RDXM,news.045 bid.Has stuck there.Damn for how long?B: Radix Marine Inc. to Acquire High-Speed Unmanned Patrol Craft Prototype
SILVERDALE, Wash., Aug 7, 2003 /PRNewswire-FirstCall via COMTEX/ -- Radix
Marine, Inc. (OTC Bulletin Board: RDXM.OB), a marine vessel development company
specializing in homeland defense initiatives, announced today that it has
entered into an agreement to acquire, through an Equipment Lease and Purchase
Agreement, the GB Challenger Class Craft, the working prototype of the company's
high-speed unmanned patrol watercraft. Radix Marine will own the GB Challenger
outright at the conclusion of the five-year lease with Blue Ribbon Leasing and
Financial, Inc., which acquired the craft from the builder.
Radix Marine had previously arranged for the lease of the GB Challenger but
decided against finalizing the agreement in lieu of focusing its efforts on
other markets. With the company's name change in May and the cultivation of new
opportunities in the marine industry, acquiring the GB Challenger became a key
priority.
Radix Marine's unmanned patrol craft, also known as the unmanned surface vehicle
(USV), is the core technology and design platform for the company's current
product line. Radix Marine intends to use this platform as the basis of its
future product offerings, including both manned and unmanned patrol craft. "We
believe the execution of the lease and purchase agreement is an important step
for Radix Marine as we continue to strategically refine our business model to
focus on opportunities within the marine industry. The GB Challenger has become
an essential component for the company," said Kathy Bright, President of Radix
Marine. "We expect the GB Challenger to enhance our business opportunities, as
both a demonstration unit for potential clients and as a test platform for new
technologies," Bright added.
Radix Marine plans to complete the upgrade and overhaul of the GB Challenger
currently in progress. "All modifications required for the GB Challenger are of
a general maintenance nature and should be completed within a few short weeks,"
said Bright. The company plans to move the GB Challenger to a new moorage site
closer to its corporate offices once the maintenance is complete. Long-term
plans for the craft include continued use as a test platform for new electronics
systems, acoustic tests, and experiments in weight-reduction using composites to
replace elements of the superstructure such as the module cover, radar arch, and
portions of the pilot/navigator console. Some of these tests will be done in
conjunction with the company's other efforts in developing USVs.
According to industry research firm Moire International, the potential market
for USVs will be $1 billion from 2005 to 2009. USVs are small, remotely
controlled unmanned boats ranging in size from six to 50 feet. Much like the
Predator, the unmanned air vehicle that was a major contributor to recent
military efforts in Iraq, USVs can be used for a variety of security
applications ranging from surveillance to mine detection. Through its
subsidiary, International Maritime Platforms International (IMPI), Radix Marine
is currently participating with the U.S. Government in an Advanced Concept
Technical Demonstration for USVs. IMPI is performing on such a contract with the
U.S. Navy in partnership with other leading U.S. defense prime contractors.
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.
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 |
