RDXM.07x.073.Take a look at this news yesterday.Read bold.
B: Radix Marine Vessels Well Received in South Korea and Pacific
orthwest
B: Radix Marine Vessels Well Received in South Korea and Pacific Northwest
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 received positive feedback from attendees at two recent
maritime conventions and trade shows where it displayed prototypes of its
Unmanned Surface Vehicle Project, the Odyssey, and the Radix-Norsco joint
project, a 22 foot aluminum hull commercial boat.
Radix's subsidiary, Integrated Maritime Platforms International, Inc. (IMPII),
presented the manned and unmanned high-speed craft technologies it has developed
in partnership with VOGO Engineering, a South Korean Shipyard company, at the
Naval & Defense 2003 Exhibition in Pusan, South Korea, between October 21st and
24th 2003.
"The show went very well. The 1/10-scale clay models and marketing materials
were favorably received and served to introduce our product line to the Asian
market," said David Hemming, Director of International Marketing for Radix
Marine. Radix believes that the exposure gained from the show will position the
company to be a competitor when the South Korean Navy purchases high-speed craft
in late 2004. David Hemmings will return to South Korea this month for further
discussions with VOGO and other potential customers. The products displayed at
the South Korean show complement the unmanned vessel technology IMPII is
developing as part of an industry consortium, on behalf of the U.S. Navy for the
SPARTAN Unmanned Surface Vehicle (USV) Advanced Concept Technical Demonstration
(ACTD).
Radix Marine and Norsco Marine, a Washington state based manufacturer of
aluminum hulls, exhibited the strategic alliance's new multi-use, 22-foot
aluminum hull boat, configured as a sport-fishing vessel and a manned patrol
craft at the Fish Expo WorkBoat Northwest in Seattle, Washington, November 20th
through 22nd 2003. The two companies entered into a joint marketing agreement
earlier this year to market a new commercial product line of 22-25 foot boats
and a 29-foot landing craft.
"The Radix-Norsco boats were enthusiastically received at the Seattle show,"
said Kathy Bright, President and CEO of Radix Marine. "Interested buyers ranged
from individual commercial fishermen to harbor and port security organizations.
We have subsequently received numerous requests for operational demos of the
boats as well as tours of our manufacturing facilities in Kingston, Washington,
an important step in securing sales contracts."
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: press, David Cochran of Cochran Edwards and Partners, mobile,
+1-206-251-7007; or Shareholder Information Line, +1-360-692-
446, or
dcochran@radixmarine.com, both for Radix Marine
URL: prnewswire.com
radixmarine.com
Copyright (C) 2003 PR Newswire. All rights reserved.
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KEYWORD: Washington
South Korea
INDUSTRY KEYWORD: ARO
MAR
TRN
OTC
SUBJECT CODE: TDS
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