SOURCE: Implant Sciences Corporation

March 14, 2005 08:45 ET

Implant Sciences Extends IPO Warrant Expiration Date

WAKEFIELD, MA -- (MARKET WIRE) -- March 14, 2005 -- Implant Sciences Corporation (AMEX: IMX) (IMX.WS), a developer and manufacturer of products for national security, medicine and industry, today announced the extension of the expiry date of the IPO warrants (the "Warrants") from June 30, 2005 to March 31, 2006.

The Warrants were issued as part of the Initial Public Offering of 1,000,000 Units on June 23, 1999. The Warrants give the holders the right to purchase one share of common stock at $9.00 per share. The Warrants are subject to redemption by the Company at $0.20 per Warrant if the closing bid price of the Common stock as reported on the Nasdaq SmallCap Market averages in excess of $10.50 for a period of 20 consecutive trading days. Even though this requirement for redemption was satisfied in December 2001, management made the decision not to force conversion. The Warrants, initially set to expire on June 23, 2002, were extended to June 30, 2005 on April 15, 2003. Management believes it is in the best interest of both our shareholders and warrant holders to further extend the expiration date at this time.

Dr. Anthony J. Armini, PhD., CEO of Implant Sciences, commented, "We maintain committed in our business strategy to work with a strategic partner to grow our explosives detection business; expand our semiconductor business through organic growth and acquisition; and work towards commercialization of our radioactive source for breast cancer. We also stand committed to our shareholders who have maintained steadfast in their support of our Company over the past several years. Accordingly, we believe it is in the best interest of all of our supportive shareholders and warrant holders to extend the expiry date of the IPO warrants."

About Implant Sciences

Implant Sciences, incorporated in 1984, is using its core ion technology to develop, manufacture and market products for the homeland security, semiconductor and medical device industries. The Company has developed and commercialized portable and bench-top trace element detection devices to identify explosives. In addition, the Company recently received an FDA 510k approval for its new radioactive source for the use in the treatment of breast cancer. For further details on the Company and its products please visit the Company's website at www.implantsciences.com.

Implant Sciences believes that this release contains forward-looking statements that are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to facts that could cause results to differ materially from the forward-looking statements. For further information you are encouraged to review Implant Sciences' filings with the Securities and Exchange Commission.

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