REDHAWK ANNOUNCES RESULTS
FOR THE QUARTER ENDED SEPTEMBER 30,
2020
LAFAYETTE, LA -- December 18, 2020 --
InvestorsHub NewsWire -- RedHawk Holdings
Corp. (OTC:
SNDD) ("RedHawk" or the
"Company"), a diversified holding
company primarily engaged in sales and
distribution of medical devices, announced today financial results for
the quarter ended
September 30, 2020, including an 800% increase in revenues
for the quarter ended September 30, 2020 when compared to the
comparable three month period ended September 30, 2019.
For the twelve
month period
ended September 30, 2020, revenues
totaled $1,530,258 as compared to $132,896 for the comparable
twelve month period ended September 30, 2019. The increase in revenues
between periods was primarily a result of increased sales of the
Company's
SANDD mini™ to school systems and first
responders, and expansion of the
Company's product line
to include
Personal Protection
Equipment
("PPE"). The Company expects this trend
of increased
revenues to continue into the immediate future.
For the quarter
ended September 30, 2020, RedHawk announced a
net loss from operations of $107,145 on revenues of $447,339
as compared to a
net loss from operations of $197,898 on revenues of
$50,558 for
the comparable three month period ended September 30, 2019.
The net loss for the September 30, 2020 quarter resulted
primarily from increased general and administrative expense from
the addition of the Company's new Chief Executive
Officer, lower sales margins on certain of the Company's PPE
products and
continued research and
development
cost on the re-designed SANDD Pro™. In November 2020, the Company
announced it
was reducing the levels of certain of its PPE inventory
in order
to increase its
marketing focus on its line of needle incineration devices
including the recent launch of the
SANDD
Pro™.
Commenting on the
results for the September 30, 2020 quarter, G. Darcy Klug, RedHawk's Chairman
and Chief Financial Officer, said, "A key objective
of the September
30, 2020 quarter was to re-position the marketing focus of our
medical
device sales. As businesses, schools
and first responders began to re-open during the
quarter, we
started re-directing our marketing attention away from the inventory of our
PPE soft goods and returned our primary marketing focus to our
SANDD™
line of needle incineration devices, especially the newly launched
SANDD
Pro™. At this time,
however,
we
do
expect to
continue
offering our line of UV sterilization products.
The decision
to reduce
our inventory levels of PPE soft goods
resulted
in lower
profit margins for the three month period ended
September 30, 2020 (40.3%) when compared to the
immediately previous quarter ended June 30, 2020
(49.1%). The
increased focus on SANDD™, our needle incineration
products, during this three month
period ended
September 30, 2020, however, allowed us to
develop marketing
strategies
to resume offering for
sale
our line
of the
SANDD
mini™,
the SANDD HP™ and the
SANDD
FR™ needle
incineration devices. It also allowed us to
complete the re-engineering of
the SANDD Pro™ culminating with
its production
launch in November 2020. We believe the timing of our launch of
the SANDD Pro™ will be very
beneficial to the
future execution of our business model."
# # #
About RedHawk Holdings Corp.
RedHawk Holdings Corp., formerly Independence
Energy Corp., is a diversified holding company
which, through its subsidiaries, is engaged in
the 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, please visit: http://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
Annual Report on Form 10-K. 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.
Company
Contact:
G. Darcy
Klug, Chairman and CFO
(337)
269-5933
darcy.klug@redhawkholdingscorp.com
Philip C.
Spizale, CEO
(337)
269-5933
philip.spizale@redhawkholdingscorp.com
Investor
Relations:
Stephanie
Prince, Managing Director
PCG
Advisory
(646)
762-4518
sprince@pcgadvisory.com
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