SCWorx Announces a New Agreement with a Healthcare Organization for $975,000

NEW YORK, Sept. 10, 2019 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) announced the signing of a new agreement with a not-for-profit multi-system Integrated Delivery Network (IDN) with over $6.5 billion in annual revenue. The $975,000 agreement is to provide data migration and integration services initially for a three-year term with the potential for additional years upon mutual written agreement by both parties. 

“This is another significant win for the SCWorx team,” said Marc Schessel, CEO of SCWorx. “This healthcare organization ran a very thorough and expansive review of the SCWorx product, team and processes. This healthcare provider is embarking on a long and challenging process of replacing their enterprise resource planning system with a vision of driving interoperative information that they believe will be transformational. I am extremely proud that they have chosen SCWorx as a partner in this program and that I believe they recognize the value of SCWorx’s Ultraverse platform and products in expanding their supply chain footprint into clinical areas.”

About SCWorx Corp
SCWorx has created The Power of One Platform an advanced attributed Virtualized Item Data Warehouse utilizing Machine Learning (ML) and Artificial Intelligence (AI) in order to offer a suite of SaaS based solutions for healthcare providers. The value proposition for customers revolves around all solution modules being fully integrated with the Virtual Data Warehouse platform. The solution modules include Virtual Item Master, Contract Management and RFP Module, Automated Rebate Management Module, Data Interoperability (EMR, MMIS, Finance) Module, Automated Item Add Portal, Virtual General Ledger (GL), and the Data Analytics module. SCWorx Platform of One™ creates a single source for accurate information for the healthcare providers’ data governance and data analytics for executives.

Forward-looking Statements
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. For example, SCWorx is using forward-looking statements when it discusses its belief that the not-for-profit multi-system Integrated Delivery Network customer recognizes the value of SCWorx’s Ultraverse platform and products in expanding their supply chain footprint into clinical areas. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, prospects, plans and objectives of management are forward-looking statements. You can identify many (but not all) such forward-looking statements by looking for words such as “assumes,” “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “seeks,” “intends,” “plans,” “could,” “would,” “may” or other similar expressions. You should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, securing future contracts and containing costs, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources of the combined company to meet its business objectives and operational requirements and other important factors that are detailed in filings with the Securities and Exchange Commission made from time to time by SCWorx, including its Annual Report on Form 10-K for the year ended December 31, 2018, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Matters described in forward-looking statements may also be affected by other known and unknown risks, trends, uncertainties and factors, many of which are beyond the company’s ability to control or predict. SCWorx undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contacts:
Marc Schessel
mschessel@scworx.com

Investor Contact:
Scott Gordon
President
CORE IR
516 222 2560
scottg@coreir.com

Media Contact:
Jules Abraham
Director of Public Relations
CORE IR
917-885-7378
julesa@coreir.com

Source: SCWorx Corp.

Released September 10, 2019