Crednology Continues To improve its Results
Northridge, CA—May 16, 2018, – , May 16, 2018 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology").
- Crednology has filed its financial statements for the three months ended March 31, 2018.
- The First Quarter revenues reflect the slower market for the recycling business, industry-wide, as a result of the trade conflicts with China, however, controlling our expenses, resulted in an EBITDA of $38,353 for the three months ended March 31, 2018 compared to $15,115 for the three months ended March 31, 2017, a 254% EBITDA improvement from last year.
Orie Rechtman, CEO of Crednology Holding Corp. commented: “Although the year started slowly, business has improved significantly since the beginning of April, with a 60% increase in the E-Waste division’s revenues. We anticipate exceeding last year’s Revenues and EBITDA for the full year. The acquisition, which we will close on May 31, 2018, will help improve our numbers. We continue to gain market share in our E-Waste as well as the cloud computing division. Our management strengths and our technological knowhow have helped us control our overheads resulting in lower selling, general and administrative costs. We continue to strive to achieve improved shareholder value.”
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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