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LAFAYETTE, La., Aug. 03, 2017 -- RedHawk Holdings Corp. (OTCQB:IDNG) (“RedHawk” or the “Company”) announced today that its wholly-owned real estate subsidiary, RedHawk Land & Hospitality LLC (“RedHawk Land), has entered into new agreements for the lease of its two commercial properties located in Lafayette, Louisiana.
The Company said it has entered into a new triple-net lease agreement with the Louisiana 3rd Circuit Court of Appeal to renew and extend the current lease term to December 31, 2022. The new lease agreement was effective August 1, 2017 and included certain rate increases.
RedHawk also announced today that it has entered into an agreement for the lease and probable sale of its former corporate offices. Under the terms of the new agreement, the tenant will lease the property through June 30, 2018 and, at the end of the lease, the tenant will have the option to purchase the property for $300,000.
On December 8, 2016, RedHawk announced its intent to exit its real estate investments. The Company said today that it has not changed its intended plan to exit its real estate investments as it believes it has maximized its return on these investments. Future sales of these properties will be subject to these new agreements. RedHawk further said today the proceeds from the sale of its real estate investments will be used for working capital purposes including the organic and strategic expansion of its more profitable generic pharmaceutical and medical device business units.
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.
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 10-K report. 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.
Media Contact: Julie Calzone (337) 235-2924 [email protected] Company Contacts: Thomas J. Concannon, CEO (908) 625-7811 [email protected] G. Darcy Klug, Chairman and CFO (337) 269-5933 [email protected]
