UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 4, 2019
SCWorx Corp.
(Exact name of registrant as specified in its charter)
| Delaware | 001-37899 | 47-5412331 |
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
590 Madison Avenue, 21st Floor
New York, New York 10022
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (212) 739-7825
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common stock, $.001 par value per share | WORX | Nasdaq Capital Market |
Item 8.01. Other Events
On June 4, 2019, SCWorx Corp. (f/k/a Alliance MMA, Inc.) issued the Press Release filed as Exhibit 99.1 to this Current Report.
Item 9.01. Financial Statements and Exhibits.
| 99.1 | SCWorx Corp. Press Release Issued June 4, 2019 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SCWorx Corp. | ||
| By: | /s/ Marc S. Schessel | |
| Marc S. Schessel | ||
| Chief Executive Officer | ||
| Dated: June 4, 2019 | ||
Exhibit 99.1
SCWorx Signs New 5 Year Customer Contract Valued at $4.6 Million
SCWorx Corp (Nasdaq: WORX) a leading provider of foundational data management solutions for the healthcare industry, announced today that in January 2019 it signed a new five year agreement with a large healthcare company. The agreement has two components, the first, a services contract, is valued at $900,000 per year for annual license fees, consisting of data management services and an analytics suite of application solutions, and includes $100,000 for initial implementation for year one. The second component is a distribution arrangement under which this large health care company may distribute the Company’s data management solutions to the more than 2,000 hospitals with which it has existing business relationships. The Company expects that this distribution arrangement will substantially increase the Company’s exposure in the healthcare marketplace. SCWorx’s core data management solution, ‘Platform of One’, offers clients the ability to integrate data flow across multiple operational disciplines streamlining time to delivery of the data solutions as well as lower operational costs through automation.
Marc Schessel, Founder and CEO stated “Since entering into this new arrangement, SCWorx has experienced a significant increase in inquiries about its core data management solutions, about which we are very excited. SCWorx’s core data management solution, ‘Platform of One’, offers clients the ability to integrate data flow across multiple operational disciplines streamlining time to delivery of the data solutions as well as lower operational costs through automation.
Schessel added, “SCWorx continues to sign long term recurring revenue agreements with multi-billion dollar healthcare companies. Our disruptive technology is rapidly becoming known throughout the industry as a superior data management solution as it allows for data management and interoperability and results in lower costs. SCWorx now has several of the largest healthcare IDN’s (Integrated Delivery Networks) and many more in the pipeline. The willingness of this large healthcare company to distribute the Company’s platform to its more than 2,000 customers is a testament by a leading industry player of the efficacy and primacy of our data management solutions. We are excited about the opportunities we have for future revenue growth, as well as the acquisition of coveted healthcare customer logos.”
According to an International Data Corporation (IDC) report, the volume of big data is projected to grow faster in healthcare than any other sectors over the next seven years, and analysts predict healthcare data will experience a compound annual growth rate of 36% through 2025. BIS Research, has cited that big data in healthcare will grow over $68.75 billion by the end of 2025, driven by analytical tools, artificial intelligence, and machine learning techniques to derive data-driven insights in order to reduce healthcare costs, enhance revenue streams, develop personalized medicine, and manage proactive patient care.
About SCWorx Corp
SCWorx has created The Platform of OneÔ 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 OneÔ creates the Single Source of Truth for the Healthcare providers’ data governance and data analytics for the 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. 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, 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, securing
future contracts and containing costs, 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.
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.
Contacts
SCWorx Corp.
John Price, CFO
jprice@scworx.com