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Wednesday, April 15, 2020 3:49:46 PM
After listening to Conf Call Listen to posted audio of today's Conf Call, I have no reason to believe this is a scam. WORX has a computer system that I'm not expert on, but seems to connect hospital information and help hospitals and others manage needs for products.
WORX has set up a "hospital Escrow account" for its customers whereby they can deposit funds so that WORX can negotiate and order on a large scale the various PPE and test kits in demand as a result of COVID-19. Therefore, they are not using their own Cash, they are acting as an intermediary (like a contractor) to aggregate funds, create POs on behalf of their customers and advance Pre-Pymt funds to manufacturers and others providing the supplies.
They confirmed that Rethink My Healthcare has put in PO for 2 million of the Australian manufactured COVID-19 blood test kit which according to the brochure is not perfect, but has over 90% accurracy on different results and has been approved for use in Australia. The manufacturer is guaranteeing WORX up to 25% of their manufacturing to fill test kit orders.
If WORX is not driving up product pricing abnormally, I don't see any SEC issues here at all other than the gov might be interested in validating the kit and the supply chain, which seem intact.
The $35 million order for 2 million kits puts the purchase price at $17.5/kit to Rethink My Healthcare. Don't know if that is price gouging or not, but probably has a nice profit margin of 10% or more for WORX, like a contractor fee. 10% of $35 million weekly, if they are able to procure and distribute, would mean $3.5M possible revenue for WORX over X weeks.
Don't understand the screaming of fraud here. He said first shipment of test kits to arrive in 2 weeks, which means this is worth keeping eye on. Everyone will know soon enough whether it materializes or not.
Recent WORX News
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