RDXM .066x.069.News.B: Radix Marine Receives Commitment for $3.25 Million ( PRNewswir
-FirstCall )
B: Radix Marine Receives Commitment for $3.25 Million ( PRNewswire-FirstCall )
SILVERDALE, Wash., Nov 4, 2003 /PRNewswire-FirstCall via COMTEX/ -- Radix
Marine, Inc. (OTC Bulletin Board: RDXM.OB), a marine vessel development company
specializing in port and homeland security and defense initiatives, today
announced that the company has received a commitment for $3.25 million in short
term funding through a private placement of convertible debentures.
"We have structured the financing so that we raise only the funds that are
required to bridge Radix to a longer term financing. We are currently undergoing
due diligence regarding this financing and expect to close in early 2004. Our
objective has always been to finance the company in the least dilutive fashion
as possible. These funds will get us to the point where we can obtain additional
longer term financing," said Kathy Bright, President and CEO of Radix Marine.
Radix anticipates using these funds to secure port and homeland security and
defense opportunities for its Unmanned Surface Vehicles (USV), Challenger Class
Patrol Craft, and Unmanned Harbor Security Vehicles (UHSV). The company expects
to deploy USVs, Patrol Craft, and UHSVs throughout North America and with ally
nations of the United States, to the extent permissible by applicable export
regulations. Radix intends to focus on these business opportunities, fund
ongoing operations, pursue and conclude mergers and acquisitions, retire debt,
and round out our board and management team over the next few months.
"We continue to see interest in USVs and UHSVs from US homeland security and
defense groups, port security organizations, and others throughout the world. As
this interest materializes into purchase orders, we believe this will result in
a major turning point for Radix Marine," noted Bright.
About Radix Marine
Headquartered in Silverdale, Wash., Radix Marine, Inc. specializes in port and
homeland security and 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 markets, for Unmanned Surface Vehicles,
Challenger Class Patrol Craft, Unmanned Harbor Security Vehicles, and Commercial
Vessels. Radix Marine is publicly traded on the NASDAQ Over The Counter Bulletin
Board (OTCBB). For more information, please contact Radix Marine at 9119
Ridgetop Blvd., Suite 260, Silverdale, Wash. 98383; telephone 360-692-6446; fax
360-692-0977, or visit the company's web site, radixmarine.com .
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; (9) national security, including acts of domestic and
international terrorism, and (10) other factors over which we have little or no
control.
CONTACT:
David Cochran
Cochran Edwards and Partners
Mobile: +1-206-251-7007
Shareholder Information Line: +1-360-692-6446
Email: dcochran@radixmarine.com
SOURCE Radix Marine, Inc.
CONTACT: David Cochran of Cochran Edwards and Partners, mobile,
+1-206-251-7007, or Shareholder Information Line: +1-360-692
6446, or
dcochran@radixmarine.com
URL: radixmarine.com
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Copyright (C) 2003 PR Newswire. All rights reserved.
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KEYWORD: Washington
INDUSTRY KEYWORD: ARO
MAR
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SUBJECT CODE: FNC
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