SCWorx Announces the Formation of Direct-Worx, a Wholly-Owned Subsidiary to Provide Health Care Providers Access to Critical Personal Protective Equipment to Aid in Their Fight Against the Coronavirus Pandemic (COVID-19)
SCWorx’s Pipeline for Data Services Healthcare Clients is at an All-Time High
NEW YORK, March 20, 2020 (GLOBE NEWSWIRE) -- SCWorx (Nasdaq: WORX) today announces the formation of a newly formed wholly-owned subsidiary, Direct-Worx, which was founded to provide health care providers with access to critical personal protective equipment (PPE) to help protect their well-being as they manage the influx of infected patients within the healthcare system. As normal supply chains have substantially broken down due to the coronavirus pandemic, SCWorx founded Direct-Worx based on a substantial volume of requests from its clients to assist with the acquisition of much-needed supplies necessary to protect their workers and for the safety of their patients.
Marc Schessel, CEO of SCWorx, who is also serving as CEO of the new Direct-Worx subsidiary, stated, “SCWorx is in the unique position to provide immediate assistance to our hospital and healthcare provider clients as we have all the necessary healthcare products in our large data array, a list of functional equivalent products and the connections to sourcing vendors for the core PPE our hospitals need, even as certain critical brand name products are sold out via normal sourcing routes. We are proud of our team’s ability to react immediately and provide added benefits to our clients at this time.”
Since the founding of Direct-Worx circa March 12, 2020, the new company is now working with more than 1,000 hospitals, state municipalities, and foreign governments in the sourcing and delivery of these incredibly hard to find items.
SCWorx’ traditional data management services have also continued to grow in this market, which has brought the necessity of improved critical hospital data and resources management to the forefront in order to help maintain the massive influx of utilization. The company is now in the process of finalizing several new long-term contracts with large hospital independent data networks.
“SCWorx is experiencing a strong influx of recurring revenue streams, which should drive improved results during these difficult times,” added Mr. Schessel.
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 the potential for future increases in revenue related to potential sales of personal protective equipment, the prospect of new long-term contracts and future growth of recurring revenue streams. 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 March 20, 2020