Northridge, CA, Oct. 10, 2017 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology"). In line with our desire to keep our shareholders and investors informed we are providing an update on the acquisition. The seller modified the upfront cash down payment due to the addition of new business they signed prior to the originally scheduled closing in September. Management agreed to the terms and a final modified agreement was signed. We are now finalizing terms with our financial sources. We expect the transaction to close very soon but no later than the end of October. As mentioned in previous press releases, the seller is a client of our Cloud division and we are now assisting them in on-boarding the new business.
Orie Rechtman, CEO of Crednology Holding Corp. commented, “We are looking forward to closing this acquisition and growing our cloud based division. This transaction is a very positive step towards the growth of the cloud division. Our E-Waste business continues to grow with the addition of another lucrative, multi-year contract just going into effect with the City of Beverly Hills IT department, which is responsible for all IT functions of the City Administration including Police, Court Houses, Building and Safety and other departments. We are already providing the City of Beverly Hills with E-waste collections for the public and local businesses at scheduled events. This new contract is a direct result of the great service and excellent reputation that the company maintains within the community.”
Further updates including our third quarter financial results will be provided to shareholders over the next few weeks.
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
