Crednology Holding Corp. Files Financial Statements for the Quarter Ended 03.31.2017
May 12 2017 - 6:00AM
Marketwired
Crednology Holding Corp. Files Financial Statements for the
Quarter Ended 03.31.2017
Crednology Results Reflect Much Improved Revenues and Operating
Profit
NORTHRIDGE, CA-(Marketwired - May 12, 2017) - Crednology Holding
Corp. (OTC PINK: COHO) ("Crednology"), is pleased to announce that
it has filed its consolidated financial statements for the quarter
ended March 31, 2017. A breakdown of the results is as follows:
- Revenues for the first quarter jumped from $177,984 in 2016 to
$298,303 in 2017 an improvement of $120,319
- Net Income from Operations improved by $99,322
- Overall net loss for the first quarter was ($763) compared to
($65,085) for the first quarter of 2016
- EBITDA for the first quarter ended March 31, 2017 is $53,699
compared to $44,440 for the quarter ended March 31, 2016
Oriel Rechtman, CEO of Crednology Holding Corp., stated, "The
revenues for the first quarter represent significant improvement on
the results for the comparable first quarter ended March 31, 2016.
We expect revenues and EBITDA to continue the trend and further
improve during this Fiscal Year as a result of new contracts
signed. We are still dealing with the dilution as a result of the
penalties relating to convertible debt entered into by prior
management in 2013. Our aim is to Improve Shareholder Value
by continuing internal growth, particularly in our E Waste
division, as well as the acquisition of strategic new companies
within our industry sectors while recognizing how the dilution
effects our progress. We are focused on execution of business
fundamentals and our growth plans both organically and through our
acquisition strategy so we can keep ahead of the remaining
dilution."
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.
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.
Contact Information
- For more information contact Oriel Rechtman
Info@credholdingcorp.com