Diagnostic Resources Corp. Emerges with Focus on Medical Diagnostics

Diagnostic Resources Corp. has formally emerged following a rebranding of Riggs Resources Corp. The company, which is focused on developing and selling medical diagnostics products, has completed the distribution of its holdings in Big Red Mining Co. Inc. to its shareholders in the form of a shareholder dividend. The dividend resulted in each shareholder receiving one share of Big Red Mining stock for each share of Riggs Resources common stock held. With the completion of this distribution, Diagnostic Resources is now focused on its acquisition of Clinical Controls Inc., a California-based company that manufactures quality controls materials for hospital and clinical laboratories.

Key Takeaways:

• Diagnostic Resources Corp. has changed its name from Riggs Resources Corp. following a special meeting of its shareholders, where the board of directors voted to make the change.
• The company has completed the distribution of its holdings in Big Red Mining Co. Inc. to its shareholders, resulting in each shareholder receiving one share of Big Red Mining stock for each share of Riggs Resources common stock held.
• The distribution was carried out in the form of a shareholder dividend.
• Clinical Controls Inc., a California corporation, has been acquired by Diagnostic Resources. Clinical Controls manufactures 16 quality controls materials for hospital and clinical laboratories and is expected to expand its product line to include nine new controls.
• James Godfrey, the founder and president of Clinical Controls, has been named president and chairman of Diagnostic Resources. He has over 25 years' experience in the medical diagnostic field.
• Frank Mente, the former president of Riggs Resources, will now serve as corporate secretary and member of the board of directors.
• Diagnostic Resources will be manufacturing various rapid diagnostic tests in the fields of cardiovascular disease, clinical chemistry, therapeutic drug monitoring, drug abuse, and infectious diseases from its executive offices and manufacturing facilities in Grover Beach.

Statistics:

• Over 25 years of relevant experience in the medical diagnostic field.
• 16 quality controls materials currently manufactured by Clinical Controls.
• 9 new controls expected to be added to Clinical Controls' product line.
• Distribution of Clinical Controls' products takes place throughout the United States, Canada, and worldwide.
• 16 fields in which Diagnostic Resources will manufacture rapid diagnostic tests.

Sources:

• Riggs Resources Corp. press release
• Securities and Exchange Commission filings