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(PR NEWSWIRE) Radix Marine Teams Up With VOGO Engineering
Radix Marine Teams Up With VOGO Engineering.
SILVERDALE, Wash., Oct. 22 /PRNewswire-FirstCall/ -- 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 publicly traded company and its subsidiary, Integrated
Maritime Platforms International (IMPII), have teamed up with South Korean
Shipyard company, VOGO Engineering.
IMPII has signed an agreement with VOGO, combining their efforts to
develop technologies regarding manned and unmanned high-speed craft. VOGO's
headquarters in Seoul and its base in Pusan, South Korea, along with its
desire to acquire designs and technology for the advancement of its shipyard
business, and to continue to provide support of the South Korean Navy make it
an ideal partner for IMPII. Through this agreement, IMPII will have the
ability to not only advance its design capabilities, but also support
collaborative ventures in Asia.
VOGO's location as well as its connections with the Republic of Korea
(ROK) Navy provide and excellent match for Integrated Maritime's need for a
partner in Asia. "This alliance with VOGO will open the international market
to Integrated Maritime," said Kathy Bright, President of IMPII. "By combining
our efforts, we will be able to reach numerous potential customers across the
world."
Instrumental in attaining this agreement, was Mr. David Hemmings, Director
of International Marketing for Radix Marine. His 16 years of experience from
within the United States electronics industry coupled with his extensive
International Business experience, centered within the Asia Pacific Region,
make him a valuable asset to the IMPII team, as demonstrated by this
agreement. Hemmings and IMPII have been working together to secure a venture
in Asian nations, and the agreement with VOGO is an open door to numerous
business possibilities with the South Korean Navy.
The ROK Navy has an ongoing requirement for a re-configurable "Challenger"
type craft of up to 12 meters that can be configured for mine detection. Both
IMPII and VOGO believe that together, they can fulfill this requirement. To
achieve this goal, Integrated Maritime will be the authority on the design and
technology aspects, while VOGO's strategic location will allow them to be the
lead in marketing and sales, builder of the boats, and installer of systems in
Asia.
Not only is the ROK Navy interested in mine detection, they also have a
need for unmanned harbor surveillance patrol craft and high speed stealth
craft. Together, IMPII and VOGO will be able to create and manufacture a long-
range unmanned craft, possessing considerable remote detection and
communications technology. In order to achieve these goals, both IMPII and
VOGO will be utilizing much of the Norsco Marine product line though there are
some limitations present due to export restrictions. Radix Marine entered
into a Joint Marketing Agreement with Norsco Marine on September 17, 2003. By
September 30, 2003, the marine vessel development company specializing in port
and homeland security and defense initiatives commenced building the strategic
alliance's first joint prototype.
Radix Marine and IMPII have also teamed up with VOGO to participate in
this week's Naval & Defense 2003 Exhibition in Pusan, South Korea, October 21-
24, 2003. Preparations for the show included upgrading marketing materials
(spec sheets for the GB Challenger and Odyssey class craft, a small unmanned
surveillance vehicle, and video) and building a clay model of the Odyssey
craft.
During the show, Radix/IMPII (represented by David Hemmings) plan to meet
with the customer and refine the craft performance specifications. The
companies (VOGO and Radix/IMPII) have identified requirements of the South
Korean Navy in three areas: mine detection craft, harbor surveillance craft,
and high speed insertion/extraction craft for special ops teams. Possible
services that Radix/IMPII will offer include engineering services contracts,
licensing of designs, complete construction, or kitting and in-country
manufacturing assistance.
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.
About The Naval and Defense 2003 Exhibition
The Naval and Defense 2003 Exhibition is Korea's only international
defense exhibition, co-hosted by the Korea International Trade Association and
Korea Navy Headquarters. The show is simultaneously held along with Korea
Marine (International Exhibition for Korea's Marine, Ports, & Shipbuilding,
Industries) and SEA-PORT (International Port, Logistics & Environmental
Technology Exhibition) under the umbrella of Marine Week 2003, and is being
held in Bexco, Pusan, South Korea. Maine Week is a festival for the naval and
defense industries with exhibition of new defense products, including many big
name players from all over the world. With focus on high-tech industries and
projects, the Ministry of National Defense has announced its 5-year Omni-
Directional Defense plan through 2005 is to be $31.4 billion dollars. For
more information on Marine Week, please visit the web site,
marineweek.org .
About VOGO Engineering
Originally founded to manufacture various kinds of underwater equipment,
VOGO Engineering has expanded in the last five years to include production of
patrol, special-purpose, and rescue boat for the Korean military. The company
has over 30 years of experience in the marine industry, manufacturing dive
equipment for military and commercial use, as well as participating in the
South Korean Navy's rigid inflatable boat procurement program. Currently,
VOGO develops and manufactures dive gear and underwater equipment for
government and military sales and aluminum patrol boats for police and
military use. The company is also a registered foreign product supplier to
the ROK, the Defense Procurement Agency (DPA) of Ministry of Defense, and
Local and Military Procurement Agencies. VOGO is headquartered in Seoul,
South Korea. For more information on the company, please visit their web
site, vogoeng.com .
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 .
Press inquiries:
David Cochran
Cochran Edwards and Partners
Mobile: 206-251-7007
Shareholder Information Line: 360-692-6446
Email: dcochran@radixmarine.com
SOURCE Radix Marine, Inc.
-0- 10/22/2003
/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, for Radix Marine/
/Web site: marineweek.org /
/Web site: vogoeng.com /
/Web site: radixmarine.com /
(RDXM)
CO: Radix Marine, Inc.; VOGO Engineering
ST: Washington, South Korea
IN: CST ARO OTC MAR
SU: TDS
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