Ecogen Completes Regulatory Certifications And Enters Into Exclusive United Kingdom Distribution Agreement
FOR IMMEDIATE RELEASE AUGUST 15, 2016
Youngsville, Louisiana – RedHawk Holdings Corp. (OTCQB: IDNG) (“RedHawk” or the “Company”) announced today that EcoGen Europe LTD (“EcoGen”) has received final regulatory certification for the sale and distribution of its branded generics and specials. In connection therewith, the Company also announced that EcoGen has now partnered with Alliance Healthcare, a member of Walgreens Boots Alliance, for the nationwide distribution of its current suite of branded generics to pharmacies and healthcare providers throughout the United Kingdom. Sales of EcoGen’s branded generics and specials are expected to commence immediately.
In March 2016, RedHawk signed a definitive agreement through its wholly-owned subsidiary RedHawk Pharma UK LTD to complete the acquisition of a 25% ownership investment in EcoGen, a United Kingdom company specializing in the manufacturing and the marketing of certain branded generic pharmaceuticals and medical devices. Additionally, during the seven-year period commencing on the closing date, the Company has the right, but not the obligation, to increase its ownership position in EcoGen up to a maximum of 49% of the entire capital of Ecogen.
In May 2016, RedHawk announced that its wholly-owned subsidiary, RedHawk Pharma UK, LTD, is in advanced discussions to acquire a United Kingdom based manufacturer of non-narcotic made-to-order or customized medicinal products (“Specials”). Until closing of this acquisition, the Company said this pharmaceutical manufacturer will be EcoGen’s provider of certain Specials.