REDHAWK ANNOUNCES 3rd
QUARTER RESULTS
LAFAYETTE, LOUISIANA -- May 20, 2019 --
InvestorsHub NewsWire -- RedHawk Holdings
Corp. (OTC:
IDNG) ("RedHawk" or the "Company") announced
today that
it reported a consolidated net loss of $98,751
for the three month period ended March 31, 2019 as compared to a
consolidated net loss of $158,722 for the comparable three month
period ended March 31, 2018. The net loss for the
three month period
ended March
31, 2019 included higher than normal operating
expenses and professional fees related to
the resolution
of certain
litigation matters.
In
March 2019, RedHawk announced that it had
entered into a Settlement Agreement and
General Release ("Settlement Agreement") to
resolve all
issues arising out of certain litigation against a
former officer and director of the Company. In consideration of the mutual
promises, covenants and conditions contained in the Settlement
Agreement, the parties to the litigation agreed that in exchange for the transfer to
RedHawk of 52,377,108 of its common shares, the Company made a cash
payment of $250,000 and issued two promissory notes, each in the principal
amount of $200,000, one of which
is
due and payable on
or before September 6, 2020 and the other is due and payable on or before
September 5, 2021. RedHawk may repurchase both
Promissory Notes for a single payment $300,000, provided such payment is
made
within 180 days of
the execution of the Security Agreement.
Loan proceeds
previously identified to retire certain
variable interest loans were instead used to satisfy the $250,000
closing obligation
under the Settlement Agreement.
Resolution of this
lengthy litigation, however, positions the Company to now make
application for a name and ticker symbol
change.
During
the three month period ended March 31, 2019, RedHawk Medical Products, LLC
("RedHawk Medical"), a wholly-owned subsidiary of
the Company, initiated sales of its
SANDD
mini™ needle incineration device ("SANDD mini™" – www.needledestructiondevice.com). RedHawk Medical
is nearing
completion of the successful testing of its
SANDD
mini™
for
use by
school
nurses in
Texas. When the testing is
successfully
completed, the Company
expects to
begin supplying the SANDD mini™ to various school districts in the
State of Texas beginning on July 1.
The
SANDD
mini™ (formerly known as The Disintegrator™) is
an FDA
approved and OSHA compliant portable, battery
operated,
needle destruction device originally designed
for use at
home by diabetics and in certain clinical
settings.
The device is intended for the incineration
and environmentally
friendly disposal of 27-32 gauge hypodermic needles that are 5/16
to 5/8 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 SANDD mini™ is designed 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. The
SANDD™ mini is recognized by the California's Department of Resources and
Recycling as
the only FDA approved needle
incineration device approved for self-injectors at home in the State
of
California - https://www.calrecycle.ca.gov/HomeHazWaste/sharps .
Earlier this
month, RedHawk Medical announced it had entered into a
sales representation agreement with Jeeds, Heath, Inc. (an
affiliate of Pharmaceutical Buyers, Inc. - www.pharmaceuticalbuyersinc.com) for the sale of
its
SANDD
mini™. The Company is currently negotiating
several additional
sales representation and distribution
agreements
that
would
significantly
expand the current
market opportunities for the
SANDD
mini™ to
geographic areas that have, as of yet, been
untapped.
RedHawk
Medical is also nearing completion of
the
engineering testing and
intellectual property re-design of its new
SANDD Pro™
and expects to begin offering prototypes for final market testing
by June 30, 2019.
RedHawk Medical
acquired the
exclusive rights to the SANDD Pro™ (the
"SANDD Pro™") needle
incineration
technology in September 2018. With the
SANDD
Pro™, the Company's hypodermic needle incineration capabilities now
include 14-gauge hypodermic needles and higher, up to 8 inch
in length.
Additionally, the acquired SANDD Pro™ technology features a
portable,
rechargeable, battery operated unit. This portable unit (the
"SANDD Pro™ - Portable") will
incinerate as many as 300 needles, ranging in gauges as thick as 21
gauge and lengths up to 8" on a single charge.
The SANDD Pro™ - Portable is ideal for
field use by
first responders, home health care nurses, veterinarians and home
use injectors. The SANDD Pro™ is FDA approved and
OSHA compliant.
# # #
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
Sharps and Needle Destruction Device
(SANDD™), and the Carotid
Artery Digital Non-Contact Thermometer.
Through our United Kingdom based subsidiary, we
manufacture and market branded generic
pharmaceuticals. Our 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
a commercial restoration project 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.
Media
Contact:
Julie
Calzone
(337)
235-2924
jcalzone@calzone.com
Company
Contacts:
G. Darcy
Klug, Chairman,
CEO and CFO
(337)
269-5933
darcy.klug@redhawkholdingscorp.com
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