Implant Sciences changes name to Secure Point, eyes Chapter 11 plan

By Angela McDaniels

Tacoma, Wash., Jan. 6 – Implant Sciences Corp. changed its name to Secure Point Technologies, Inc. and is working on a Chapter 11 plan to emerge from Chapter 11 bankruptcy, according to an 8-K filing with the Securities and Exchange Commission.

The name change occurred after the company completed the sale of its explosives trace detection assets to L-3 Communications Corp. for $117.5 million on Jan. 5.

The company expects the Chapter 11 plan to include a proposed disposition or use of the sale proceeds (after satisfaction of secured and unsecured debt) to either make another acquisition or to distribute the proceeds to the shareholders.

Secure Point makes sensors and systems for the security, safety and defense industries and is based in Wilmington, Mass.

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