Security systems and sensors supplier Implant Sciences Corporation (OTCQB:IMSC) said Wednesday it has renegotiated its credit agreements with its senior secured investor, DMRJ Group.
Yesterday, DMRJ agreed to extend the maturity of all Implant Sciences' debt to September 30, 2012. No other terms of the credit facility were changed, the company said.
"The willingness of DMRJ to extend our credit line well before its current expiration date is a true vote of confidence in the company's products and technology," said president and CEO, Glenn D. Bolduc.
"This is a critical period for Implant Sciences, and their cooperation and support is very helpful in allowing us to focus on reaching our goals."
DMRJ managing director, David Levy, added: "Implant Sciences has made significant progress in achieving market success. They are shipping QS-B220 systems internationally, and have developed strong relationships with TSL and TSA, which are so critical to the domestic market."
Indeed, the company has announced numerous orders for its devices as of late, into several different markets.
Last month, the company said that a major global oil corporation had purchased units of the QS-H150, to be used in securing the unnamed oil business' facilities in Africa. This followed new orders for the device from the Middle East and Japan.
Implant Sciences' systems are used by private companies and government agencies to screen baggage, cargo, vehicles, among other objects, and people for the detection of trace amounts of explosives.
The Quantum Sniffer QS-H150 is a handheld explosives trace detector that rapidly detects trace amounts of a number of military, commercial, and homemade explosives. The QS-H150 uses no radioactive materials.
The Quantum Sniffer QS-B220, which was introduced in May 2011, is a trace detector that uses ion mobility spectrometry to identify a number of military, commercial and homemade explosives and narcotic substances.
The benchtop explosives and narcotics detector is suited for a number of security settings, including high-traffic airports, borders, and prisons.
In December, the QS-B220 device received CE Certification, an important step for generating sales in Europe, and earlier this month, achieved ASTM E2520-07 certification, meaning the device performs to required standards.
Implant also signed a cooperative research and development agreement with the Transportation Security Laboratory, which has been working closely with the QS-B220 product to help the company in preparing for TSA qualification and certification.
Bolduc said in a statement Tuesday that it is increasing geographic coverage for its devices, announcing a new distributor in Uzbekistan and sales in 10 different countries. Customers are also diversified - ranging from airports and banks to nuclear power plants and embassies.