SCOTTSDALE, AZ and CALGARY, AB, Nov. 13, 2014 /CNW/ - RDX Technologies Corporation ("RDX" or the "Company") (TSXV: RDX, OTCQX: RGDEF, FSE:RL7), a water treatment and energy technology company, today announces the formation of a new U.S. based corporation, managerial promotions, and that Hank Habicht will join the Company as advisor to the Board of Directors.
RDX has started the process of forming a separate corporation and completing the necessary legal filings to begin trading in the United States ("U.S. Trading Entity"). The new U.S. Trading Entity will be based solely in the United States to attract primary contracts in the water treatment and energy sectors that cannot be successfully financed within RDX Technologies Corporation which is based and traded on the Toronto Venture Exchange. The new U.S. based entity will grant proportional shares to all current Company shareholders under a new capital structure plan ("Plan") now being completed at the Company's corporate headquarters in Scottsdale, Arizona. The Plan will be presented on the RDX Technologies Corporation website on December 2, 2014.
The purpose of the U.S. Trading Entity is to directly list on a stock exchange in the United States in order to comply with U.S. securities laws as well as open financial participation to the larger market and investor pool, including larger institutional investors, based in the U.S., while increasing shareholder value for all current shareholders of RDX Technologies Corporation.
In addition, the Company announces two financial management promotions. Kevin Bridges has been named Chief Financial Officer for the new U.S. Trading Entity. Mr. Bridges has resigned his position as CFO of RDX. Mr. Bridges' new role will include forming, structuring and holding senior charge of all financial and legal filings required for the new U.S. Trading Entity that is targeted to begin trading late in the first calendar quarter of 2015. Mr. Bridges' new expanded role will also include the formation and development of RDX Europe beginning in December of this year.
Candy Blazar has been named Chief Financial Officer of RDX Technologies Corporation, pending the filing of a personal information form and approval of the exchange. Ms. Blazar has served as Business Manager / Controller of RDX refinery operations and has been with the Company for approximately two and a half years. Ms. Blazar originally held the position of Controller at the Carthage refinery. Candy will be relocating to Scottsdale, Arizona. Ms. Blazar holds a Bachelor of Science in Business Administration, Missouri Southern State University, and a Master of Business Administration, Missouri State University. Ms. Blazar has extensive accounting and controller experience, holding senior positions in engineering, refining and manufacturing companies.
RDX is also proud to announce the addition of Hank Habicht as advisor to the Board of Directors starting December 1st, 2014.
Hank joined Sail Capital ("SAIL") in January 2006 as a pioneering figure in environmental business and government policy and a successful investor in environmental innovation. SAIL invests in breakthrough water and energy technologies, including M2Renewables, now part of the RDX portfolio of solutions.
His career has included leadership positions at the U.S. Department of Justice as Assistant Attorney General of the United States, in charge of the Environment and Natural Resources Division, and at the U.S. EPA as COO (Deputy Administrator). At the EPA he oversaw the development of new air and water programs to prevent pollution, including the development of the Energy Star program and implementation of market-based trading programs under the 1990 Clean Air Act amendments.
In business, Hank served as Senior VP in charge of acquisitions and other divisions of Safety-Kleen, a billion-dollar environmental service company. He has also held positions and started ventures in the for-profit environmental arena, including VP of William D. Ruckelshaus Associates.
Hank has held numerous Board seats over the years, and currently sits on the Boards of SAIL companies WaterHealth International and Xtreme Power, and is a Co-Founder of the American Council of Renewable Energy. He is a Commissioner of the National Commission on Energy Policy, a member of the Board of Directors of the World Environment Center, and has advised several Cabinet Secretaries. He is on the Advisory Board to the National Renewable Energy Lab and the Pacific Northwest National Lab. In 1991 the EPA awarded him with the esteemed Total Quality Leadership Award and in 2009 he received the national Richard Mellon Award for Environmental Stewardship. Hank holds a B.A. with High Honors from Princeton University and a J.D. from the University of Virginia.
Hank Habicht commented, "I can see that RDX is developing a strong value proposition related to both the water and energy markets. I am excited for the chance to help Dennis Danzik and his team deploy RDX technology solutions for maximum impact."
Dennis M. Danzik, RDX CEO stated, "After almost six months of rebuilding RDX refinery structures and investing in expanded manufacturing capabilities, RDX will now enter a phase where revenue growth can be accelerated. The Company is also expecting its fuel blending license to be issued within the next several days, allowing RDX to enter the transportation fuel market. In addition, the Company will be actively recruiting board candidates for it's new structure. Once the Plan is approved, the business can seek investor support in a much larger marketplace and on an exchange that better fits the business model of RDX."
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M. Danzik"
Dennis M. Danzik, CEO
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."
SOURCE: RDX Technologies Corporation
For further information: David Waldman at Crescendo Communications, Investor Relations, (212) 671-1021, email@example.com