SCWorx Appoints Steven Wallitt to Board of Directors

NEW YORK, Oct. 08, 2019 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) announced today it has appointed Steven Wallitt, who is an experienced investor and advisor to investment funds, to SCWorx’s Board of Directors.

“Steven brings more than 25 years of working closely with both public and private companies to increase shareholder value. He understands the need to keep costs under control and allow management to focus on where the company needs to prioritize its resources,” commented Marc Schessel, CEO of SCWorx. “His experience in evaluating contract proposals and structuring agreements with other companies in the same field will enhance SCWorx software solutions relationships moving forward. In addition, he is an existing shareholder of the company who has been with us since before we went public and we believe he will help us toward our goal of building shareholder value.”

Steven Wallitt, 58, has worked as owner and director of a packaging materials company since 1981. He is responsible for decision making in all areas of the company, including sourcing the best and most efficient methods for achieving maximum profitability and the highest quality standards. He has extensive knowledge in evaluating sales and marketing proposals. Beginning in 2008, he has been an investor in both private and public companies, as well as early-stage public companies with personal investments of $50,000 to more than $3 million. He has consulted for many of these companies in areas ranging from public market strategies, growth strategies, evaluating contract proposals, cost control and evaluating employee responsibilities in order to achieve maximum efficiencies. Since 2014, Mr. Wallitt has been an advisory board member to Redtower Capital, a California-based investment firm where he advises on all aspects of client identification, sales and marketing strategies and profit maximization. Since 2017, he has been a significant investor in Alliance MMA and SCWorx. Mr. Wallitt holds a BA degree in communications from Rider College, Lawrenceville, N.J.

About SCWorx Corp.
SCWorx has created The Ultraverse 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 Ultraverse Platform™ 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 that Mr. Wallitt’s experience in evaluating contract proposals and structuring agreements with other companies in the same field will enhance SCWorx’s software solutions relationships moving forward and the belief that Mr. Wallitt will help it towards its goal of building shareholder value. 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. View source version on globenewswire.com.

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 October 8, 2019