Crednology Now Expects to Close an Acquisition in Next Few Weeks
Northridge, CA, March 08, 2018 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology"). Our management team has been negotiating the acquisition of a cloud computing company for some time. Unfortunately, due to some significant changes to the target’s customer base, the acquisition was put on hold. We recently revived our interest in the acquisition and have agreed new terms. We now plan to close this transaction- providing a successful due diligence process in the next four to six weeks.
Orie Rechtman, CEO of Crednology Holding Corp. commented, “The E-waste industry, as a whole, has seen changes to costs and to selling prices as a result of China putting a temporary block on all plastics imports. China is responsible for 50% of worldwide plastic recycling. This had a direct effect on the recycling of printers, copiers and plotters as well as household plastic electronics. The industry has picked up momentum again in February and we have seen increased demand and e-waste available supplies as we are nearing Earth Day in April. As momentum has picked up we have seen revenue growth again. As a result, we expect our first quarter’s results to continue our upward momentum and progress. The acquisition, although comparatively small due to the target’s loss of revenue, will benefit our bottom line profit starting in our second quarter.”
About Crednology Holding Corp.
Crednology Holding Corp, a Delaware corporation, is a public holding company that has been dedicated to enhancing shareholder value through a strategic combination of organic growth, mergers and profitable acquisitions.
The Company is engaged in the cloud computing segment of the technology sector as well as the Electronic Waste and Recycling business. The main products and services include cloud computing and virtual environment, disaster recovery and business continuity and managed services to corporate accounts as well as the recycling and disposal of E-Waste and other materials.
Essentially cloud computing is a way to save and/or access data from remote servers. The company’s Private Cloud solution provides fully working environment through our data centers located around the USA as well as real time redundancy and replication of the client’s data which will eliminate loss of data and minimize down time close to zero. Cloud computing is growing at a staggering pace. The industry is experiencing rapid growth with the cloud segment of business achieving a growth of over 20% per annum. E-Waste is also growing at a significant pace with double digit increases anticipated annually over the next few years.
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