FOR IMMEDIATE RELEASE                                                      February 23, 2017
Media Contact:
Julie Calzone
(337) 235-2924
Company Contacts:
Thomas J. Concannon, CEO
(908) 625-7811
G. Darcy Klug, CFO
(337) 269-5933
Youngsville, Louisiana – RedHawk Holdings Corp. (OTCQB: IDNG) (“RedHawk” or the “Company”) announced today that it has verbally agreed to increase its ownership position in EcoGen Europe Limited (“EcoGen”) to approximately 50%. The increase in RedHawk’s ownership position is subject to the completion of final due diligence, the negotiation and acceptance of acceptable definitive contractual agreements, and the approval by RedHawk’s board of directors. The Company said it hopes to complete the transaction by March 31, 2017.
On March 23, 2016, RedHawk Pharma UK Ltd, a wholly-owned subsidiary of RedHawk, acquired a 25% stake in EcoGen, a United Kingdom company specializing in the manufacturing and the marketing of certain branded generic pharmaceuticals. EcoGen also holds the distribution rights in a number of countries for Zonis®, a patented antimicrobial ionic silver calcium catheter dressing with both wound healing and haemostatic properties. It is designed to be placed directly over the exit site of all vascular and non-vascular percutaneous medical devices. Zonis® reduces bacteria colonization and related bloodstream infections by delivering ionic silver directly to the site.
Upon completion of the transaction, EcoGen’s board of directors will be re-aligned to consist of G. Darcy Klug, RedHawk’s Chairman and Chief Financial Officer, Thomas J. Concannon, RedHawk Chief Executive Officer, and Kav Singh Hundle, EcoGen’s Managing Director and a member of RedHawk’s board of directors.
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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, 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.