SCWorx Adds New Client to Establish Advanced Data Capabilities

NEW YORK, Oct. 22, 2019 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) announced today it has acquired a new client, a leading hospital system in the Northeast, with which it is engaging in a general ledger automation project as a precursor to establishing a comprehensive advanced data management program.

“This project is especially satisfying as the hospital system finance department recognized that our proprietary business logic provided their system the best opportunity to achieve its goal of financial transparency.  This was necessary to have in place before commencing their much larger comprehensive data management solutions upgrade, which includes the synchronization of all foundational data having to do with spend, utilization, collections and patient outcomes.  Based on selecting SCWorx as the initial solutions provider, and the fact that these solutions are proprietary in nature, it is our strong belief that the hospital system will potentially adopt our Ultraverse Platform in order to maximize the effectiveness of the work we will complete there,” commented Marc Schessel, CEO of SCWorx.  “With this project, in addition to the accounts we have already executed upon, we are expecting to satisfy our cash requirements going into the end of the year, as these projects, in aggregate, provide us with sufficient runway.”

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 its belief that the new hospital system client will potentially adopt its Ultraverse Platform and the expectation that it will be able to satisfy its cash requirements going into the end of the year. 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 22, 2019