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News and Press ReleasesEvents and Shows In the Media
2004 Press Releases Radix Marine Signs Contracts for Light Manufacturing Silverdale, Wash. (August 27, 2004) -- Radix Marine, Inc. (OTC Bulletin Board: RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced the awarding of several new contracts for light manufacturing. These contracts are a direct result of the recent agreement to lease manufacturing equipment from AllMetal Works, LLC. Under the lease agreement, Radix Marine agreed to handle all new jobs that previously would have been awarded to AllMetal Works. According to the Kathy Bright, president and CEO of Radix Marine, accepting work for light manufacturing was a strategic decision designed to minimize the risks in setting up a new facility. The equipment leased from AllMetal Works to build two new prototypes for Advanced Marine Concepts, a marine technology company formed by Philip Whitener, a retired Boeing test engineer and Eric Anderson, CEO of Art Anderson Associates, can also be used for producing a variety of other metal components. “Because of the cyclical nature of manufacturing high speed vessels, combined with our position as an early growth stage company, we are continuing to develop strategic relationships that have substantial potential,” said Bright. “Our goal is to get this new facility ramped up as quickly as possible so we can focus on maximizing our production capacity.” AllMetal Works has been in business for over three years and has a customer base of over 100 clients. Many of these are repeat customers, such as the Washington State Patrol (WSP). Radix Marine will be manufacturing homeland-security related equipment for the WSP. Today’s announcement represents part of Radix Marine’s continuing move to build its in-house manufacturing capabilities. Earlier this month, the company leased a new manufacturing plant and all the equipment to manufacture high-speed vessels internally, allowing the company the ability to manufacture in-house as well as through outsourcing. The company is currently manufacturing two prototype manned vessels for Advanced Marine Concepts, which was announced last week. Cautionary Note Regarding Forward-Looking Statements Silverdale, Wash. (August 17, 2004) -- Radix Marine, Inc. (OTC Bulletin Board: RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it has signed a contract to build two prototype manned vessels with a marine technology company, Advanced Marine Concepts, formed by Philip Whitener, a retired Boeing test engineer and Eric Anderson, CEO of Art Anderson Associates. The boats will be built in Radix Marine’s new manufacturing facility, making them the first such orders to be produced by the facility. The prototype vessels are for a proprietary project being developed by Advanced Marine Concepts, and will use patented technology designed by the firm. Production on the vessels, codenamed “Dragonfly,” will begin immediately. According to Advanced Marine Concepts, the Dragonfly prototype will demonstrate new ultra high efficiency technology for high-speed passenger and car ferries. The design combines surface effect ship and hydrofoil technologies. Today’s announcement is the third in a series from Radix Marine on its continuing move to build its in-house manufacturing capabilities. Earlier this month, the company acquired the equipment and facility for its own manufacturing plant – the first of its own. The company plans to use the new facility primarily to support research and development, such as that represented by the contract with Advanced Marine Concepts, while continuing to outsource other areas of manufacturing. “This is exactly the type of order we envisioned when we made the decision to add our own manufacturing plant,” said Kathy Bright, president and CEO of Radix Marine. Cautionary Note Regarding Forward-Looking Statements Silverdale, Wash. (August 12, 2004)—Radix Marine, Inc. (OTC Bulletin Board: RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it has signed a lease for new manufacturing facility. The new facility will have the capacity to produce six to eight craft per month and is located near Radix Marine's corporate headquarters, approximately one hour north of Seattle. Initial plans call for the manufacturing plant to be used to support Radix's research and development efforts. Currently, the company out sources all of its manufacturing, including R&D. The company plans to continue to outsource other areas of manufacturing. "This new facility gives us a tremendous amount of control over our manufacturing and R&D efforts while making us even more responsive to our customers' needs," said Kathy Bright, President of Radix Marine Inc. "As we continue to gain traction with those companies seeking solutions to their security issues involving marine vessels, Radix has strengthened its production capabilities for the near future and beyond." Today's announcement comes less than a week after the company stated its intent to add in-house manufacturing capabilities to the organization. Last week, the company announced it had signed a lease to purchase agreement with AllMetal Works to acquire all the equipment necessary to set up its own manufacturing facility. Cautionary Note Regarding Forward-Looking Statements Radix Marine Announces Voting Results of Annual Meeting of Shareholders Silverdale, Wash. (August 9, 2004)—Radix Marine, Inc. (OTC Bulletin Board: RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced the results of the voting at its August 5 annual meeting of shareholders. The proposed slate of nominees was elected to the board of directors. Re-elected to the board were Kathy Bright, president of Radix Marine; Roy A.H. Rainey, an attorney in private practice and former judge who was previously honored as Outstanding Judge of the Year by the Washington State Bar Association; and Roger Janssen, a consultant specializing in the manufacturing industry. Newly elected to the board were: Retired Lt. Gen. William J. Hillsman, co-founder and Chief Executive Officer of DTI International, Inc. (DTI), a Philadelphia-based consulting company specializing in information system technology, distributed learning technologies and programs and Homeland Security IT solutions; and Glenn Turcotte, retired chief operating officer of Katy Industries, Inc. (NYSE), a publicly traded company engaged in the production of maintenance and electrical products. In addition to the election of the board of directors, the Company announced that shareholders approved the following:
Cautionary Note Regarding Forward-Looking Statements Silverdale, Wash. (August 5, 2004)—Radix Marine, Inc. (OTC Bulletin Board: RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it has signed a Lease and Purchase Agreement with AllMetal Works of Kingston, Wash. to acquire the equipment necessary to set up its own manufacturing facility. Under the agreement, AllMetal Works will supply Radix Marine with all the equipment, from pneumatic tools to bending equipment, required for the manufacture of marine vessels. Radix Marine will own the equipment outright at the end of the one-year lease. Today’s announcement represents the company’s first move to add in-house manufacturing capabilities to its operations. Presently, Radix Marine out sources all its manufacturing. Radix Marine plans to use the newly acquired equipment to set up a manufacturing facility near the Seattle area to assist the company in its research and development efforts while continuing to outsource other areas of its manufacturing. “We believe that the addition of in-house manufacturing capabilities in our research and development will help us better serve our customers,” said Kathy Bright, president of Radix Marine. “We plan to continue to use a combination of both in-house and outsourced manufacturing to bring best value to our customers and shareholders.” At the same time, the company announced that it has hired a general manager of its manufacturing operations. The new general manager brings 21 years of experience in direct aluminum craft production including marine design, construction, and quality. His initial charter for Radix will be to set up the company’s new manufacturing facility, including site selection and hiring staff. Both site selection and hiring are expected take place during the next 30 days. New staff positions made available through the opening of the new facility will include marine welders, electricians, and mechanical and electrical outfitters. Cautionary Note Regarding Forward-Looking Statements Radix Marine Completes Removal from the Berlin Stock Exchange Silverdale, Washington—July 27, 2004—Radix Marine, Inc. (OTCBB: RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it has completed measures to be removed from the Berlin Stock Exchange. It has been alleged that hundreds of OTCBB companies had been listed on the Berlin Exchange as a means to circumvent new SEC and NASD rules designed to stop “naked short selling”' in U.S. markets. According to industry analysts, more than 200 U.S. companies have been added to the Berlin Exchange without their knowledge or consent. Several companies, mostly small ones that trade on the OTCBB, have reported that the Berlin Exchange trading practices may have led to turbulent swings in their stock prices. As management determined that there is no tangible benefit for listing with the Berlin Exchange, with the assistance of company counsel, the proper personnel at the Berlin Exchange were contacted, which resulted in the successful de-listing from the Berlin Exchange. It is recommended to any existing or potential investors planning to purchase shares of Radix Marine that they complete any transaction of shares via the NASDAQ Over-the-Counter Bulletin Board Exchange (OTCBB). Shares traded on the Berlin Stock Exchange or any other foreign exchange are not currently recognized or authorized by Radix Marine, Inc. Cautionary Note Regarding Forward-Looking Statements Radix Marine Board Nominates Two Outside Directors Silverdale, Washington—June 01, 2004—Radix Marine, Inc. (OTCBB: RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that the company’s board of directors has nominated Lieutenant General William J. Hilsman, U.S. Army (RET.), and Glenn W. Turcotte as new board members. In the upcoming proxy, shareholders will vote on the board nominations. Hilsman is co-founder and Chief Executive Officer of DTI International, Inc. (DTI), a Philadelphia-based consulting company specializing in information system technology, distributed learning technologies and programs, and Homeland Security IT solutions. Before forming DTI, he was one of the founders of InterDigital Communications Corporation in 1983, as well as President, Chief Executive Officer and Chairman of the Board with the company for over ten years. Prior to joining InterDigital, Hilsman was Chief of Defense Communications and Manager of the National Communications System in Washington, D.C., where he was responsible for the Department of Defense worldwide communications and command and control systems. He also led the government planning on the response to AT&T's divestiture of the Bell System operating companies. During Hilsman’s military career, he served in a number of key posts, including Commanding General of the Army's Research and Development Laboratories at Fort Monmouth, New Jersey, Commanding General of the U.S. Army Communications Training Center at Fort Gordon, Georgia, and President of the US Army Combat Arms Training Board (CATB) at Fort Benning, Georgia. Hilsman’s tours of duty included the 1st Infantry Division, the 9th Infantry Division, and the 4th Armored Division of the US Army. Hilsman currently serves on the Army Science Board Summer Study on the Future Combat System in Urban Combat, Stabilization and Peacekeeping Operations. He recently chaired the National Guard and Reserve Forces panel on the Defense Science Board Summer Study on the Role of the Department of Defense in Homeland Security. Hilsman was also a member of the Defense Science Board’s task force on Training for Future Conflicts. In addition, he has served as a member of the Defense Science Board Summer Study on Tactics and Technology for Army 21st Century Military Superiority, as a consultant to the Army Science Board in distance learning, and as a consultant to the Defense Advanced Research Projects Agency (DARPA). Hilsman initiated and later served on the President’s National Security Telecommunications Advisory Committee (NSTAC), a committee composed of chief executive officers from the telecommunications and information systems industry, advising the President on issues of national security and emergency preparedness. In addition, Hilsman is the founder and Chairman Emeritus of the National Science Center, Inc., a not-for-profit corporation in partnership with the United States Army and the private sector, dedicated to motivating America's youth to pursue education and careers in math and science. He also chairs the National Guard’s Bureau (NGB) Strategic Issues Task Force to address the roles and missions of the NGB information technology systems in the year 2010. Hilsman led the Institute for Defense Analysis study team on distributed learning, strategic planning for the Army Training Support Center, and training of the digital army of the future. He currently serves on two additional non-profit Boards dedicated to improving education and career opportunities for America’s youth: the Community Learning and Information Network and the Network for Instructional TV, Inc. He was graduated from the United States Military Academy at West Point in 1954 and, in 1962, received a Masters Degree in Electrical Engineering with a major in Computer Science from Northeastern University in Boston, Massachusetts. Mr. Hilsman attended the Army's Command and General Staff College at Fort Leavenworth and the Industrial College of the Armed Forces in Washington, DC. Glenn Turcotte has served in various capacities for Katy Industries, Inc. (NYSE), a publicly traded company engaged in the production of maintenance and electrical products. In June of 1995, he was elected to Katy’s board of directors. From 1993 through June 2001, Turcotte served as Group Vice President, Executive Vice President, and Chief Operating Officer of Katy. In June 2001, he resigned from Katy Industries, Inc. as a result of a planned change in control of the company. Prior to joining Katy Industries, he was in sales for Sandoz Pharmaceutical and Airwick Corporation for more than ten years. After serving as liaison between Airwick and Glit, Inc., Turcotte became Vice President and General Manager for Glit, based in Port Chester, New York. Katy Industries purchased the company in 1982 and named Turcotte as the President of Glit. In 1990, he was named Vice President of Katy. In 1992, Turcotte was elected to serve on the Board of Directors for US-Republic of China Economic Council (US-ROC) whose function is to foster economic and political ties between Taiwan and the U.S. Casper Weinberger was chairman of the US-ROC the year Turcotte was elected. For twelve years, he served with former Secretary of Defense Frank Carlucci; William P. Clark, former Secretary of the Interior; and Dan Tellope, former chairman of the Lockheed Corp. Turcotte was graduated from the University of Minnesota in 1962. Cautionary Note Regarding Forward-Looking Statements Radix Marine Files 10Q Report, Books New Boat Sale Silverdale, Washington—May 18, 2004—Radix Marine, Inc. (OTCBB:RDXM), 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 second quarter with the SEC on Form 10Q. Radix Marine management continued to reduce the company’s debt and liabilities in the third quarter. During the three-month period ending March 31, 2004, the company had revenue of $10,903 from its contract with the U.S. Navy and $29,614 from the sale of a 22’ dual-use vessel to a U.S. Army base in the state of Alaska. For the complete 10Q filing and other financials, go to http://www.sec.gov/edgar/searchedgar/companysearch.html and enter Radix Marine. Cautionary Note Regarding Forward-Looking Statements Radix Marine Secures Heavy Fuels Supply Contract Silverdale, Washington—May 03, 2004—Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that the company has signed a heavy fuels supply contract with Noland-Decoto. The agreement requires that Noland-Decoto purchase its fuel from Radix Marine, which will in turn purchase the fuel from BP Air. Noland-Decoto will then resell the fuel to retail and wholesale purchasers. "Although fuel supply is not in our primary line of business, management believes that this opportunity will fit nicely with our efforts and alliance with GSE on the heavy fuels engine development,” said Kathy Bright, President and CEO of Radix Marine. “Historically, Noland-Decoto resells heavy fuels to customers such as the largest Northwest commuter airline, the US government, and other private and commercial air operations. Revenue generated from this contract will vary depending upon air traffic and current bulk fuel prices.” The two companies signed the agreement on April 20, 2004. For the partial month of April, Radix billed $40,556 in heavy fuels supply gross revenue. The fuel source contract is with BP Air. GSE Letter of Intent Radix Marine signed a letter of intent in December 2003 to enter into an exclusive Development, License, and First Right of Refusal Agreement with GSE, Inc. for the development of the marine application of the company’s high power density compression ignition TSIO 1255 engine series. GSE, recently awarded a grant by the U.S. government for the initial development phase of the TSIO 1255 compression ignition heavy fuel engines (CIHFE), has been in the heavy fuel engine development business for twelve years and is utilizing proprietary technology to develop lighter and smaller high power density CIHFE. GSE’s products seek to meet the market demand created by U.S. Department of Defense Directive 4140 (1999), which mandates the standardized use of heavy fuels by all branches of the military by 2010. In the event of a finalized agreement between the two companies, the exclusive right to use GSE’s technology for marine applications would allow Radix Marine not only to comply with the Department of Defense directive, but also to reduce weight and space on its unmanned surface vehicles (USV). Minimizing deck space creates more room for vital electronics and weapons in the mission package. Lighter engines allow the craft greater range, longer on-station capability, increased payload capacity, better stability, improved fuel economy, and higher speeds. Radix’s ability to acquire this license is subject to due diligence, negotiation, and finalization of a definitive agreement. Cautionary Note Regarding Forward-Looking Statements Radix Marine Commits to $3.3 Million in Financing Silverdale, Washington—April 21, 2004—Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that the company has raised short term financing through the private placement of a convertible debenture through La Jolla Cove Investors. For complete details and terms of the financing, go to http://www.sec.gov/edgar/searchedgar/companysearch.html and enter Radix Marine. "We are putting this funding in place, in advance of actually needing it, to finance potential contracts that are in our current bid and RFP (request for proposal) pipeline,” said Kathy Bright, President and CEO of Radix Marine. “These funds are in place to help prove to potential customers our abilities to properly finance and deliver on their contracts. We will use this funding very carefully, only drawing money as needed, such as for construction financing for a specific contract awarded to Radix.” “Radix Marine cancelled the previous deal with La Jolla Cove Investors only because of third party involvement (real estate) built into the structure of the terms,” Bright said. “We’ve always liked La Jolla. This ‘more streamlined deal’ is much better for the shareholders and the company.” The effective date of the registration will be in the summer of 2004, no more than 120 days from the April 9th filing. The company is also sending out a proxy statement to shareholders, requesting an increase in authorized shares to 250 million. “The increase in authorized shares will allow Radix the ability to focus on future growth, explore strategic mergers and acquisitions, and open up additional financing options to fund future contracts,” said Bright. “Our objective has always been to finance the company in the least dilutive fashion as possible. This increase will get us to the point where we can obtain additional longer term financing abilities to compete for and fund larger contracts." Radix Marine will stay focused on pursuing port and homeland security and defense opportunities for their Unmanned Surface Vehicles (USV), Challenger Class Patrol Craft, and Unmanned Harbor Security Vehicles (UHSV) throughout the world according to Bright. The company will continue to go to where the related core business opportunities are, fund ongoing operations, retire debt, and to round out the board and management team. Radix sees a growing interest in USVs and UHSVs from US homeland security and defense groups, port security organizations, research companies, and other governments throughout the world. Cautionary Note Regarding Forward-Looking Statements Silverdale, Washington — April 6, 2004 — Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it has signed a memorandum of understanding with Atlantis Marine Projects, Ltd, a South African based marine vessel development company registered with the South African Armaments Corporation as a supplier to the SA National Defence Force. Under the terms of the memorandum of understanding (MOU), Radix Marine and Atlantis have entered into an agreement whereby the two companies have specialist market knowledge, business capability, and international boat design and manufacturing experience related to fulfilling the South African Armaments Corporation (ARMSCOR) acquisition projects, to deliver four GB Challenger Class craft. Radix and Atlantis are bidding on the four high-speed boats as per the Project Sundowner Request for Quotation (RFQ) issued by ARMSCOR. “While we are currently involved in multiple domestic and international bid and RFQ processes, the Atlantis MOU is one of the most exciting opportunities we have in front of us,” said Kathy Bright, C.E.O. of Radix Marine. Under the terms of the MOU, Atlantis will be the lead house for the bid, work with other local South African companies, and conduct the local logistics engineering tasks necessary to support the boat and trailer suppliers. Radix will offer a boat that meets the RFQ requirements as defined in the ARMSCOR specification documents, provide a detailed statement of compliance to each of the boat criteria applicable and provide a cost proposal for these activities, and provide detailed information regarding the boat for the local trailer, cradle, and lifting equipment manufacturers to design and manufacture these components. The two companies submitted the final offer to ARMSCOR on March 24, 2004. Under the agreement, Radix had to confirm that the company has a same size and performance boat available for evaluation trials as required by ARMSCOR. As a result of this, Radix is preparing for and will make available the company’s GB Challenger Class craft for physical testing in the US at its own cost. In preparation for the visit and test in Seattle, Washington, Radix Marine is investing approximately $30,000 in upgrades and maintenance on their GB Challenger. “Radix is essentially ‘lightening up’ the craft to improve its overall performance,” according to Scott Edwards, Radix Marine Vice President. “We are making overall improvements to attachment points, hinges, etc. and other upgrades to make it more production friendly. We’re applying all of the upgrades and improving the wear points based on seven years of testing.” Radix is upgrading the rear steering system by removing the existing electro/hydraulic steering system and installing state of the art upgrades from the company’s jet pump manufacturer. The GB Challenger Class craft will now have a cylinder that protrudes directly from the transom, with a direct link to the steering nozzle of the drive. This will also better conform to requirements of the Coast Guard for commercial applications. “We are also switching the drive system from the same linear cable, hydraulic, and electrical configuration for the drive unit of the pump,” said Edwards. “This will simplify the system and lead to better reliability in overseas and remote operations. We are configuring the cockpit to allow for a quick change-out of avionics and allowing for a switch of systems in a rapid manner for testing multiple configurations. We will also be modifying a trailer to allow for direct launching of the craft from the trailer directly into the water, eliminating the need for a loading and unloading crane.” For more information on the South African Armaments Corporation, please visit http://www.armscor.co.za/Home.asp. For more information on Atlantis Marine Projects, please visit http://www.atlantiscorp.co.za/overview.html. Cautionary Note Regarding Forward-Looking Statements Radix Marine Files 10Q Report, Ramps Up Project Bid Pipeline Silverdale, Washington—February 26, 2004—Radix Marine, Inc. (OTCBB: RDXM), 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 second quarter with the SEC on Form 10Q. Radix Marine management continued to reduce the company's debt and liabilities in the second quarter. During the three-month period ending December 31, 2003, the company's revenue from its contract with the U.S. Navy were down due to typical slow government funding during the first quarter. "For the past two quarters, we have been focused on positioning the Company and its stock for growth," said Kathy Bright, Radix Marine's President and Chief Executive Officer. "We are now focused on revenues, and to that end have stepped up our efforts in the bid and proposal processes." In the last quarter, Radix Marine entered into due diligence on a $7 to 9 million bid in South America and a $23 million dollar request for proposal with a US armed services division. In just the past few weeks, the Company has submitted bids totaling $3.25 million. Over the next two months, the Company will respond to additional proposals totaling up to $15 million. These are all for construction contracts, and mostly for use overseas. "I emphasize that these are bids only, in a competitive environment, and as such, there are no guarantees," Bright continues. "However, due to our alliances with Norsco, Astrolabe, and VOGO, we have increased the product line we can offer, as well as our manufacturing capacity. The company is now positioned to be competitive and bid on contracts regularly. Radix plans to continue to respond to any and all requests for proposals that match our capability to deliver." In January 2004, the company stock's 50-day moving average rose above the 200-day moving average. For the complete 10Q filing and other financials, go to http://www.sec.gov/edgar/searchedgar/companysearch.html and enter Radix Marine. Cautionary Note Regarding Forward-Looking Statements SILVERDALE, Washington—February 18, 2004—Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it has retained Equitilink LLC of La Jolla, California, to supplement its financial communications efforts. Kathy Bright, Radix Marine President & CEO, said: "Our company's corporate development and growth opportunities are at the point where it is appropriate to retain a sophisticated firm such as Equitilink. We are impressed with Equitilink's broad and proactive relationship with investors who invest in micro cap and small cap securities, and with the extensive and diverse experience of its management team. We believe they are the right firm to advise and assist Radix Marine with our financial communications." "We are confident that Radix Marine has the business plan and the management to successfully take their unmanned and manned surface vehicles to the next level. We look forward to advising and assisting the company with its financial communications and shareholder relations," said Jim Mahoney, Managing Director of Equitilink. Cautionary Note Regarding Forward-Looking Statements About Equitilink Equitilink assists public companies in improving their shareholder relations through professional, cost-effective public/investor relations' strategies. Equitilink helps its clients achieve fair market value by expanding public awareness and enhancing corporate image. Additional information is available on the web at www.equitilinkpr.com. Silverdale, Washington—February 11, 2004—Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that the company and its CEO, Kathy Bright, have been featured on CEOCast. The interview and company details are free to site visitors who register. To find the content, scroll down to the Radix Marine link under ‘Interviews’, or search the archives, for the February 5, 2004 interview at http://www.ceocast.com/. Cautionary Note Regarding Forward-Looking Statements Radix Marine Approves Initiative To Secure Alternate Financing for 2004 Silverdale, Washington—February 4, 2004—Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that its Board of Directors elected to terminate the proposed financing with La Jolla Cove Investors, Inc., and has approved a company initiative to secure alternate financing for 2004. The proposed $3.25 million convertible debenture financing with La Jolla Cove Investors was described in a company news statement dated November 4, 2003. “Upon further review of the revised proposed financing last month, the Board has concluded that the terms of this transaction are no longer in the best interests of the corporation and its stockholders,” said Kathy Bright, President and CEO of Radix Marine. “We have initiated discussions with alternate sources of funding and believe we will be able to secure financing on more favorable terms, especially in light of our recent activity and the strategic relationships we have been building within the industry.” Radix Marine recently was awarded “preferred customer status” by AllMetal Works, Inc., entered into a Memorandum of Understanding with Astrolabe Marine Group Ltd., and signed a Letter of Intent with GSE, Inc. Cautionary Note Regarding Forward-Looking Statements Radix Marine Receives Preferred Customer Status Silverdale, Washington—January 28, 2004—Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced it has established a “preferred customer” relationship with AllMetal Works, Inc., a Washington corporation specializing in laser-guided precision metal fabrication. “We believe that this relationship with AllMetal Works has the potential of reducing our costs and increasing our productivity, in turn creating a competitive advantage for us in the development and manufacture of several key products, including the GB-11 Challenger and GB-12 Challenger Series, as well as the vessels under development under the Radix-Norsco joint marketing agreement,” said Kathy Bright, C.E.O. of Radix Marine. AllMetal Works operates an Omada Gemini Series Dual Gantry Laser System capable of cutting marine aluminum to tolerances of 0.004 inches, which has the potential to increase the cutting capacity of a craft production shop by an estimated factor of ten, without increasing staffing needs. The system operates on premixed laser gas and Gemini’s Water Assisted Cutting System (WACS™). “This virtually eliminates the introduction of impurities such as slag, oils or carbon typically found in other laser or plasma cutting systems. As a result, higher quality parts are produced,” explained Charlie Gehlen, President of AllMetal Works. The preferred customer status makes discounted pricing available to Radix Marine, as well as priority scheduling within AllMetal’s local facility. “We think that this relationship will provide us with the opportunity to pursue larger contracts and meet the aggressive delivery schedules of our industry,” said Bright. Cautionary Note Regarding Forward-Looking Statements Radix Marine To Present Sport Fishing Vessel at West Coast Boat Show Silverdale, Washington — January 23, 2004 — Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it is presenting the Radix-Norsco joint project, 22 foot aluminum hull commercial boat at the Fred Hall’s Fishing, Tackle & Boat Show, taking place in San Francisco, California, January 21st – 25th, 2004. “This is a wonderful opportunity to introduce thousands of boating enthusiasts to not only this specific vessel, but also to Radix Marine,” said David Hemming, Director of International Marketing for Radix Marine. Radix Marine and Norsco Marine, a Washington state based manufacturer of aluminum hulls, entered into a joint marketing agreement in 2003 to market a new commercial product line of 22-25 foot boats and a 29 foot landing craft. The boats being displayed at the show are configured as sport-fishing vessels. “Although the focus of our company is on homeland security and defense initiatives, we believe that the Radix-Norsco multi-use vessel will allow us to compete for a share of the domestic pleasure craft market, which has the potential of producing an important revenue stream for the company,” said Kathy Bright, C.E.O. of Radix. Radix previously exhibited the Radix-Norsco joint project at the Fish Expo WorkBoat Northwest in Seattle, Washington, November 20th through 22nd, 2003, where it was enthusiastically received, and the company received a number of requests for operational demos of the boat and tours of its manufacturing facility in Kingston, Washington, an important step in securing sales contracts. Cautionary Note Regarding Forward-Looking Statements SILVERDALE, Washington - January 21, 2004 - Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today announced that it has signed a memorandum of understanding with Astrolabe Marine Group, Ltd, a Vancouver based, Canadian marine vessel development company, to enter into a joint marketing and development agreement. Under the terms of the memorandum of understanding, Radix Marine and Astrolabe will enter into an agreement whereby they shall implement a program of joint cooperation in each others' small vessel marketing, development, promotional, training and sales efforts. Specific areas of cooperation contemplated by the memorandum of understanding include the development of GB-11 Challenger and GB-12 Challenger prototypes (eleven and twelve meter boats, respectively) and bidding on an upcoming U.S. Government contract for the construction of utility boats. "We are very excited at the prospect of working with Astrolabe, especially because of their established relationships in this industry," said Kathy Bright, C.E.O. of Radix Marine. In February of 2004, representatives from Astrolabe will travel to the Philippines to meet with civilian and military officials, with whom the company previously met in Vancouver, and present the Challenger series of patrol craft. The Philippine government has previously expressed an interest in obtaining marine vessels that can be applied to the patrol efforts of its Coast Guard and Police in the Straits of Malacca: Radix Marine believes that a joint marketing and development program with Astrolabe can position the company to meet this need. Cautionary Note Regarding Forward-Looking Statements 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, http://www.RadixMarine.com/, or the investor relations web site, http://www.rdxm.com. Cautionary Note Regarding Forward-Looking Statements This press release contains "forward-looking statements." 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. Actual results may differ materially due to factors over which we have little or no control. Radix Marine is publicly traded and fully reported on the NASDAQ OTCBB: RDXM.
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