This excerpt taken from the IMX 10-Q filed Feb 19, 2008.
Over the past twenty three years, Implant Sciences Corporation has developed technologies using ion beam technology and thin film coatings. Initially this technology was used in semiconductor wafer processing, but expanded to include various medical device applications including the modification of orthopedic joint implant surfaces to reduce polyethylene wear generation and the manufacture of products for brachytherapy treatments. Our latest application of our ion beam technology includes the manufacturing of trace explosives detection equipment.
We currently provide ion implantation services to numerous semiconductor wafer manufacturers, research laboratories and universities. In October 2004 and March 2005, we acquired two California semiconductor related companies, Core Systems (“Core”) and Accurel Systems International (“Accurel”), respectively. In May 2007, we sold our Accurel subsidiary for a total purchase price of approximately $12,705,000. Other applications of our ion beam technology had been in the area of temporary brachytherapy products. In June 2007, we sold certain assets associated with this product line and divested the prostate seed and medical software businesses. Management is currently working on a plan to keep the remaining coating assets in service by offering services and components to certain medical device manufacturers. However, should management be unsuccessful in formalizing this plan, there is a possibility that future periods may report discontinued operations relating to these remaining assets.
On February 15, 2008, the Company’s Board of Directors committed to a plan for management to actively pursue a buyer for its Semiconductor Reporting Unit. As this decision was made subsequent to the balance sheet date, the plan is being disclosed and the Company currently expects to present its Semiconductor Reporting Unit as a discontinued operation in the third quarter ending March 31, 2008.
The Company manages its business and reports results from operations for three business segments: Security Products, which includes development contracts and product sales related to the Company’s trace explosives detection products; Semiconductor, which includes ion implantation, disk refurbishment and source conditioning equipment, and Medical, which includes orthopedic and radiopaque coatings, and other related activities. Substantially all of the assets of the Company’s wholly-owned subsidiary, Accurel, have been sold. Management’s discussion and analysis of financial condition and results of operations are based on the Company’s continuing operations.