- Texas Medical Technology partners with Oklahoma-based The Modoc Nation.
- The joint venture results in Modoc Medical Solutions LLC.
- Modoc Medical Solutions LLC to manufacture products in the Texas Medical Technology’s factory.
- Profits to be reinvested and deposited in the Modoc Nation General Fund.
- Establishment of Modoc Nation General Fund to assist Native Americans.
Houston-based Texas Medical Technology has partnered with Oklahoma-based The Modoc Nation. Texas Medical Technology is a leading manufacturer and distributor of medical supplies and equipment. On the other hand, The Modoc Nation is a Native American tribe located in Ottawa County, Miami, Oklahoma.
In the arrangement, Texas Medical Technology and Modoc Nation’s Buffalo MTE established Modoc Medical Solutions LLC, a joint venture under the U.S. Small Business Administration (SBA) Rules.
The rationale for the partnership
Across the United States, a U.S government survey reveals that one-third of Native Americans live in abject poverty, with a median income of $23,000 a year. The data is a clear pointer to the stark income inequalities that exist among the group. Moreover, the recent economic turmoil has adversely affected the Native Americans, calling for approaches to foster their economies.
Consequently, the private sector has chipped in to contribute to the development of Native Americans. That is why Texas Medical Technology has entered into a joint venture Modoc Nation to enrich community life.
Modoc Medical Solutions LLC will harness the expertise and manufacturing capacities of Texas Medical to manufacture products under its own brand. They will manufacture and assemble their products in the Houston factory, alongside Texas Medical Technology.
The profits accruing from the joint venture will be reinvested into its operations and funneled into the Modoc Nation General Fund. Ultimately, Fund will benefit the Nation’s members through scholarships, direct payments, infrastructural improvements, and community programs.
Speaking about the joint venture, Omri Shafran, Founder & CEO of Texas Medical Technology, said:
This venture with the Modoc Nation is just part of our wider aspiration to give back to the communities that are able to contribute if given the opportunity.
Also, a representative of the Modoc Nation, Norman “Bud” Cool said:
The economic opportunities from this could really begin to transform our Tribal Nations community and impact future generations for the better.
About Texas Medical Technology
Texas Medical Technology was established by three entrepreneurs from diverse backgrounds Omri Shafran, Dimitri Menin, and Jad Shraim. Notably, Omri Shafran and Dimitri Menin are Israeli, while Jad Shraim is of Palestinian descent.
The company has a 144,000-square-foot factory in Houston that employs 550 workers from 53 countries, including refugees.