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Homeland Security

Implant, OSI Systems Settle Dispute; Reach New Agreement

DDN

Wednesday, January 23rd, 2008

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Implant Sciences [IMX] and OSI Systems [OSIS] have resolved a legal dispute between the two firms over an agreement in 2005 for development, distribution, and manufacturing. Under the resolution, the companies have rescinded the previous agreement and entered into a new non-exclusive distribution agreement that calls for OSI's Rapiscan Security Systems division to sell Implant Sciences' security products worldwide. Terms of the settlement also call for Implant to pay OSI $200,000 in the form of its common stock. The agreement…

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