Northridge, CA, July 26, 2018 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology"). Crednology is excited to announce new business as well as new clients to it’s already impressive client list.
- Our E Waste division expanded its customer base with some notable new clients we started servicing this quarter including SAG AFTRA (The Screen Actors Guild), the Health SAG Producers, Las Virgins Water District and a large law firm based in San Francisco.
- The Cloud and Managed Services division has just concluded the installation of a new hardware configuration and high-end programming package for one of our clients, increasing July revenues for that division by over 70%.
- Currently our E waste division sub contracts the collection and disposal of paper and cardboard recycling and as a result generates low profit margins. We are currently looking at expansion into managing this segment of the recycling business with our own trucks and equipment. Although the cost of entry is high the resulting additional profit more than covers that cost over time.
- As we have discussed recently, we continue to look for new acquisition targets. We are currently conducting a full operational and financial review of potential targets to ensure that they are a good fit for our business.
Orie Rechtman, CEO of Crednology Holding Corp. commented: “I am pleased with the new business for our E Waste and Cloud and Managed Services divisions. We continue to look for opportunities for increased business from our current list of clients as well as new clients. Furthermore, we are continually looking for new acquisitions that meet our growth needs. On a different issue we wanted our shareholders to know that we do still have some debt that can be converted to company stock but not sold until next year. The notes in the Balance Sheet describe these notes. Management is considering buying back as much of this debt as possible before it creates any significant dilution to the stock. As always our primary objectives are solid growth of both our divisions while continuing to improve 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.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.