RedHawk Increases Ownership in EcoGen
Sep 06, 2017
OTC Disclosure & News Service
LAFAYETTE, La., Sept. 06, 2017 (GLOBE NEWSWIRE) — RedHawk Holdings Corp. (OTCQB:IDNG) (“RedHawk” or the “Company”) announced today that RedHawk Pharma UK Ltd, a wholly-owned subsidiary of RedHawk, has completed the previously announced share transfer agreement to increase its ownership position in EcoGen Europe Ltd. (“EcoGen”) to 75%. Further ownership increases are possible as the Company continues to restructure and consolidate EcoGen’s operations, improve its profit margins and expand its stable of branded generic drugs offered in various European markets.
On March 23, 2016, RedHawk Pharma UK Ltd (“RedHawk Pharma”), a wholly-owned subsidiary of RedHawk, initially acquired a 25% stake in EcoGen, a United Kingdom company specializing in the manufacturing and the marketing of certain branded generic pharmaceuticals.
The Company previously announced that RedHawk Pharma Ltd has signed a non-binding letter of intent, and is conducting the necessary due diligence, to acquire a portfolio of European (“EU”) hospital injectable anti-infective generic licenses. Upon completion of this acquisition, the Company said it expects it will receive market authorizations in up to twelve (12) EU markets for seven core anti-infective products including piperacillin-tazobactam (PipTaz) meropenem, imipenem/cilastatin and the four (4) most widely used cephalosporins. When completed, this strategic and organic growth opportunity, will not only increase the number of licensing assets and dossiers owned by RedHawk Pharma, it will also significant expand the market opportunities for the sale of RedHawk Pharma’s branded generic pharmaceuticals.
About RedHawk Holdings Corp.
RedHawk Holdings Corp., formerly Independence Energy Corp., is a diversified holding company which, through its subsidiaries, is engaged in 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 WoundClot Surgical – Advanced Bleeding Control, the Sharps and Needle Destruction Device (SANDD™), the Carotid Artery Digital Non-Contact Thermometer and Zonis®. Through our United Kingdom based subsidiary, we manufacture and market branded generic pharmaceuticals, certain other generic pharmaceuticals known as “specials” and certain pharmaceuticals outside of the United Kingdom’s National Health Service drug tariff referred to as NP8’s. Our real estate leasing revenues are generated from various commercial properties under long-term lease. Additionally, RedHawk’s real estate investment unit holds limited liability company interest in a commercial restoration project in Hawaii. The Company’s financial service revenue is from brokerage services earned in connection with debt placement services. 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.