UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): January 513, 2017 (January 6, 2017)

~~IMPLANT~~SECURE ~~SCIENCES~~POINT ~~CORPORATION~~TECHNOLOGIES, INC.

(Exact name of Registrant as Specified in its Charter)

IMPLANT SCIENCES CORPORATION

(Former name of Registrant as Specified in its Charter)

MASSACHUSETTS

(State or Other Jurisdiction of Incorporation)


001-14949		04-2837126
(Commission File Number)		(I.R.S. Employer Identification Number)

c/o Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11^th Floor

New York, New York 10105

(Address of Principal Executive Offices, including Zip Code)

500 Research Drive, Unit 3

Wilmington, Massachusetts 01887

(Former Address of Principal Executive Offices, including Zip Code)

(978) -752-1700

(Registrant’s Telephone Number, including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement

As previously disclosed, on October 10, 2016, Implant Sciences Corporation (the “Company”), and the Company’s subsidiaries, C Acquisition Corp., Accurel Systems International Corporation and IMX Acquisition Corp. (collectively with the Company, the “Sellers”), entered into an asset purchase agreement (as amended, the “Purchase Agreement”) with L-3 Communications Corporation (“Buyer”), a wholly-owned subsidiary of L-3 Communications Holdings Inc. Pursuant to the Purchase Agreement, subject to the terms and conditions set forth therein, the Sellers agreed to sell substantially all of their assets, including their explosives trace detection (ETD) business, to Buyer pursuant to a sale conducted under Section 363 of the Chapter 11 of Title 11 of the United States Code (the “Transaction”).

On December 16, 2016, the United States Bankruptcy Court for the District of Delaware entered an order authorizing the Transaction, authorizing and approving the Sellers’ performance under the Purchase Agreement, approving the assumption and assignment of certain of the Sellers’ executory contracts and unexpired leases related thereto, and granting related relief.

On January 5, 2017, the closing of the Transaction occurred.

Item 2.01 Completion of Acquisition or Disposition of Assets

The information set forth in Item 1.01 above is incorporated herein by this reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

InEffective ~~connection with the closing of the Transaction, on~~ January 6, 2017, ~~each~~Secure ofPoint DrTechnologies, Inc. ~~William~~(the J.“Company”) ~~McGann,~~entered ~~Darryl~~into ~~Jones,~~a ~~Roger~~service ~~Deschenes,~~agreement ~~Todd~~(the ~~Silvestri~~“Agreement”) ~~and~~with ~~Brenda~~Christopher L.Roberts, ~~Baron~~pursuant ~~resigned~~to ~~from~~which ~~their~~Mr. ~~positions~~Roberts asagreed ~~executive~~to ~~officers~~assist ~~and~~in ~~employees~~the preparation of the Company’s financial statements and ~~any~~provide ofrelated ~~its~~services. ~~subsidiaries,~~In asconnection ~~applicable~~therewith, ~~and~~on ~~Dr.~~January ~~William~~6, J.2017, ~~McGann~~the ~~resigned~~board ~~from~~of ~~his~~directors ~~position~~of asthe aCompany ~~member~~appointed ofMr. Roberts as the ~~board~~chief offinancial ~~directors~~officer of ~~each~~the ~~Seller~~Company.

~~Item~~The 5Agreement may be terminated by either party upon 14 days’ prior written notice.03 ~~Amendments~~Pursuant to ~~Articles~~the Agreement, Mr. Roberts shall be an independent contractor of ~~Incorporation~~the orCompany ~~Bylaws;~~and ~~Change~~shall inbe ~~Fiscal~~paid ~~Year~~on an hourly basis.

InMr. ~~connection~~Roberts ~~with~~has a law degree from the ~~closing~~University of ~~the~~Virginia ~~Transaction,~~Law onSchool ~~January~~and 5a B.S, ~~2017~~in Electrical Engineering and an M.B.A., both from the ~~Company~~Massachusetts ~~filed~~Institute ~~Articles~~of Technology. The M.B.A. was concentrated in Finance and Management of ~~Amendment~~Technology. toHe ~~the~~started ~~Company’s~~his ~~Restated~~career ~~Articles~~working for Raytheon Co. (a Fortune 500 company). Thereafter, he practiced law at two large NYC law firms. Since leaving the private practice of ~~Organization~~law in 1983, Mr. Roberts has had several positions in finance (including as a CFO, controller and director of finance and administration) and as General Counsel. From 2010-2011, he was the ~~State~~CFO of ~~Massachusetts~~Integral toSystems, ~~change~~Inc., a public company traded on NASDAQ under the ~~Company’s~~symbol ~~name~~“ISYS.” From 2012 to ~~Secure~~November ~~Point~~2016, ~~Technologies~~he worked first as the CFO, and later as the President of Systems Made Simple, Inc., a wholly owned subsidiary of Leidos.

Item 7.01 Regulation FD Disclosure

On January 6, 2017, the Company issued a press release announcing the closing of the Transaction. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

The press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall the press release be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.		Description
99.1		Press Release of Implant Sciences Corporation, dated January 6, 2017
10.1		Service Agreement between the Company and Chris Roberts dated January 5, 2017

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

~~IMPLANT~~SECURE ~~SCIENCES~~POINT ~~CORPORATION~~TECHNOLOGIES, INC.

By: /s/ Robert P. Liscouski

Name: Robert P. Liscouski

Title: President

Date: January 613, 2017

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release of Implant Sciences Corporation, dated January 6, 2017

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