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
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.
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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SOURCE RedHawk Holdings Corp.
Company Codes: OtherOTC:SNDD, OTC-PINK:SNDD, OTC-QX:SNDD, OTC-QB:SNDD