YOUNGSVILLE, LA / ACCESSWIRE / May 16, 2016 / RedHawk Holdings Corp. (IDNG) ("RedHawk" or the "Company") announced today that its wholly-owned subsidiary, RedHawk Pharma UK, LTD, is in advanced discussions to acquire a United Kingdom based manufacturer of non-narcotic made-to-order or customized medicinal products otherwise known as "Specials." The Company said the acquisition is expected to be completed during the three-month period ending September 30, 2016 and is contingent upon the completion of satisfactory due diligence, negotiation and execution of a definitive purchase agreement, completion and acceptance of satisfactory acquisition financing and approval by RedHawk's Board of Directors.
In March 2016, the Company completed a 25% investment in EcoGen Europe LTD ("EcoGen"), a United Kingdom pharmaceutical company specializing in the manufacturing and marketing of certain branded generic pharmaceuticals and medical devices. EcoGen holds the distribution rights in a number of European countries for Zonis®, a patented antimicrobial ionic silver calcium catheter dressing with both wound healing and haemostatic properties. The Company has reported that it has expanded its geographic distribution of Zonis® to now include Spain and Italy and is in advanced discussions to offer marketing distribution of Zonis® in Australia and New Zealand in the future.
During the three-month period ending June 30, 2016, RedHawk Medical Products, UK LTD ("RedHawk Medical") expects to receive its initial inventory of WoundClot Advanced Bleeding Control™ ("WoundClot") inventory and shipments of the newly engineered Disintegrator™ Insulin Needle Destruction Unit ("Disintegrator"). RedHawk Medical said marketing of WoundClot will initially be in the United Kingdom while the Disintegrator is initially being marketed in both the United Kingdom and the Middle East.
WoundClot made from non-oxidized cellulose, has been uniquely engineered and manufactured with a patented molecular structure, designed to entrap platelets and coagulants in a modified physical molecular matrix. This specific design creates a haemodynamic polymer membrane with high adherence and resilience properties that is able to both withstand extremely high pressure bleeds and immediately reduce blood flow. Simultaneously, the specifically designed functional molecular groups transform to enhance and activate the natural coagulation processes without compression up to five times more efficiently than existing available products. Once the bleeding has stopped and the coagulation cascade has formed, the product can easily be removed, if desired, without disrupting the already-formed clot. Additionally, unlike other available products on the market, WoundClot is fully bio-absorbable, bio-degradable and, if needed, can be left in the wound to degrade safely within seven days.
The Disintegrator is a portable, battery operated, insulin-needle destruction device originally designed for home use primarily by diabetics. The device is intended for the destruction and environmentally friendly disposal of 27-30 guage hypodermic needles that are 5/16 to 1/2 inch in length. It can be used with most insulin pens with disposable insulin syringes from 1/3 to 1 cubic centimeter in volume. The Disintegrator can be used by diabetics for the safe and environmentally friendly disposal of needles following their use and is an effective alternative to hazardous waste needle disposal utilizing sharps containers.
About RedHawk Holdings Corp.
RedHawk Holdings Corp., formerly Independence Energy Corp., is a diversified holding company which, through its subsidiaries, is engaged in sales and distribution of medical devices, sales of branded generic pharmaceutical drugs, commercial real estate investment and leasing, sales of point of entry full-body security systems, and specialized financial services. Through its medical products business unit, the Company sells WoundClot Surgical - Advanced Bleeding Control, the Disintegrator™ Insulin Needle Destruction Unit, the Carotid Artery Digital Non-Contact Thermometer and Zonis®. Its real estate leasing revenues are generated from various commercial properties under long-term lease. Additionally, RedHawk's real estate investment unit holds limited liability company interest in various commercial restoration projects in Hawaii. The Company's financial service revenue is from brokerage services earned in connection with debt placement services. RedHawk Energy holds the exclusive U.S. manufacturing and distribution rights for the Centri Controlled Entry System, a unique, closed cabinet, nominal dose transmission full body x-ray scanner.
Cautionary Statement Regarding Forward Looking Statements
This release may contain forward-looking statements. Forward-looking statements are all statements other than statements of historical fact. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. The words "anticipate," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be," "potential" and any similar expressions are intended to identify those assertions as forward-looking statements.
Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties. In evaluating forward-looking statements, you should consider the various factors which may cause actual results to differ materially from any forward-looking statements including those listed in the "Risk Factors" section of our latest 10-K report. Further, the Company may make changes to its business plans that could or will affect its results. Investors are cautioned that the Company will undertake no obligation to update any forward-looking statements.
Daniel J. Schreiber, CEO
Thomas J. Concannon, COO
G. Darcy Klug, CFO
SOURCE: RedHawk Holdings Corp.