Government Security News July 2016 Digital Edition

evolve and innovate to provide leading
edge Homeland and Defense Security
Solutions and has emerged as
the market leader in Explosive Trace
Detection (ETD) technologies. Late
last year, the company announced
that it had begun a process to evaluate
strategic opportunities in response
to its rapid growth (400% in
2016) and changing market conditions.
While the Board continues to
evaluate a number of offers it has received
to sell the ETD business, the
company believes that the opportunity
afforded by the acquisition
of Zapata Industries, with its revolutionary
technology and robust
growth, will build on the success
achieved with the ETD business and
add significant shareholder value to
allow the company to remain a leading
innovator for Homeland Security
and Defense technologies.
The company’s agreement with
Zapata, subject to shareholder approval,
positions the company to
emerge debt-free (pending the restructuring
which could include a
sale of the ETD business or a capital
raise) with at least $20 million
in cash for working capital on the
balance sheet in exchange for $15
million, 60% equity and 50 million
warrants exercisable at $1.50 per
share. Upon conclusion of the restructuring
and meeting NASDAQ
listing requirements, the company
will pursue an uplisting to the NAS-
DAQ Marketplace.
Robert Liscouski, President and
Board Member of Implant Sciences,
commented, “The potential
acquisition of
Zapata brings Implant
Sciences a best-in-class
personal balance and
flight technology that
has far reaching military
and consumer applications.
We are beyond
excited to have
visionaries like Franky
Zapata and his team on board and
we are thrilled to allow for shareholders
to benefit from the many
breakthrough products he has already
invented and the new innovations
he will be unveiling in coming
months and years.”
Coinciding with this press release,
the company is filing a detailed 8-K
in accordance with SEC guidelines.
About Zapata Industries
Zapata Industries is the undisputed
leader in developing and manufacturing
hydro- and jet-powered technologies
and products. Zapata’s proprietary
methodology, algorithms,
and patented designs are currently
commercialized and in development
within the recreation, entertainment,
military, medical, and industrial
sectors.
Zapata Industries’ founder, world
champion jetski racer Franky Zapata,
launched Zapata Racing to satisfy
his passion to invent aftermarket
42
Robert Liscouski,
President, Implant Sciences
products to make the world’s fastest
personal water craft. With unparalleled
performance,
Zapata products quickly
became a racing requirement
to achieve the competitive
edge necessary
to win. With the desire
to go even faster, Zapata
shifted focus, and began
manufacturing the fastest
sit down and stand
up jetskis in the racing
world.
In 2012 Zapata launched the revolutionary
Flyboard®, kickstarting
a niche $200 million Hydroflight
Sports and Recreation industry. Hydroflight
is still in its earliest stages
of growth and development, and the
unwaning market demand provides
a view for Zapata’s opportunity to
further commercialize the industry
in the coming years.
In 2016 Zapata achieved it’s proof
of concept goal producing the safest,
most reliable, lightest, fastest,
and least expensive personal flight
system ever created with the unveiling
of the Flyboard Air®. The
Flyboard Air® utilizes Zapata Industries’
proprietary algorithms and
balance methodology to direct jet
engines to act both independently
and harmoniously. The performance
parameters of the Flyboard
Air® provide undisputed proof that
Zapata technology is commercially
viable for advanced applications