RDXM .07x.08.News this A.M. (COMTEX)B: Radix Marine Inc., Continues to Expand Management Team; Names
avid Hemmings as International Marketing Director
B: Radix Marine Inc., Continues to Expand Management Team; Names David Hemmings
s International Marketing Director
SILVERDALE, Wash., Aug 5, 2003 /PRNewswire-FirstCall via COMTEX/ -- Radix
Marine, Inc. (OTC Bulletin Board: RDXM.OB) announced today that it has appointed
David Hemmings to the position of International Marketing Director. This
appointment is part of the company's continued commitment to creating a diverse
management team with a broad range of experience in the marine and defense
industries.
Mr. Hemmings brings to Radix 16 years experience within the U.S. electronics
industry as well as extensive international business experience centered within
the Asia Pacific Region. Mr. Hemmings gained his experience in international
business development working for Gould Electronics, Contraves and Cubic Defense
Systems. Within these companies, Hemmings worked in marketing, business
development, operations and program management. Since 1994, Mr. Hemmings has
operated and managed his own business consulting practice out of Taiwan and has
an extensive network of relationships within the Asian Pacific business
community. He holds an undergraduate degree in Business from Tampa College and
is currently studying at Harvard Business School. Mr. Hemmings demonstrated his
valuable business savvy within the high-speed patrol craft industry with his
recent sale of two 8-meter GB- Challenger Class craft on behalf of Radix to the
government of Thailand.
Mr. Hemmings will begin his work with Radix with an extensive marketing trip
into the Asia Pacific region, including planned stops in Australia, Taiwan,
Singapore, and Thailand. In addition, Mr. Hemmings will follow up on specific
high-speed manned surface vehicle proposals submitted by Radix to a South Korean
firm as well as a recent proposal to the government of Bangladesh. Mr. Hemmings'
sales efforts will be focused on manned high-speed patrol craft, which utilize
many of the design features of Radix's flagship unmanned craft developed by its
subsidiary, Integrated Maritime Platforms International, Inc. (IMPI). Also known
as USVs, unmanned high-speed crafts are expected to be a $5 billion market from
2005 - 2009, according to industry research firm Moire International. Through
IMPI, Radix is participating in an Advanced Concept Technical Demonstration for
USVs with the U.S. Government. Participants on such contracts work directly with
the government using spiral development techniques to achieve program
objectives. IMPI is currently performing on such a contract with the United
States Navy in partnership with other leading U.S. defense prime contractors.
In a related development, Mr. Lou Cimaglia is no longer CEO of Radix. He will
continue working for Radix, however, pursuant to a performance-based domestic
marketing agreement. "Mr. Cimaglia and I agreed that it made the most sense to
focus his efforts on market development at this time. By making him an
independent agent, we believe this will be more cost-effective for the company
and its shareholders," said Kathy Bright, president of Radix Marine.
On a separate note, Ms. Bright indicated that "revenue development and
improvement of our balance sheet are among our top priorities as we continue to
restructure and reposition the company for growth. This is in keeping with one
of the first items presented to our new management team in May, which was to
review, assess and improve the financial condition of the company."
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements." In some cases, you can
identify forward-looking statements by terminology such as "may," "will,"
"should," "could," "expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "potential" or "continue" or the negative of such terms
and other comparable terminology. These forward-looking statements include,
without limitation, statements about our market opportunity, our strategies,
competition, expected activities and expenditures as we pursue our business
plan, and the adequacy of our available cash resources. Although we believe that
the expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements. Actual results may differ materially from the predictions
discussed in these forward-looking statements. The economic environment within
which we operate could materially affect our actual results. Additional factors
that could materially affect these forward-looking statements include, among
other things, (1) general economic and business conditions; (2) the success of
our restructuring; (3) our ability to raise additional capital through the
offering of equity securities; (4) competition; (5) our ability to continue to
build strategic relationships within the marine industry, particularly within
the domestic and international high-speed USV market; (6) required accounting
changes; (7) our relationship with the U.S. Government; (8) approval of our
products by the U.S. Navy, Coast Guard and Marine Corps; (9) national security,
including acts of domestic and international terrorism, and (10) other factors
over which we have little or no control.
Corporate Information
Headquartered in Silverdale, Wash., Radix Marine, Inc., specializes in homeland
defense initiatives within the marine industry. The company's focus is on
opportunities with the U.S. Navy, Coast Guard and Marine Corps, as well as the
international market for USVs. Radix Marine is a publicly traded Over The
Counter Bulletin Board (OTCBB) company. For more information, please contact
Radix Marine at 9119 Ridgetop Blvd., Suite 260, Silverdale, Wash. 98383;
telephone 360-692-6446; fax 360-692-0977.
SOURCE Radix Marine, Inc.
CONTACT: Tracey Murdock of Radix Marine, +1-360-692-6446, or fax,
+1-360-692-0977, or info@radixmarine.com; or Belinda Young of
Belinda Young
Public Relations, +1-206-932-3145, or fax, +1-206-932-5169, o
byoung@bypr.com, for Radix Marine, Inc.
(RDXM)
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