Lord Global Corporation's (OTC: LRDG) Subsidiary 27 Health Inc. Signs Distribution Deal With Quad M Solutions Inc.
The Company Will Aide in Distributing Quad M's Medical Solution Currently Servicing Over 70,000 Individuals
NEW YORK, April 15, 2020 (Newswire.com) - Lord Global Corporation is a company dedicated to serving the fastest-growing component of the U.S. labor market: independent contractors and GIG economy workers. This target market is estimated to contain 60 million workers, growing at over 10% per year for the last 10 years. The Company believes that this market will accelerate dramatically post the COVID-19 crisis. The Company will be marketing all forms of products to benefit these workers.
27 Health Inc. is a 100% owned subsidiary dedicated to marketing numerous health-care products and services to this market. Our agreement with Quad M Solutions Inc. is anticipated to be the first of many such agreements which will be announced when signed. Quad M Solutions Inc. is the only publicly traded staffing company that offers its employees a comprehensive major medical insurance benefit. Quad M Solutions Inc.'s unique approach to GIG workers allows the independent contractor to receive group medical benefits, tax-free to the individual, and through the unique structure of these agreements are tax-deductible to the company represented, with good health, additional discounts for continuing into the second year. Resulting in the after-tax cost of this insurance saving the individual 20 to 60 percent discount in comparison to the medical insurance these workers paid previously. The Company believes this is a game-changing, marketing advantage over the traditional forms of medical insurance that such workers had available to them for purchase.
The Company shall receive a negotiated marketing fee that will continue for as long as the individual remains a recipient of these benefits. The Company will be aiding Quad M in its migration of the 70,000+ employees from its joint venture partner. The Company believes it will be highly successful in migrating a significant portion of those co-employees. The Company also believes its marketing program to general IC and GIG economy workers will be highly successful. With the compensation negotiated in this agreement, it is hard to estimate the full potential of revenues. Conservative estimates have projected being able to reach a gross revenue rate of $1 million/month within the next 12 months with a gross margin well above industry standards.
Joseph Frontiere, CEO of Lord Global and 27 Health Inc., said, “We are extremely excited about marketing this one-of-a-kind medical insurance solution to a potential market of over 60 million people. This target market has been taken advantage of or completely ignored by the large insurance companies. We are proud to lower the medical costs for this forgotten market. This will be a theme for all the products that 27 Health Inc. will market.”
CFO, Lord Global Corporation
Source: Lord Global Corporation