NEW YORK, June 10, 2004 (PRIMEZONE) -- Avenger Boats, Inc. (www.avengerboats.com) announced today that it has signed a licensing agreement with Radix Marine, Inc. (OTCBB:RDXM), a marine vessel development company specializing in port and homeland security and defense initiatives. Radix Marine will have the right to market, manufacture and supply Avenger Boats for government and commercial customers in the United States and internationally.
Avenger Boats have been tested by the Carderock Division of the Naval Undersea Warfare Center for both manned and unmanned capabilities, including remote operated capabilities for the weapons systems on the Spartan. Avenger Boats have completed a multi-media instructional training and maintenance program with Bath Iron Works, a division of General Dynamics (NYSE:GD). The Avenger Boats have been previously sold to the Bahamas and Greek governments. The Avenger Boats are currently based with the Intrepid Aircraft Carrier in New York.
Radix Marine (OTCBB:RDXM) subsidiary, Integrated Maritime Platforms International, Inc. (IMPII), is a member of a three-way industry consortium to develop an Unmanned Surface Vehicle (USV) for the U.S. Navy. The program is called the SPARTAN Advanced Concept Technical Demonstration (ACTD).
Under ACTD contracts, rapid research, and development efforts are achieved through spiral engineering vice traditional methods. The objective for ACTDs is to develop a product during the contract that then becomes a program for acquisition by the government. As a member of the development team for the SPARTAN USV, Radix Marine is uniquely positioned to be the ultimate provider of the craft to the U.S. Navy or other military branches of United States and ally nations.
Radix Marine's vision for the USV is a nautical cross between the aerial Predator drone and the land-cruising Humvee. The unmanned vessel technology that Radix's IMPII is developing as part of the industry consortium on behalf of the U.S. Navy for the SPARTAN USV ACTD includes Northrop Grumman (NYSE:NOC), and Raytheon Co. (NYSE:RTN).
Details and distribution of information about the SPARTAN program is available directly from the Navy's SPARTAN program manager and through Navy-approved sources.
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:RDXM).
Visit the company's web site http://www.radixmarine.com
About Avenger Boats
Avenger Boats, Inc designs, develops and manufactures high performance patrol boats for use in Port Security, Homeland Security, Coast Guard and the Littoral Combat Ship. For more information, please visit the company's website http://www.avengerboats.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.