Lord Global Corporation (OTCMKTS:LRDG), soon to be renamed 27 Health Holdings Corp, announced Thursday that it has entered into a strategic partnership with 81 Logistics Group LLC.
Becoming an Exxon Mobil reseller should enable the company’s partnership with 81 Logistics to perform on its agreements which already includes a major fuel distributor contract that would generate over $50 million a week.
Moreover, with the partnership with Innovative Regulatory Risk Advisors LLC (IRRA), Lord Global said it believes it is in an ideal position to pursue contracts with the US government under the Small Business Administration’s mentor/protégé program. IRRA is an SBA 8 licensee, which enables them to sell products to the US federal government on a no bid basis for a period of 9 years.
“The partnership has already generated a number of material leads that look like they will be gamechangers for our company,” said 81 Logistics CEO Tim Brown.
Brian Robinson, CEO of IRRA added: “We have now completed the full supply chain for delivering fuel as a minority, Black owned company, in the U.S. It has taken us two years to secure such a valuable relationship. We anticipate signing significant fuel distribution contracts with the U.S Federal Government in a relatively short amount of time.”
Joseph Frontiere, CEO of Lord Global, noted that “the opportunities to work with these very successful Black owned businesses makes our company unique among publicly traded companies.”
Meanwhile, Lord Global subsidiary 27Health Inc has signed an administrative and financing agreement with KeyOptions, which has secured the rights to bring the Virolens COVID-19 testing units to Australia, Latin America, South East Asia, Turkey and a number of other geographies.
The terms of the agreement call for 27Health to receive a significant amount of KeyOption’s Virolens revenues and a portion of the amount of the operating margin.
For this, Lord Global said it is issuing a convertible preferred that converts into a vested 1.5 million shares of common stock after six months, with an additional 1.5 million shares that would vest after one year, based upon certain milestones, with a 4.99% blocker.
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