REDHAWK TO INCREASE ITS OWNERSHIP STAKE IN ECOGEN
February 23, 2017
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.