SCWorx Announces Acquisition of Existing Sales and Marketing Partner as a New Customer with a Three-Year Agreement Worth Appr...
August 06 2019 - 8:00AM
SCWorx Corp. (Nasdaq: WORX) announced today the signing of a
three-year agreement with a leading medical-surgical distributor,
which will deliver approximately $100,000 per month in additional
revenue, with plans for potential further increases over
time. The customer has a long prior history with SCWorx under
an existing sales and marketing agreement and will be utilizing
SCWorx’s data management solutions to aid in its mission critical
implementations.
Concurrently, the company announced the imminent launch of its
proprietary “closed loop” applications with the introduction of its
initial product ScanWorx, designed to significantly reduce the
manual labor involved in documenting cases in hospital procedural
areas, while simultaneously providing accurate information for use
in patient billing systems. The product has been in beta
testing for several months and the company anticipates an early
third quarter of 2019 launch. The product is expected to begin
contributing revenue growth shortly after its launch.
“We are pleased to welcome a valued sales and marketing partner
utilizing SCWorx’s data management solutions to aid in their
mission critical implementations as our newest client. We
believe this transition serves as a testament to the value of our
product offering and we look forward to serving our new client’s
needs with the same care and attention that we focused on our once
shared customers,” commented Marc Schessel, CEO of SCWorx.
“We are also very pleased to announce the accelerated timeline for
our ScanWorx bundle, as we have already seen through early client
interaction the efficiencies and improved productivity within those
organizations that have utilized it in its earlier versions.
The launch of ScanWorx also puts us in a unique position to
potentially improve revenue for 2019 and provide additional value
to our current and future customers.”
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 the value of its announced
agreement with a leading medical-surgical distributor, the timing
of the launch of its ScanWorx product offering, the expectation
that such product shall begin contributing revenue growth shortly
after its launch and that the ScanWorx product offering has the
potential to improve 2019 revenues as well as add value to its
current and future customers. 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 Schesselmschessel@scworx.com
Investor Contact:Scott GordonPresidentCORE IR516 222
2560scottg@coreir.com
Media Contact:Jules Abraham Director of Public RelationsCORE
IR917-885-7378julesa@coreir.com
Source: SCWorx Corp.
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