innovative technology has resulted in the development and deployment of leading-edge Explosives Trace Detectors. Our pioneering efforts in the use of non-radioactive ionization methods provide a flexible and expandable technology platform and have enabled our products to rapidly penetrate the aviation security market and truly become a market leader," stated Dr. William McGann, Implant Sciences' CEO. "We are excited about the opportunity to participate in L-3's growth vision with our technology, products, and solutions."
The asset purchase agreement constitutes L-3 as the lead bidder in a sale process being conducted under Section 363 of the U.S. Bankruptcy Code. As the bidder, L-3 will be entitled to a break-up fee and expense reimbursement in certain circumstances, including if it does not prevail as the successful bidder at any subsequent auction. L-3's role as the lead bidder, and the sale itself, are subject to approval by the Bankruptcy Court.
In connection with the sale, IMSC and its subsidiaries today filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in the Bankruptcy Court for the District of Delaware. IMSC intends to seek and obtain customary relief from the bankruptcy court to permit it to continue to operate its business in the ordinary course without interruption during the sale period. In addition, IMSC has obtained commitments for debtor-in-possession financing of approximately $5.7 million, which is subject to approval of the court.
The company intends to use the cash from the sale of the ETD asset to pay its creditors and continue on with the strategic plan as previously communicated to its shareholders.
IMSC is being advised by Chardan Capital markets LLC1 and Noble Financial Capital Markets as its financial advisors and Willkie Farr & Gallagher LLP as legal counsel.
About Implant Sciences
Implant Sciences is a leader in developing and manufacturing advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives and drugs. The company's team of dedicated trace detection experts has developed proprietary technologies used in its commercial products, thousands of which have been sold across more than 70 countries worldwide. The company's ETDs have received approvals and certifications from several international regulatory agencies including the TSA in the U.S., ECAC in Europe, CAAC and the Ministry of Public Safety in China, Russia FSB, STAC in France, and the German Ministry of the Interior. It has also received the 2015 GSN Airport/Seaport/Border Security Award for "Best Security Checkpoint".
Share on:
Testimonial
"Our marketing partnership with I-Connect007 is already delivering. Just a day after our press release went live, we received a direct inquiry about our updated products!"
Rachael Temple - AlltematedSuggested Items
United Electronics Corporation Unveils Revolutionary CIMS Galaxy 30 Automated Optical Inspection System
09/11/2025 | United Electronics CorporationUnited Electronics Corporation (UEC) today announced the launch of its new groundbreaking CIMS Galaxy 30 Automated Optical Inspection (AOI) machine, setting a new industry standard for precision electronics manufacturing quality control. The Galaxy 30, developed and manufactured by CIMS, represents a significant leap forward in inspection technology, delivering exceptional speed improvements and introducing cutting-edge artificial intelligence capabilities.
Intel Announces Key Leadership Appointments to Accelerate Innovation and Strengthen Execution
09/09/2025 | Intel CorporationIntel Corporation today announced a series of senior leadership appointments that support the company’s strategy to strengthen its core product business, build a trusted foundry, and foster a culture of engineering across the business.
DARPA, State of New Mexico Establish Framework to Advance Quantum Computing
09/08/2025 | DARPAAs part of the Quantum Benchmarking Initiative (QBI), DARPA signed an agreement with the State of New Mexico’s Economic Development Department to create the Quantum Frontier Project.
LPKF Strengthens LIDE Technology Leadership with New Patent Protection in Korea
09/04/2025 | LPKFLPKF Laser & Electronics SE today announced that its groundbreaking LIDE (Laser Induced Deep Etching) technology has received additional patent protection in Korea through the Korean Patent Office (KPCA), effective September 1, 2025.
UHDI Fundamentals: UHDI Technology and Industry 4.0
09/03/2025 | Anaya Vardya, American Standard CircuitsUltra high density interconnect (UHDI) technology is rapidly transforming how smart systems are designed and deployed in the context of Industry 4.0. With its capacity to support highly miniaturized, high-performance, and densely packed electronics, UHDI is a critical enabler of the smart, connected, and automated industrial future. Here, I’ll explore the synergy between UHDI and Industry 4.0 technologies, highlighting applications, benefits, and future directions.