REDHAWK REPORTS 3RD
QUARTER RESULTS
LAFAYETTE, LA -- May 24, 2021 --
InvestorsHub NewsWire -- RedHawk Holdings
Corp. (OTC:
SNDD) ("RedHawk" or the
"Company"), a diversified holding company
engaged primarily in sales and distribution of
medical devices, reported today a net loss from operations of
$425,479 for the nine month period ended March 31, 2021 on
gross
revenues of $867,841. Net of distributor and
introductory discounts of $177,095, net revenues for the nine
month period ended March 31, 2021 were $690,746. For the trailing twelve month
period ended March 31, 2021, RedHawk reported a net loss from operations
of $211,986 on gross revenues of $1,831,297, and net revenues of
$1,606,035.
For
the nine month period ended March 31, 2020, the Company
previously
reported
a net loss from
operations of $818,311 on gross revenues of
$313,497. Net of introductory discounts
of $95,508, net revenues for the nine
month period ended March 31, 2020 were $217,989. For the trailing twelve month
period ended March 31, 2020, RedHawk reported a net loss from
operations of $1,019,436 on gross revenues of $313,497, and net revenues of
$177,919.
Commenting on the
3rd
Quarter results, G.
Darcy Klug, RedHawk Chairman and Chief Executive Officer
said, "The three month period ended
March 31, 2021 was a transition period for our medical device
business unit. During this same three month
period, we restructured our inventory of products offered to
our customers to include SANDD™,
our line of needle incineration devices, and select personal
protection equipment limited to UV disinfection lights, select
types of
the most
popular particulate N95
respirators and certain makes of
nitrile examination
gloves.
"While
medical facilities and some schools have re-opened, complete access to schools and
most hospital procurement departments, remains challenging. Revenues for the three month period ended
March 31, 2021 (net of introductory
discounts) were $29,786
as
compared to
$148,674 for the same three month period ended March 31, 2020.
Sales during the three month period ended March 31, 2021 were
limited primarily to select areas of our personal
protection equipment and UV lighting units
as much of our
customer base remained closed. Sales for the
comparable
three month period
ended March 31, 2020 were primarily from our
SANDD
mini™
needle incineration
devices sold to schools and first responders.
Schools were open until the
pandemic closures
started at the end of March 31, 2020.
Subsequent to March
31, 2021,
we
have
started to see
renewed sales of the SANDD mini™ to a few schools in Texas that
have re-opened.
"Our
order
backlog and
order inquiry logs remain strong but availability of
select particulate N95
respirators continues to be
difficult. Additionally,
we
have sometimes been forced to reject
unacceptable shipments of nitrile examination gloves. Both of these
challenges
have
delayed the timely
execution of our business plan.
"We
launched the sale of our SANDD Pro™ at the end of the three month
period ended December 31, 2020. Customer testing of the
SANDD
Pro™ during
the three month period ended March 31, 2021, has been very positive and has been shown to increase
workplace safety
and provide
our customers significant savings on bio-hazard waste disposal.
"While
sales of the SANDD Pro™ to private physicians,
nursing homes and assisted living facilities are important, we
believe
placement of the SANDD Pro™ into hospitals
and outpatient
centers is
critical to the ultimate success of this medical device.
However,
the
cessation of elective surgeries during the pandemic
has
resulted in
severe
financial
strain on
the many
medical facilities around the
country. To
address this adverse financial impact on the nation's medical
facilities,
we developed a leasing model for our
SANDD
Pro™ specifically designed for
medical facilities. This new leasing model has been well
received by the medical community
as it
eliminates
the
hospitals' need for immediate capital
expenditures. We have partnered with
a
new medical device
distributor group who has been instrumental in
negotiating
the
possible
placement of more than 50,000
leased SANDD Pro™ needle incineration devices
over the next
twelve months. They have also arranged on our behalf,
for
discussions
about
a
possible
governmental
mandate for using the
SANDD
Pro™ in
hospitals,
clinic and private physicians located in a certain United States Territory."
# # #
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 press release may contain forward-looking statements about
management's view of RedHawk Holdings' future
expectations, plans and prospects, among other
things, including within the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995 (the "Act"). In particular, when used in the preceding
discussion, the words "believes," "hopes," "expects,"
"intends," "plans," "anticipates," or "may," and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act, and are subject to the
safe harbor created by the Act. Any statements made in this
news release other than those of historical fact,
about an action, event or development, are forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors, which may cause the results
of RedHawk Holdings, its divisions and
concepts to be materially different than those expressed
or implied in such statements. These risk factors include, but are
not limited to, risks associated with the ultimate extent
of the impact of COVID-19 on our business and future financial
condition, results of operations and cash flows
will depend on future developments, which are highly uncertain and
cannot be predicted at this time; changes in the effects of the
significant level of competition that exists in the medical device
distribution industry, or our inability to attract
customers for other reasons; the unexpected cost of
regulation applicable to our industries, and the possibility of
future additional regulation; our expectations regarding our
impairment charge estimates and the potential for future
impairment charges; our lack of adequate insurance
coverage in the event we incur an unexpected liability; our lack of
a proven operating history and the possibility of future losses
that are greater than we currently anticipate; the
possibility that we may not be able to generate
sufficient revenues or access other financing sources
necessary to operate our business; our inability to attract
necessary personnel to run and market our business; the volatility
of our stock price; changes in the market prices for our
products, or our failure to perform or renew the
distribution agreements for our products; our failure to execute
our growth strategy or enter into other lines of business that we
may identify as potentially profitable for us; changes in
economic and business conditions; changes in accounting
policies and practices we may voluntarily adopt or that we may be
required to adopt under generally accepted accounting principles in
the United States; the impact of competitive services
and products; economic downturns both in the
United States and globally; risk of increased regulation
of our operations and products; disruptions in the infrastructure
that we and our partners rely on; the lack of capital available on
acceptable terms to finance our continued growth; and
other risk factors included from time to time in
documents RedHawk Holdings files with the
Securities and Exchange Commission, including, but not limited to,
its Form 10-Ks, Form 10-Qs and Form 8-Ks. These reports are
available at www.sec.gov. Other unknown or
unpredictable factors also could have material adverse
effects on RedHawk Holdings's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. RedHawk Holdings
cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you
should not place undue reliance on these forward-looking
statements. Finally, RedHawk Holdings undertakes
no obligation to update these statements after the date of
this release, except as required by law, and takes no
obligation to update or correct information prepared by third
parties that are not paid for by RedHawk
Holdings. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other
forward-looking statements.
Company
Contact:
G. Darcy
Klug, Chairman and CEO
(337)
269-5933
darcy.klug@redhawkholdingscorp.com
RedHawk (CE) (USOTC:SNDD)
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