REDHAWK HOLDINGS CORP. (OTCMKTS:IDNG) Files An 8-K Other Events
Item 8.01 OTHER EVENTS.
On February 6, 2019, RedHawk Holdings Corp. (the “Company”) agreed to the terms of a settlement of a lawsuit, RedHawk Holdings Corp., et.al. v. Daniel J. Schreiber and Schreiber Living Trust – DTD 02/08/95, filed in the United States District Court, Eastern District of Louisiana (Case 2:15-cv-00819), filed on or about January 31, 2017. The settlement, which is subject to final documentation and other terms and conditions, provides for the transfer of approximately 52.4 million shares of the Company’s common stock currently held by the Schreiber Living Trust – DTD 02/08/95 to the Company in exchange for the payment of $250,000 at closing, a $200,000 promissory note payable 18 months after closing, and a $200,000 promissory note payable 30 months after closing (collectively referred to herein as the “Promissory Notes”) and the dismissal of all claims and counter-claims against the parties in the suit. The Promissory Notes are secured with certain assets of an officer and director of the Company and at any time within 180 days after closing, the Promissory Notes can be paid in their entirety for $300,000.
About REDHAWK HOLDINGS CORP. (OTCMKTS:IDNG)
Redhawk Holdings Corp., formerly Independence Energy Corp., is a holding company, which through its subsidiaries, is engaged in sales and distribution of medical devices, sales of branded generic pharmaceutical drugs, commercial real estate investment and leasing, sales of point of entry full-body security systems, and specialized financial services. The Company’s segments include Land & Hospitality, Medical Device & Pharmaceutical, and Other Services. The Land & Hospitality, and Other Services segment units operate in the United States. The Medical Device & Pharmaceutical segment operates in the United Kingdom. The Company, through its medical products business unit, sells WoundClot Surgical-Advanced Bleeding Control, the Disintegrator Insulin Needle Destruction Unit, the Carotid Artery Digital Non-Contact Thermometer and Zonis. The Company’s real estate leasing revenues are generated from a commercial property under a long-term lease.