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News and Press Releases > News Archive2003 Press Releases Radix Marine Gains Substantial Competitive Advantage Silverdale, Washington—December 10, 2003—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 letter of intent to enter into an exclusive Development, License, and First Right of Refusal Agreement with GSE, Inc. for 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. Integrated Maritime Platforms International, Inc. (IMPII), a wholly owned subsidiary of Radix Marine, was recently awarded a contract with the United States Navy, whereby it joined an industry-consortium developing Unmanned Surface Vehicles (USV) for the Navy’s Spartan program. Radix Marine has been searching for products and systems that will enhance the performance of its USVs. The exclusive right to use GSE’s technology for marine applications will allow Radix Marine not only to comply with the Department of Defense directive, but also to reduce weight and space on its USVs. 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. “We believe that by acquiring the exclusive right to license the marine applications of GSE’s heavy fuel engines, Radix Marine will gain a sustainable competitive advantage for the company’s watercraft in the military and port security marketplace,” said Scott Edwards, Radix Marine Vice President. In addition to acquiring the right to license GSE’s technology, the two companies also plan to begin a twelve month developmental program for a 600 hp CIHFE for use in an 11 meter USV. Cautionary Note Regarding Forward-Looking Statements Radix Marine Launches New Web Site Silverdale, Washington—December 4, 2003—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 created and launched a web site catering to investors and military and commercial customers in the US and abroad. The company’s URL is http://www.RadixMarine.com. The new site features links to company and industry information that is arranged in a very user-friendly format. Radix’s site allows browsers to view financials and updated stock information; product information, photographs, and models; company and management facts; articles, news, trade shows, and events; and subsidiary information and product developments that are underway. “Our web site has a fresh look,” said Kathy Bright, Radix Marine CEO and President. “More importantly, it’s the first step toward our larger communications goal of creating an on-line community, a place where investors and customers will find the latest news, information, documentation, and be able to contact members of Radix’s management. We’ve assembled significant information and facts about the company, who we are, what we do, and the values on which Radix Marine is built. We hope visitors like what they see, and, we value their feedback.” Cautionary Note Regarding Forward-Looking Statements Radix Marine Vessels Well Received in South Korea and Pacific Northwest Silverdale, Washington—December 2, 2003—Radix Marine, Inc. (OTCBB: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. (For more information, see Events and Shows.) "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. (For more information, see Events and Shows.) “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 Radix Marine Continues Financial Restructuring Silverdale, Washington—December 02, 2003—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 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 http://www.sec.gov/Archives/edgar. Cautionary Note Regarding Forward-Looking Statements Radix Marine Files 10Q Report, Continues Financial Restructuring Silverdale, Washington—November 19, 2003—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 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 http://www.sec.gov/Archives/edgar. Cautionary Note Regarding Forward-Looking Statements Radix Marine Receives Commitment for $3.25 Million Silverdale, Washington—November 4, 2003—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 received a commitment for $3.25 million in short term funding through a private placement of convertible debentures. "We have structured the financing so that we raise only the funds that are required to bridge Radix to a longer term financing. We are currently undergoing due diligence regarding this financing and expect to close in early 2004. Our objective has always been to finance the company in the least dilutive fashion as possible. These funds will get us to the point where we can obtain additional longer term financing." said Kathy Bright, President and CEO of Radix Marine. Radix anticipates using these funds to secure port and homeland security and defense opportunities for its Unmanned Surface Vehicles (USV), Challenger Class Patrol Craft, and Unmanned Harbor Security Vehicles (UHSV). The company expects to deploy USVs, Patrol Craft, and UHSVs throughout North America and with ally nations of the United States, to the extent permissible by applicable export regulations. Radix intends to focus on these business opportunities, fund ongoing operations, pursue and conclude mergers and acquisitions, retire debt, and round out our board and management team over the next few months. “We continue to see interest in USVs and UHSVs from US homeland security and defense groups, port security organizations, and others throughout the world. As this interest materializes into purchase orders, we believe this will result in a major turning point for Radix Marine,” noted Bright. Cautionary Note Regarding Forward-Looking Statements Radix Marine Teams Up with VOGO Engineering Silverdale, Washington—October 22, 2003—Radix Marine, Inc. (OTCBB: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. 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, http://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, http://www.vogoeng.com/. Cautionary Note Regarding Forward-Looking Statements Radix Marine Reports Year End Financial Results Silverdale, Washington—October 16, 2003—Radix Marine, Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in port and homeland security and defense initiatives, today reported financial results for the fiscal year ended June 30, 2003. During the fiscal year, Radix Marine announced its first acquisition, that of Integrated Maritime Platforms International, Inc. (Integrated). Integrated is part of an industry consortium, including Northrop Grumman and Raytheon, which is under contract with the U.S. Navy for the SPARTAN Unmanned Surface Vehicle (USV) Advanced Concept Technical Demonstration (ACTD). Integrated also laid the groundwork for a signed agreement to manufacture dual-use manned utility craft with Norsco Marine. As a direct result of the acquisition of Integrated, the company had positive revenues for the year ended June 30, 2003 and for the first time in the company’s history. Debt was reduced by over $1 million, through forgiveness of compensation by former officers, and through retirement of convertible debt. Radix invested $310,500 in the research and development of a pipeline of products in the areas of port security and commercial marine applications. This pipeline includes a portfolio of USV concepts and designs, manned patrol craft, and Unmanned Harbor Security Vehicles (UHSV) in the military sector for (both) domestic and international markets. The company has restructured the management team, adding depth and experience on the Board of Directors, as well as increasing the marketing team. Cost reduction measures implemented during the year include co-locating the facilities, eliminating paid management positions, and outsourcing part-time positions. As of June 30, 2003, Radix had available cash and investments of $69,402 and subordinated convertible debt of $759,605. For the complete 10k filing, annual report, and financial statements, go to http://www.sec.gov/Archives/edgar. 2003 Significant Accomplishments Expanding the Team In March 2003, Radix Marine replaced board members Terry Burke and Bruce Tomiyama with Kathleen Bright and Roy Rainey. The company also added Bright, Scott Edwards, and Monica Langfeldt as officers. In August 2003, Radix brought on David Hemmings to head up International Marketing efforts. Pipeline and Strategic Alliances 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. The following section contains forward-looking statements about Radix's business and financial outlook for the 2003 - 2004 fiscal year. Please refer to the safe harbor statement at the end of this release for additional risk factors. Radix's management believes the company has achieved a balance between the expenditure rate and the speed at which the sales pipeline is advancing. The company requires some financing to reach the corporate goals as defined in the business plan. To this end, the company will continue to endeavor to keep expenditures to a minimum while reducing liabilities on the balance sheet. The company plans to ramp up the marketing efforts for the upcoming year, and has already identified several key military contracts that Radix will be pursuing. In addition, the company has plans to open up the new commercial line and to offer these products in the international market. The first model of this line of craft will be available at the upcoming Seattle WorkBoat show in late November 2003. Radix plans to continue reducing the costs and protect the IP associated with the USV and UHSV development efforts by establishing new and strengthening existing strategic alliances. Radix’s management anticipates expanding its senior management team in the areas of integration engineering and logistics support, having identified logistics support as a profitable area in the marine industry that is currently untapped by competing boat builders. In an effort to expand the company’s board of directors and strengthen relationships with port and homeland security and defense initiatives, the company is in current discussions and negotiations with several key military officials. Cautionary Note Regarding Forward-Looking Statements Radix-Norsco strategic alliance to produce first 22’ aluminum hulled boat Silverdale, Washington—September 30, 2003—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’s strategic alliance with marine fabrication company, Norsco Marine, Inc., will produce its first twenty two foot aluminum hulled boat. This is one of the first activities resulting from the recent joint marketing agreement to market a new commercial product line of 22-25 foot boats and a 29-foot landing craft that the two companies signed earlier this month. Norsco previously built and delivered a 28-foot version of this manned-craft with a central rigging station, enclosed cabin, and commercial-duty marine grade aluminum. While the line of boats can be configured for multiple uses, this 22-foot boat is being built specifically as a sport-fishing boat for display at Radix Marine’s booth at the annual WorkBoat Show in Seattle, Washington, in late November. “Potential buyers are eager to look at an existing boat in operation, which is why we are building this one and taking it to the show,” said Kathy Bright, Radix Marine President and CEO. “Radix and Norsco have ordered the aluminum and we will begin cutting plate on the first boat in this line next week. While Radix’s main focus is to produce vessels for port security, this new line of manned watercraft can be configured for both military and commercial applications. This is an exciting time for our investors and the buyers of this sport-fishing boat.” The Radix-Norsco strategic alliance is advertising this line of vessels in industry newspapers and is receiving numerous calls daily from interested parties. Each finished boat is expected to sell between $60-$75,000, depending on the specific outfitting. The two companies estimate annual sales of this craft should run between 150-200 units for each of the hull length models. Financing support for this project has been arranged in part by Marquis Development Corporation. Cautionary Note Regarding Forward-Looking Statements Radix Marine Inc. Signs Co-Marketing Agreement with Norsco Marine Inc. Silverdale, Washington—September 17, 2003—Radix Marine Inc. (OTCBB:RDXM.OB), a marine vessel development company specializing in homeland security and defense initiatives, today announced the signing of a Co-Marketing Agreement with marine fabrication company, Norsco Marine. Together, Radix and Norsco will jointly market a commercial product line that includes 22-25 ft. boats and 29 ft. landing craft. The two companies estimate annual sales of this craft should run between 150-200 units for each of the hull length models. “Radix’s vision, coupled with Norsco’s years of boat building experience, creates a dynamic team,” said Kathy Bright, Radix President and CEO. “The dual use V-berth craft can be configured for both military and commercial applications. Norsco Marine’s exemplary history in the boat building industry is undisputed. Their craftsmen have years of applicable experience building aluminum watercraft as well as high performance hull forms for the military, law enforcement, marine firefighting, oil spill response, and sport applications.” Recent Norsco customers include the states of California and Alaska, as well as the United States Navy, who currently operate Norsco patrol boats to aid in anti-terrorist efforts. Norsco Marine’s highly skilled team is practiced in building patrol craft to military standards, utility standards, and the special requirements of multi-mission-equipped vessels. All Norsco Marine boats are built to ABYC (American Boat & Yacht Council) standards, providing for rigid quality of construction. This co-marketing agreement pertains specifically to manned craft. Radix Marine is also involved with the development of unmanned surface vehicles (USVs), small remotely controlled unmanned boats that range in size for 6 to 50 feet. These craft can be utilized in numerous security applications ranging from surveillance to mine detection. Through its subsidiary, International Maritime Platforms International (IMPII), Radix Marine is currently participating with the United States Government in an Advanced Concept Technical Demonstration for USVs. IMPII is performing on such a contract with the U.S. Navy in partnership with two of the nation’s leading U.S. defense contractors. Cautionary Note Regarding Forward-Looking Statements Radix Marine, Inc., Signs Letter of Intent To Acquire The Radix Ortega Group, Inc. SILVERDALE, Wash., July 23 /PRNewswire-FirstCall/ -- As part of its series of actions to reposition itself for long-term growth, Radix Marine, Inc. (OTC Bulletin Board: RDXM.OB) (Radix Marine), a publicly-traded company specializing in homeland defense initiatives in the marine industry, announced today it has signed a letter of intent for partial acquisition of The Radix Ortega Group, Inc. (Radix Ortega), a certified minority owned marine and environmental engineering firm based in Seattle, Washington. Under the terms of the letter of intent, Radix Marine will acquire up to 40% of Radix Ortega. This partial acquisition will preserve Radix Ortega's status as a certified minority business enterprise at both the Federal (under the 8(a) program) and State levels, allowing it to continue to compete for contracts designated under those programs. Radix Marine believes the merger will expand the company's offerings in the marine industry as well as its customer base. Radix Marine currently holds a contract with the U.S. government for its unmanned surface vehicles (USVs), which are small, remotely controlled unmanned boats that can be used for a variety of security applications ranging from surveillance to mine detection. Radix Ortega currently has contracts with Washington State's Department of Transportation, the Port of Seattle, and the U.S. Navy Engineering Field Activity Northwest, as well as ongoing environmental assessment work for marine facility construction projects at the Naval Shipyard Puget Sound in Bremerton, Washington. Radix Ortega also has a broad base of existing commercial customers including the Bechtel Corporation, Bank of America and the Puget Sound Energy. "We believe the acquisition of Radix Ortega will expand our current offerings in the marine industry by connecting with an established company with existing contracts for services complementary to those of Radix," said Kathy Bright, President of Radix Marine. "In addition, we expect the acquisition to open up new business opportunities for Radix Marine by enabling us to coordinate resources on projects." Beginning with a corporate restructuring and name change last May, Radix Marine's merger with Radix Ortega is another step forward in a series of an ongoing initiatives Radix Marine has undertaken to strategically reposition itself within the marine industry. According to market research firm Moire International, USVs are expected to be a $1 billion market from 2005 - 2009. Through its subsidiary, Integrated Maritime Platforms International (IMPI), Radix Marine is currently performing on a contract for USVs for the U.S. Navy. Radix Marine and Radix Ortega expect the merger to be completed within 30 to 45 days. Upon completion of the merger, Radix Ortega will operate as a separate business unit with its own rate structure. Radix Marine believes this approach positions Radix Marine to be more competitive on service contracts, while enabling IMPI to conduct the higher-cost research and development tasks. Miguel Ortega, founder and owner of Radix Ortega, will remain President and Chief Executive Officer of Radix Ortega after the merger. Ortega is a registered geologist/hydrogeologist with over twenty-five years in the industry. Ortega, on behalf of Radix Ortega, has managed environmental projects in the Pacific Northwest, Alaska, California and several Midwest States for both private and public sector clients. Ortega is actively involved with the Puget Sound Region environmental professional community through his affiliations with several business and community service associations. He will report to Bright. Bright has worked with Ortega and his firm for more than ten years. The relationship between Bright and Ortega was a significant factor in the decision to merge with Radix Ortega. "I helped Miguel come up with the name 'Radix' (meaning primary source) nearly ten years ago," said Bright. "When it came time to rename Radix Marine, knowing that Radix Ortega was a potential target for acquisition it made sense to approach Ortega about it first. His approval at that time included an understanding that we would work towards this new relationship," Bright added. Additionally, Radix Marine and Radix Ortega have agreed to formalize an official Mentor-Protege relationship, a program approved by Small Business Administration (SBA). The Mentor-Protege program is designed to enhance the capability of minority firms to compete more successfully for U.S. government contracts. The Mentor-Protege program allows teams to bid on contracts that would otherwise be restricted, as well as qualify for other forms of SBA assistance and financing programs. Cautionary Note Regarding Forward-Looking Statements Silverdale, Wash. (June 2, 2003) – Radix Marine, Inc. (OTCBB:RDXM.OB) today announced the first of its initiatives in reorganizing the company to reposition it for long-term growth. Formerly known as Modern MFG Services, Inc., this name change reflects the company’s intent to concentrate on homeland defense initiatives within the marine industry. Under the reorganization, the company is refining its business model to focus on opportunities with the U.S. Navy, Coast Guard, and Marine Corp, as well as target the international market for high-speed unmanned surface vehicles (USV). Through its subsidiary, Integrated Maritime Platforms International (IMPI), the company is participating in an Advanced Concept Technical Demonstration for USVs with the U.S. Government. Participants on such contracts work directly with the government using spiral development techniques to achieve program objectives. IMPI is currently performing on such a contract with the United States Navy in partnership with other leading U.S. defense prime contractors. USVs are small, unmanned boats ranging in size from six to 50 feet that are remotely controlled by an operator from either a host ship or from shore. USVs can be used for a variety of security applications ranging from surveillance to mine detection, much like the Predator, the unmanned air vehicle that was a major contributor to recent military efforts in Iraq. According to independent industry research conducted by Moire, Inc. in April of 2003, the potential market for USVs from 2005 to 2009 is $1 billion. To lead the reorganization, the company has named Kathy Bright, president of IMPI, as President of Radix Marine and to its board of directors. Bright is a founding member of IMPI, which was sold last year to Modern MFG. Bright holds a Master’s Degree in Business Administration from the University of Phoenix, and has more than 20 years of experience in contract management, business development, managerial accounting, human resources, training systems, logistics and environmental and security programs. Her accomplishments include securing and managing a $16 million Environmental Services Contract with the Naval Underseas Warfare Center, Keyport Division. In addition to Bright, Radix Marine has made the following changes to the management team and board of directors.
According to Bright, one of the first agenda items of the new management team will be to assess and improve the financial condition of the firm. The company will also be looking to augment the management team. “We believe that USVs will play an increasing role in military and defense in the not-too-distant future. Our technology and established contacts within the government, combined with the company’s new focus and the expertise of its new management team, places Radix in a position to take advantage of this opportunity,” said Bright. Radix Marine, Inc. is located at 9119 Ridgetop Blvd., Suite 260, Silverdale, Wash. 98383; telephone 360-692-0609; fax 360- 692-0977. 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.” 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. Radix Marine is publicly traded and fully reported on the NASDAQ OTCBB: RDXM.
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