RDXM .065.News just out.Cleaning house.B: Radix Marine Continues Financial Restructuring
B: Radix Marine Continues Financial Restructuring
SILVERDALE, Wash., Dec 02, 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 is continuing the financial restructuring program implemented
by its current management during the past nine months. Under the existing
leadership, the company has restructured approximately $1.25 million of its
outstanding liabilities.
The company's debt reduction and financial restructuring is being achieved
through debt forgiveness, debt conversion, and the issuance of restricted and
un-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. These accomplishments were supported by
reducing monthly expenditures by co-locating the parent and subsidiary's
operations and switching to more cost-effective consultants. Radix's management
continued to reduce expenses by electing to waive cash compensation in favor of
the issuance of common stock of the company.
"The restructuring is a major financial achievement for Radix Marine," said
Kathy Bright, Radix's President and Chief Executive Officer. "Because of our
restructuring efforts and the recent commitment we received for $3.25 million in
convertible debt financing, we anticipate that Radix will be in a better
financial position. This in turn will allow the company to focus on our
sustainable competitive advantage and core business model of designing,
developing, building, and licensing of advanced naval vessels and marine
products."
For the four quarters commencing October 1, 2002 to September 30, 2003, Radix
Marine generated approximately $300,000 in revenue. The company continues to
generate 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.
The company's most recent financial statements and reports can be found on Form
10-QSB, which was filed with the SEC on November 14, 2003. To view this report
and other filings, go to
sec.gov
03-007192-index.htm .
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 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 .
SOURCE Radix Marine, Inc.
CONTACT: media, David Cochran of Cochran Edwards and Partners,
+1-206-251-7007, or dcochran@radixmarine.com; or Shareholder
nformation Line:
+1-360-692-6446, both for Radix Marine, Inc.
URL: prnewswire.com
radixmarine.com
Copyright (C) 2003 PR Newswire. All rights reserved.
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KEYWORD: Washington
INDUSTRY KEYWORD: ARO
MAR
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SUBJECT CODE: RCN
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