YOUNGSVILLE, LA / ACCESSWIRE / July 11, 2016 / RedHawk Holdings Corp. (IDNG) (the "Company") announced today updates to several pending matters:
The Company has appointed Thomas J. Concannon as the Company's Chief Executive Officer effective immediately. Mr. Concannon replaces Daniel J. Schreiber who resigned effective July 5, 2016. Since joining the Company on February 1, 2016 as its Executive Vice President and Chief Operating Officer, Mr. Concannon has been principally responsible for the oversight, coordination and integration of the Company's pharmaceutical and medical device business units.
Mr. Concannon has over 25 years of industry and managerial experience, including serving as President of NJR Energy, an oil and natural gas exploration company, and as a director of its parent company, New Jersey Resources, a New York Stock Exchange listed company. He also served previously as Vice President and Chief Financial Officer of Geokinetics Inc., a NASDAQ-listed provider of seismic acquisition and data processing services to the oil and gas industry. Mr. Concannon received his juris doctorate from St. John's University School of Law.
With respect to that certain litigation, RedHawk Holdings Corp. and Beechwood Properties, LLC vs Craig Investments, LLC and Howard J. Taylor (the "Litigation"), the United States District Court for the Southern District of New York has denied, on all points, the motion of Craig Investments, LLC to change the venue from New York, New York to St. Louis, Missouri. The Litigation was originally filed by the Company on or about November 19, 2015 and then amended on March 18, 2016 to include Scott Bader as a defendant. With this ruling, the Company said it would immediately resume prosecution of the Litigation.
OTC MARKET LISTING
The Company also announced today that it has made application to move from the OTC Pink Sheets to the OTCQB market listing. The Company said it hopes to complete the new market listing during the quarter ending September 30, 2016.
REGULATORY APPROVAL FOR BRANDED GENERICS
During the quarter ended June 30, 2016, EcoGen Europe LTD ("EcoGen") received final packaging regulatory safety approval for its branded generic drugs - Paravict and Danamep.
Paravict, which will be distributed by EcoGen in 500 mg caplets, is EcoGen's branded generic name for Paracetamol. Danamep, which will be distributed by EcoGen in 75 mg tablets, is EcoGen's branded generic name for Aspirin. Sales of Paravict and Danamep are expected to commence on or about August 1, 2016.
S.A.N.D.D. ENGINEERING UPDATES COMPLETED
The Company also announced today the completion of the engineering upgrades to its Sharps and Needle Destruction Device (S.A.N.D.D.), formerly known as the Disintegrator™. Production of the initial units for distribution into the United Kingdom and the Middle East is expected to commence on or before August 1, 2016.
F.D.A. APPROVALS RECEIVED FOR CENTRI
During the quarter ended June 30, 2016, the Company received approval from the U.S. Food and Drug Administration ("FDA") for the import, assembly and demonstrations of the Centri Controlled Entry System ("Centri"), a unique, nominal dose transmission full body x-ray scanner capable of finding weapons, drugs and other metallic and non-metallic contraband concealed on and within the human body. Phase I radiation testing has been successfully completed. FDA approval for human testing and sale of Centri (Phase II radiation testing) is expected to be received during the quarter ending September 30, 2016.
The Company has acquired the exclusive import, manufacturing and distributions rights in the United States from Basic Technologies, Inc. who holds the exclusive worldwide license to manufacture and sell Centri.
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.
Thomas J. Concannon, CEO
G. Darcy Klug, CFO
SOURCE: RedHawk Holdings Corp.