MDWerks unit RF Specialties signs LOI with Rex Lumber for wood-products RF technology joint venture
MDWK•LOI for RF technology joint venture
MDWerks disclosed a signed, non-binding LOI for RF Specialties to form a joint venture with Rex Lumber to commercialize radio frequency lumber technologies.
The term sheet calls for 51% ownership for RF Specialties and 49% for Rex Lumber, with definitive agreements still to be negotiated.
Rex Lumber would provide sales and deployment support, backed by a multi-million-dollar initial capital investment for manufacturing and commercialization.
RF Specialties would contribute radio frequency IP and an exclusive lumber license, led from its Mills River, North Carolina facility.
The LOI also includes a potential Rex Lumber designee to the MDWerks board, subject to approvals.
