Company Initiates Plan to Reduce PPE Inventories
LAFAYETTE, Calif., Nov. 25, 2020 /PRNewswire/ -- RedHawk Holdings Corp. (OTC: SNDD) ("RedHawk" or the "Company"), a diversified holding company primarily engaged in sales and distribution of medical devices, announced today that it has completed the re-design of the SANDD Pro™, the Company's needle incineration unit specifically engineered for use by hospitals, clinics, medical practitioners, retirement homes and in other medical facilities. The Company has now started the manufacturing process for the SANDD Pro™.
Commenting on the launch of the SANDD Pro™, G. Darcy Klug, RedHawk's Chairman of the Board and Chief Financial Officer, said "The 2020 calendar year has definitely been challenging thus far. This year has demanded patience, resilience, durability and flexibility. We started the 2020 calendar year with increasing sales of our line of SANDD mini™ needle incineration devices resulting from increased recognition and acceptance of our line of SANDD mini™ needle incineration devices by school systems and first responders in Louisiana, Texas, California, Oklahoma, Wyoming, Mississippi, Minnesota and Nevada.
"In December 2019, a novel strain of coronavirus surfaced in Wuhan, China, and spread throughout the world. On March 11, 2020 the World Health Organization characterized the spread of COVID-19 as a "pandemic". The significant reach of COVID-19 resulted in a widespread public health issue that affected the economies worldwide, and adversely affected our business and our customer base. We experienced an immediate decrease in demand for our line of SANDD mini™ needle incineration devices by school systems and first responders. Further, future demand for our newly released SANDD Pro™ was delayed until hospitals, clinics and physicians could resume normal operations. But, as a result of the pandemic, we were able to immediately pivot our sales efforts and expanded our line of medical device sales efforts to include personal protective equipment ("PPE"). We also capitalized on these business interruptions to modify and broaden our engineering re-design objectives of the SANDD Pro™ to improve the immediate capability of the SANDD Pro™ to incinerate 18-gauge needles, a necessity to address the incineration needs of hospitals and clinics.
"In November 2020, we decided to return our primary business focus to our main product line – SANDD™ needle incineration devices. While we will continue to offer for sale certain PPE products, we plan to significantly reduce our PPE inventories during the three month period ending December 31, 2020. In some cases, this plan may result in sales at prices less than our original inventory cost, but we believe returning our focus to our original business model is the correct long-term course of action."
About RedHawk Holdings Corp.
RedHawk Holdings Corp., formerly Independence Energy Corp., is a diversified holding company which, through its subsidiaries, is engaged in the 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 the Sharps and Needle Destruction Device (SANDD™), WoundClot Surgical - Advanced Bleeding Control, and the Carotid Artery Digital Non-Contact Thermometer. Through our United Kingdom based subsidiary, we manufacture and market branded generic pharmaceuticals. 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. For more information, please visit: http://www.redhawkholdingscorp.com
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, including results related to the Company's re-design of the SANDD Pro™, 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 annual report on Form 10-K. 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.
G. Darcy Klug, Chairman and CFO
+1 (337) 269-5933
Philip C. Spizale, CEO
+1 (337) 269-5933
Stephanie Prince, Managing Director
+1 (646) 762-4518
SOURCE RedHawk Holdings Corp.