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| IMX > SEC Filings for IMX > Form 8-K on 17-Dec-2008 | All Recent SEC Filings |
17-Dec-2008
Entry into a Material Definitive Agreement, Regulation FD Disclosure, Finan
On December 11, 2008, Implant Sciences Corporation (the "Company") and Wakefield Investments, Inc. (the "Lessor"), entered into a lease for approximately 23,000 square feet of office, manufacturing and research and development space located at 600 Research Drive, Wilmington, Massachusetts 01887. Effective December 17, 2008, the Company is vacating approximately 51,000 square feet of space located at 107 Audubon Road, Wakefield, Massachusetts, and is relocating its headquarters and Massachusetts operations to these new premises. The Company's telephone and telefax numbers will remain unchanged.
The lease has an initial term of one year, and may be extended for one three-year term at the Company's option, on notice given to the Lessor at least 90 days prior to the expiration of the initial term.
During the initial term of the lease, the Company will pay base rent at the rate of $16.00 per rentable square foot per year (i.e., $368,000.00 annually). If the Company exercises the extension option, the base rent for the extension term will be equal to the fair market rental value of the premises at the time of the extension, to be agreed upon between the Company and the Lessor. If the Company and the Lessor are unable to agree upon the fair market rental value, then such value will be determined by binding arbitration. In addition to the base rent, the Company is required to pay additional rent equal to its proportionate share (initially approximately 23%) of the Lessor's costs and expenses with respect to the ownership, operation and maintenance of the real estate in which the premises are located, including Lessor's real estate taxes. The Company is also responsible for the payment of all utilities provided to the premises. The Company has prepaid the first three months' base rent and has provided the Lessor with a security deposit equal to another three months' base rent.
On December 17, 2008, the Company issued a press release announcing execution of the new lease and its relocation to Wilmington, Massachusetts. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference. The press release and the information in Item 7.01 of this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.
(d) Exhibits
Exhibit No. Description
10.1 Lease dated December 11, 2008 between Implant Sciences Corporation and Wakefield Investments, Inc.
99.1 Press Release of Implant Sciences Corporation dated December 17, 2008.
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