Alliance MMA Shareholders Approve SCWorx Acquisition
January 30 2019 - 3:04PM
Business Wire
AMMA Common Stock Valued At $0.50 Per Share
in Connection with Acquisition TransactionSCWorx sees
Significant Revenue Growth and Momentum Going into
2019Company will have in excess of $5 million in cash upon
Closing
Alliance MMA, Inc. (NASDAQ:AMMA) announced AMMA shareholders
today approved the acquisition of SCWorx, Corp. The Company expects
to close the transaction on or about January 31, 2019. Upon the
closing of the transaction, the Company will have approximately $5
million in cash to fund the growth and development of the business.
As previously reported, the shareholders of SCWorx agreed to fix
the exchange ratio based upon an agreed value per AMMA share of
$0.50 per share.
“I thank the shareholders for supporting the acquisition of
SCWorx,” said John Price, President and CFO. Price added, “SCWorx’s
business turned profitable during 2018 as the Company began to
lever the SaaS based business model. SCWorx continues to gain
traction through new heath care customer acquisition, and it
anticipates further revenue growth and increased profitability into
2019.”
About SCWorx-
SCWorx offers an advanced software solution for the management
of health care providers’ foundational business applications.
Together these software systems have been credited with the
healthcare providers’ customers tending to realize reduced medical
expenses, while healthcare providers have tended to experience
expanded revenues and more successful and safer clinical outcomes.
The SCWorx software solution ultimately transforms many aspects of
the healthcare providers’ business through its delivery of highly
accurate, real-time information that offers the executives of these
healthcare providers the ability to optimize many areas of their
day-to-day operations, negotiate better contracts with their
vendors and payors and make better decisions with respect to
strategic purchases.
Forward-looking Statements
Although the Company expects to complete the acquisition as
indicated above, the consummation of the transaction is subject to
satisfaction of certain closing conditions, so there can be no
assurance that it will be consummated.
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. 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. Examples
of such statements include, but are not limited to, statements
relating to the structure, timing and completion of the proposed
transaction; the combined company’s listing on Nasdaq after closing
of the proposed transaction; expectations regarding the
capitalization, resources and ownership structure of the combined
company; the nature, strategy, results, focus, growth,
profitability and market opportunities of the combined company; the
executive and board structure of the combined company; and
expectations regarding voting by Alliance MMA and SCWorx
shareholders. Alliance MMA and/or SCWorx may not actually achieve
the plans, carry out the intentions or meet the expectations or
projections disclosed in the forward-looking statements and 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, risks and uncertainties associated with
shareholder approval of and the ability to consummate the proposed
transaction through the process being conducted by Alliance MMA and
SCWorx, the ability to project future cash utilization and reserves
needed for contingent future liabilities and business operations
and the availability of sufficient resources of the combined
company to meet its business objectives and operational
requirements.
The forward-looking statements contained or implied in this
press release are subject to other risks and uncertainties,
including those discussed under the heading “Risk Factors” in
Alliance MMA's Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, filed with the Securities and Exchange
Commission (SEC) and in subsequent filings with the SEC. Except as
otherwise required by law, Alliance MMA and SCWorx each disclaim
any intention or obligation to update or revise any forward-looking
statements, which speak only as of the date they were made, whether
as a result of new information, future events or circumstances or
otherwise.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20190130005753/en/
Alliance MMA, Inc.John Price, President and
CFOjprice@alliancemma.com
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