Implant Sciences Corporation, a high technology supplier of systems and sensors for homeland security and defense markets, today announced it has received payment of approximately $5,654,000 or 95% of the amount due from the India Ministry of Defence.
Implant Sciences announced the shipment of its Quantum Sniffer™ QS-H150 handheld explosives trace detectors to the Ministry on November 29, 2012. The funds will be applied to reduce the Company's obligation for accrued interest and borrowings under its credit facility with DMRJ Group, LLC.
"The receipt of the funds from the India Ministry of Defence substantially completes all of the requirements under the agreement, and will be used to improve our balance sheet," stated Implant Sciences' President and CEO, Glenn D. Bolduc. "Our Field Service and Technical Training team, under the leadership of Marc Edgeworth, will be onsite in India in the near term to provide training to the end-users. Successful completion of our contract with the India Ministry of Defence provides us with momentum in India, which we intend to capitalize on in the pursuit of additional business in this significant market."