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Print Edition StoriesThursday, February 21, 2008
Implant Sciences selling chipmaker Core Systems
Implant Sciences Corp., a maker of advanced security products based in Wakefield, reports plans to sell Core Systems Inc., the company's wholly owned semiconductor subsidiary.
Potential buyers or projected value for any sale were not provided.
Implant Sciences acquired California-based Core Systems in 2004 for $5.25 million. Company officials said the sale of the business unit would help Implant Sciences (AMEX: IMX) concentrate on its security initiatives and help improve its balance sheet. A deal, said president and CEO Phillip Thomas in a statement, would provide working capital and help the company eliminate outstanding convertible preferred stock obligations.
Founded in 1984, Implant Sciences specializes in technology for the homeland security, semiconductor and medical devices industries. The company, which went public in 1999, reported $15.4 million in revenue in 2007, a significant drop from the $26 million it reported in 2006. The company also reported a $10 million loss in 2007, $3 million more than 2006's loss.
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