SCWorx has appointed Alton Irby to serve as a member of the Board of Directors effective immediately

Rhea-AI Summary

SCWorx Corp. (NASDAQ: WORX) has appointed Alton Irby as a new board member, effective immediately. Irby brings extensive experience as an investment banker and has served on McKesson Corporation's board for 17 years, enhancing SCWorx's focus on large hospital groups. This appointment resolves previous compliance issues with Nasdaq concerning audit committee requirements, now deemed compliant following Irby's addition. SCWorx specializes in data management services for healthcare, leveraging machine learning and AI to support healthcare providers.

Positive

• Alton Irby's appointment is expected to strengthen the board's expertise in healthcare.
• The addition of Irby resolves compliance issues with Nasdaq, ensuring continued listing.

Negative

• The previous resignation of Charles K. Miller raised concerns about audit committee compliance.

NEW YORK, NY, March 15, 2021 (GLOBE NEWSWIRE) -- SCWorx Corp. (NASDAQ: WORX), a provider of data management services to healthcare providers, announced today its Board of Directors has appointed Alton Irby to serve as a board member, effective immediately.

“We are pleased to welcome Mr. Irby to the SCWorx board of directors,” said Tim Hannibal, President and COO of SCWorx. “We believe that Mr. Irby’s long experience as an investment banker and advisor to many corporate boards in both the United States and Europe will bring valuable experience to SCWorx. In particular, his 17 year tenure as a senior member of the Board of McKesson Corporation  gives him valuable experience in healthcare and is specifically relevant to large hospital groups which SCWorx targets.”

 As a result of the resignation of Charles K. Miller,  the Nasdaq Stock Market had previously notified the Company that it did not comply with the audit committee requirements for continued listing on The Nasdaq Capital Market   . Based on the appointment of Alton Irby to the Company’s audit committee, Nasdaq has notified the Company that it now complies with its audit committee rule, and this matter is now closed.

About SCWorx Corp.

SCWorx has created an advanced attributed virtualized item data warehouse utilizing machine learning and artificial intelligence to offer a suite of software-as-a-service-based solutions for healthcare providers. The value proposition for customers revolves around the full integration of all solution modules with the company’s data platform. The solution modules include Virtual Item Master, data cleanse and normalization, contract management and request for pricing (RFP) module, automated rebate management module, data interoperability (EMR, MMIS, finance) module, Automated Item Add Portal, Virtual General Ledger, and the data analytics module. SCWorx creates a single source for information for the healthcare provider’s data governance and analytics requirements.

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 contract renewals and terminations, 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, early termination of agreements, securing future contracts and orders, future product sourcing, supply disruptions, 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 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, 2019, 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.

Contact:

Investor Relations
ir@scworx.com

Source: SCWorx Corp.

Released March 15, 2021

###

FAQ

What prompted the appointment of Alton Irby to SCWorx's board?

Alton Irby was appointed to enhance the board's experience and expertise in healthcare, particularly after addressing audit committee compliance issues.

How does Alton Irby’s experience benefit SCWorx?

Irby brings 17 years of experience from McKesson Corporation, which is relevant to SCWorx's target market of large hospital groups.

What was the issue with SCWorx's compliance with Nasdaq?

SCWorx was previously notified by Nasdaq for non-compliance with audit committee requirements, which has now been resolved with Irby's appointment.

What services does SCWorx provide to healthcare providers?

SCWorx offers data management services, utilizing machine learning and AI to provide software solutions that integrate various healthcare data needs.