Crednology’s Unaudited Results Continue the Upward Trend
Northridge, CA, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology"), is pleased to announce that the unaudited financial results for the nine months ended September 30, 2017 have been filed. The results show significant improvements over last year.
- Revenues for the nine months ended September 30, 2017 were $863,721 compared to $457,700 for the same period last year.
- EBITDA achieved for the nine months ended September 30, 2017 was $120,660 including one time organizational costs compared to a negative EBITDA of $(77,122) for the same period last year. This is an improvement in EBITDA of $197,782.
- These excellent results have been achieved during the summer months which are traditionally the slow period for our electronic waste division.
Orie Rechtman, CEO of Crednology Holding Corp. commented, “We continue to focus on achieving good results, using business fundamentals, maintaining low overheads and our technological edge in our cloud computing business by adding new upgraded and faster equipment as needed. We are still dealing with some of the overhang from the convertible debt and penalties that we took over when we came to the Company but we will continue to improve the Company’s performance through internal growth and targeted acquisitions. Our major objective is to improve Shareholder Value and we will continue to strive for that improvement. We strongly believe the future of our Company is positive. Please stay tuned for more information over the coming weeks.”
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.
The market for cloud computing is growing at a staggering pace. In 2015 the industry experienced a rapid growth of 33% with the segment of business reaching over $16 billion by the year end. This market trend is expected to continue with growth of approximately 30% expected annually for the next few years. E-Waste is growing at a significant pace with double digit increases anticipated annually over the next few years.
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