L-3 Communications announced that it has agreed to acquire the explosive trace detection (ETD) business of Implant Sciences Corporation for $117.5 million cash, plus the assumption of specified liabilities. The consummation of the asset purchase will be subject to the approval of the U.S. Bankruptcy Court.
As part of the transaction, L-3 will acquire the worldwide rights to Implant Science's QS-B220 desktop and QS-H150 handheld ETD systems as well as other product and technology assets. The ETD systems have been deployed in over 70 countries for aviation security, infrastructure protection, mass transit security, military operations, and corporate security. In addition, the systems have approvals and certifications from various agencies including TSA, the European Civil Aviation Commission and the Ministry of Public Safety in China.
Implant Sciences will use the proceeds to pay its creditors and proceed with its strategic plan. The company was advised by Chardan Capital Markets LLC and Noble Financial Capital Markets.
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