REDHAWK REPORTS FISCAL YEAR
2019 RESULTS
LAFAYETTE,
LA -- October
16, 2019 --
InvestorsHub NewsWire -- RedHawk Holdings
Corp. (OTC:
SNDD) ("RedHawk" or the "Company")
a diversified
holding company engaged in sales and distribution of medical
devices, branded generic pharmaceutical drugs, commercial real
estate investment and leasing, point of entry
full-body security systems, and specialized financial
services, announced today
financial results
for the fiscal year 2019, ended June 30, 2019.
For the full
2019
fiscal year,
RedHawk reported a net loss from operations of
$661,943 and net revenues of
$129,006. For the comparable
twelve-month period ended June 30,
2018, RedHawk reported a net loss from
operations of $437,664 and net revenues of
$275,845. Lower revenues in
the 2019 fiscal
year versus the 2018 fiscal year resulted from the Company's mid-year
strategic
decision to
use
its available
capital to settle certain ongoing
litigation and redirect its
business focus
from lower
profit margin generic
pharmaceuticals
to the research, development and launch of the Company's
line
of
SANDD™
needle incineration
units.
The fiscal 2019
results included approximately $210,000 of non-recurring legal,
engineering and research and development costs related
primarily
to
the
Company's launch of
its line of SANDD™ needle incineration
devices.
Including
approximately $600,000 of non-recurring litigation costs associated
with the resolution of certain
litigation,
RedHawk reported a net loss of $1,215,884 for the fiscal
year ended June 30,
2019 as compared to a net loss of $910,062 for the
comparable
twelve-month period ended June 30, 2018.
"We ended the 2019
fiscal year by closing old doors and opening exciting new doors,"
said G. Darcy Klug, Chairman and Interim Chief Executive Officer.
"Some of the
highlights for 2019 include:
- In March 2019, we settled certain protracted
litigation and returned more than 52 million shares of
our common stock back into our treasury;
- In May 2019, we
completed an
exchange agreement to return approximately 114 million
shares back into our treasury and use
a comparable number of shares to
convert
approximately
$575,000 of debt into equity;
- In July 2019, Dr. Drew Pinsky
(commonly known as "Dr. Drew") signed an agreement
to become
the Company's exclusive
spokesperson for its Sharps and Needle Destruction Device
("SANDD")
mini™ and its SANDD Pro™ needle incineration
devices (collectively the "SANDD™ Products") and any related
products and/or accessories;
- In September 2019 we
successfully completed $500,000 in debt financing.
The proceeds are
being used to retire certain existing debt and provide working
capital for organic growth;
- In September 2019 we
completed a
limited, but very successful, marketing campaign designed to
evaluate potential interest sales of, the
SANDD
mini™ needle incineration unit into the Texas
Independent School Systems. We are now positioned to
initiate similar campaigns in California and across the Gulf
Coast;
- In September 2019 we engaged
PCG
Advisory
to assist us in
delivering the RedHawk message to the investment
community;
- In October 2019,
we
began to
expand
the number
of contracted independent sales
representatives in order to launch the sale of our
SANDD
mini™ into the State of California and across the Gulf
Coast;
- In October 2019,
we added
a
seasoned
industry
supply chain and medical device veteran to our Board of Directors who will be instrumental in the
economical production and profitable sale of our
line SANDD™ Products;
- Today, we
launched our newly redesigned
corporate
website
at
www.redhawkholdingscorp.com.
"We
believe that
RedHawk is now well positioned for the year ahead and beyond
and we look forward
to increasing the distribution of our
innovative and affordable SANDD™ line of needle
incineration devices," concluded Mr. Klug.
# # #
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
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, go to: 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 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
Investor
Relations:
Stephanie
Prince, Managing Director
PCG
Advisory
(646) 762-4518
sprince@pcgadvisory.com
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