RedHawk Agrees to Purchase Med Tech Farms LLC
LAFAYETTE, La., Feb. 11, 2021 /PRNewswire/ -- RedHawk Holdings Corp. (OTC: SNDD) ("RedHawk" or the "Company"), a diversified holding company primarily engaged in sales and distribution of medical devices, announced today that its wholly-owned subsidiary, RedHawk Pharma LLC, has agreed to acquire certain cannabis assets of Med Tech Farms LLC ("Med Tech"), an Oklahoma-based start-up grower and supplier of cannabis products for a total of $1 million to be paid through a combination of cash, stock and convertible notes. The assets to be acquired include, but are not limited to, the licenses to grow, manufacture, transport and sell cannabis products in the State of Oklahoma, with an anticipated initial focus on "craft" cultivation and distribution.
Commenting on the acquisition, G. Darcy Klug, RedHawk's Chairman and Chief Financial Officer, said, "We are really excited about the anticipated Med Tech acquisition, its management team and the potential for strong and exciting strategic organic growth opportunities for RedHawk, not only in Oklahoma, but in other states as well."
A closing, is expected to occur before March 31, 2021 and is contingent upon, among other things, approval by RedHawk's board of directors, the negotiation, acceptance and execution of a final definitive purchase agreement, acceptance and approval by the board of directors and the shareholders of the seller, satisfactory completion of legal and financial due diligence, RedHawk obtaining the required amount of acquisition financing, and the obtainment of all necessary consents and approvals of any third parties.
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
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G. Darcy Klug, Chairman and CFO
Philip C. Spizale, CEO
Stephanie Prince, Managing Director
SOURCE RedHawk Holdings Corp.
Company Codes: OtherOTC:SNDD, OTC-PINK:SNDD, OTC-QX:SNDD, OTC-QB:SNDD