RDXM .045.Had some news out earlier.B: Radix Marine Files 10Q Report, Continues Financial Restructuri
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B: Radix Marine Files 10Q Report, Continues Financial Restructuring
SILVERDALE, Wash., Nov 19, 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 it has filed its quarterly report for the first quarter with the
SEC on Form 10Q. The quarterly report covers the company's performance for the
third quarter under the current management, under whose leadership the company
has restructured approximately $1.25 million of its outstanding liabilities.
The debt reduction was achieved through forgiveness, conversion, and issue of
restricted common stock. Payments to related parties, including outstanding
accrued compensation, were reduced by over $325,000. Convertible debt of
$190,000 was eliminated during the year, and common stock was issued for over
$750,000 of services to the company. This significant accomplishment was
supported by reduction in monthly expenditures by co-locating the parent and
subsidiary's operations and switching to more cost-effective consultants.
Radix's management continued to manage expenses by electing to waive cash
compensation in favor of the issuance of restricted stock of the company.
"This is a major financial achievement for Radix Marine," said Kathy Bright,
Radix's President and Chief Executive Officer. "Because of this restructuring
and our recent movement to secure $3.25 million in convertible debt financing,
Radix will be in a much better financial position. These two milestones will
allow the company to successfully focus on our sustainable competitive advantage
and core business model of advanced naval vessels and marine products."
For the four quarters commencing October 1, 2002 to September 30, 2003, Radix
Marine produced approximately $300,000 in revenue. The company continues to see
significant interest in Unmanned Surface Vehicles (USV) and Unmanned Harbor
Security Vehicles (UHSV) from US homeland security and defense groups, port
security, and other organizations throughout the world. For the complete 10Q
filing and other financials, go to
sec.gov
03-007192-index.htm .
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.
SOURCE Radix Marine, Inc.
CONTACT: David Cochran of Cochran Edwards and Partners, +1-206-251-700
,
or dcochran@radixmarine.com; or Shareholder Information Line,
+1-360-692-6446
URL: prnewswire.com
radixmarine.com
Copyright (C) 2003 PR Newswire. All rights reserved.
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KEYWORD: Washington
INDUSTRY KEYWORD: ARO
MAR
OTC
SUBJECT CODE: RCN
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