SCWorx Announces First Installment of Purchase Order For 48 Million COVID-19 Rapid Testing Units Over Twenty-Four Weeks at $3...
April 13 2020 - 8:00AM
SCWorx Corp. (Nasdaq: WORX) announced today that
it has received a committed purchase order from Rethink My
Healthcare, a U.S.-based virtual healthcare network, for two
million COVID-19 Rapid Testing Units, with provision for additional
weekly orders of 2 million units for 23 weeks, valued at $35M per
week.
Under the Order, SCWorx will supply Rethink My
Healthcare with IgM/IgG Rapid Detection Kits. SCWorx anticipates
receiving the first 2 million rapid detection kits within
approximately two weeks.
“Widespread testing for COVID-19 disease in the
United States is absolutely critical for saving lives and reopening
our economy,” said Marc Schessel, CEO of SCWorx. “Our substantial
purchase order from Rethink My Healthcare will significantly
increase the availability of rapid-test kits in the United States.
Additional purchase orders currently under negotiation with certain
other parties could further increase the U.S. supply of these
important tests in the near term.”
About the IgM/IgG Rapid Detection Kit
The COVID-19 Corona Virus IgM/IgG Rapid Test is
an in-vitro diagnostic test solely for the qualitative
determination of COVID-19’s IgM and IgG antibodies in human whole
blood, serum, plasma and fingertip blood. This IgM/IgG Rapid
Detection Kit is the world's first device that tests for both IgM
and IgG antibodies with proven good clinical performance compared
with RT-PCR.
Under regulatory guidelines, the Rapid Detection
Kit is for professional use only and can be used in Centers for
Disease Control and Prevention, Primary Health Care Institutions,
Government Department / Public Institution State-Owned Enterprise /
Large Company, Industrial Production Enterprise, Schools and/or
Prison / Detention Center/ Drug Rehabilitation Center.
About SCWorx Corp.
SCWorx has created The Ultraverse Platform™, an
advanced attributed virtualized item data warehouse (“VDW”)
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 full
integration of all solution modules with the VDW platform. The
solution modules include Virtual Item Master, 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’s Ultraverse Platform™ creates a single
source for information for healthcare providers’ data governance
and data analytics for executives.
SCWorx recently formed Direct-Worx to assist its
client base in their efforts to acquire Covid-19 related products
and services. Direct-Worx has created a Multi-Billion Dollar
Healthcare Purchasing Coalition with SCWorx customers.
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,
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, 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.
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
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