JULY 11. 2016
REDHAWK PROVIDES UPDATES
Youngsville, Louisiana – RedHawk Holdings Corp. (OTC: 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 endingSeptember 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.