On March 21 MBBP client Implant Sciences Corporation announced it had completed a $20,000,000 refinancing with an accredited New York City-based institutional investor group. Implant Sciences used the proceeds of the loan to pay down its DMRJ Group LLC line of credit as well as some portions of its other indebtedness to DMRJ. Glenn Bolduc, President and CEO of Implant Sciences, had this to say of the announcement:
We believe our ability to execute this non-convertible debt financing agreement with new lenders is based on the strength of our operations, our market traction in explosives trace detection, and the future potential of Implant Sciences. The loan gives us the flexibility to pay down our DMRJ debt while also providing additional working capital. We are also happy to announce the extension of our loans from DMRJ. DMRJ has been consistently supportive of our Company and has provided us the capital we needed to get to where we are today. We are pleased to continue to work with them.
Implant Sciences is a high technology supplier of systems and sensors for homeland security and defense markets.
Please visit Implant Sciences Corporation for the full press release.