MDWerks Signs LOI for Joint Venture with Rex Lumber, Targeting Lumber Industry RF Solutions
MDWK has more than doubled off its 52-week low of $0.007 on light trading volume (0.1× avg).
Summary
MDWerks subsidiary RF Specialties signed a non-binding LOI with Rex Lumber to form a joint venture commercializing radio frequency technology for the lumber industry. RF Specialties would hold 51% and Rex Lumber 49%, with Rex Lumber contributing a multi-million-dollar capital investment. This follows the 8-K filed earlier today disclosing the LOI, but adds key structural details and the capital commitment. The deal could provide a much-needed revenue stream for the struggling company, which reported unprofitable segments and critically low cash in its last 10-Q. Definitive agreements are still pending, and the LOI is non-binding.
At the time of this announcement, MDWK was trading at $0.06 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $14.4M. The 52-week trading range was $0.01 to $0.48. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.