Crednology Holding Corp. Signs Letter of Intent for a New Acquisition
August 01 2017 - 6:30AM
Marketwired
Crednology Holding Corp. Signs Letter of Intent for a New
Acquisition
Crednology has completed due Diligence and expects to Close late
August
NORTHRIDGE, CA-(Marketwired - Aug 1, 2017) - Crednology Holding
Corp. (OTC PINK: COHO) ("Crednology"), is excited to announce that
we have signed a Letter of Intent to acquire a company providing
cloud based services to various customers. The acquisition
currently uses Crednology's cloud network to provide these services
to its customers. The due diligence on the acquisition has been
completed and the parties have started the negotiation of the final
contract terms. Crednology expects to close in August. More details
will be provided after we close.
- Revenues will increase by over $400,000 (a 55% increase over
the revenues for the twelve months ended December 31, 2016)
with profit increasing by approximately $200,000 per annum.
- This is the first of the targeted acquisitions in this sector
which Crednology hopes to acquire over the next 12 to 18
months.
Oriel Rechtman, CEO of Crednology Holding Corp. commented, "This
is the first step in our targeted expansion plans for this year in
the technology sector. We continue to improve our internal growth,
particularly in our E Waste division, while we focus on our
business plan which includes our internal and external growth plans
while maintaining low overhead. We recognize that we still have
dilution which is impacting our desire to improve Shareholder
Value, however we believe that we can stay ahead of that
dilution by the execution of business fundamentals and our specific
growth plans."
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.
For more information contact Oriel Rechtman
Info@credholdingcorp.com