Crednology Holding Corp. Acquires E-Waste Company
November 14 2016 - 8:30AM
Marketwired
Crednology Holding Corp. Acquires E-Waste Company
The Company announces its first Acquisition under the New
Management Team
NORTHRIDGE, CA-(Marketwired - Nov 14, 2016) - Crednology Holding
Corp. (OTC PINK: COHO)("Crednology"), is pleased to announce the
acquisition of an Electronic (E-Waste) and recycling Company
- Crednology announces the acquisition of California Recycles
Inc. This is the first acquisition by the new management team of
Crednology led by Mr. Orie Rechtman. The purchase price is $250,000
and will be paid in common shares of the Company and a note with
payments due over a five year period.
Orie Rechtman, CEO of Crednology Holding Corp. commented, "One
of the areas of planned growth for our Company is in the E-Waste
and material recycling marketplace. This business sector which has
seen significant growth over the last few years is expected to grow
substantially in the future. The Company is currently negotiating
contracts with local cities which will result in much increased
revenues and will open many other opportunities for the Company. We
expect improved profitability and enhanced shareholder value. There
is strong synergies between the technology companies and the
E-Waste business such as the collection and recycling of all End Of
Life equipment we accumulate at the Data Centers we operate as well
as the many clients we support who needs to recycle their own
computers and electronics" added Rechtman
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.
California Recycles Inc. is a state certified E-Waste
organization founded in 2003. The company primarily operates by
entering into long term agreements of collection programs and
events with Corporate Entities, Educational Institutions, State and
Local municipalities. The State of California is leading the US in
the collection of Electronic Waste efforts and each local
municipality has a mandate to achieve required quotas of annual
collection. The company built a good reputation in the field among
its type of clientele.
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.
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 intend 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.
For more information contact Orie Rechtman
Info@credholdingcorp.com