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Crednology Holding Corp. (fka COHO)

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Crednology Holding Corporation    (COHO)

COHO REVOKED

Settlement Reached with the SEC

 

Changes in Control of Registrant

On May 31, 2020 (the “Closing Date”), Top Knot, Inc. USA (“TKIU”) obtained control of the Company from its previous CEO and Director, Oriel Rechtman (“Rechtman”), pursuant to a Conditional Stock Purchase Agreement, dated as of May 31, 2020 (the “SPA”), by and among TKIU and Rechtman.
On the Closing Date, Rechtman caused TKIU to obtain control of the Company through the election of two new Directors to the Board of the Company (the “Transaction”).
Following the Transaction, on July 7, 2020, TKIU assigned the SPA to Stonecrest Acquisitions, LLC, a Delaware limited liability company (“Stonecrest”).


 

On July 8, 2020, the Company filed Form 8-K disclosing a Change of Control and
Departure of Directors of Certain Officers, Election of Directors, Appointment of Certain Officers.

Subsequently, commencing on July 8, 2020, the Securities and Exchange Commission (SEC) suspended trading of the Company’s securities until July 21, 2020 (“Trade Suspension”). The specific reason the Trade Suspension occurred was due to prior management of the Company having incorrectly filed Form 15 and failing to properly revoke the Reg A offering.

As a result of the Trade Suspension , Stonecrest has deemed it necessary to cancel the SPA with Rechtman. As such, the Stonecrest designees shall resign from the Board of Directors and their positions as Officers of the Company. On July 21, 2020, Stonecrest and Rechtman executed a Termination & Release Agreement cancelling the SPA.

As a consequence of the cancellation of the SPA and the reappointment of Rechtman to the Board of Directors of the Company, a change of control of the Company occurred. As a result, Rechtman now controls the Company through the Board of Directors.

 
FORM 8-K FILINGS
https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001101588&action=getcompany

 

 

Settlement Reached with the SEC

Northridge, CA, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: “COHO”; "Crednology" or the “Company”) is pleased to announce that it reached a settlement agreement with the SEC.

As you might have learned by now, the SEC served COHO with a Notice of noncompliance for not being current on its filings. They informed us that in 2010, the management of COHO at that time, wrongfully filed form 15-12G. The Company had over 500 shareholders at the time and as a result the Company did not qualify for this filing according to certain SEC rules and regulations.

The only remedy offered under the SEC guidelines was for us to become current by filing audited financial statements for the past 10 years, which is impossible to accomplish, as there are no records for most of those years because of prior management.

We were informed by the SEC that we had just two options: i). to enter into a settlement agreement with the SEC or ii). fight an administrative battle with the SEC which the company determined it could not win.

At the advice of our legal team and as part of the going forward plan (described below), we elected to enter into a settlement agreement with the SEC. As a result, the COHO shares will be deregistered effective upon notice by the SEC which is expected any day. This action means that our shareholders can still trade shares, however not through trading through broker dealer handled transactions.

Orie Rechtman, CEO commented: “We have a plan, that was described to the SEC. The SEC did not give approval, or provide any comment, on the plan and no approval for the plan by the SEC should be construed as having been given by it. The plan is more fully described below.”

The case with the SEC will be settled (which is about to take place once the SEC processes the paperwork). The next step will be to perform an audit for the last 2 years on one of the Company’s subsidiaries. Once the audit is completed, the subsidiary will file a Form 10 to register the subsidiary with the SEC. By registering, it will come under the jurisdiction of the SEC and will be required to file SEC reports as a reporting company. Current COHO shareholders will receive a dividend of the stock of the subsidiary based on their ownership in COHO shares, and will have the option to become shareholders of the newly listed company once it’s approved. The plan expects that the Form 10 filing will become effective under SEC rules, the subsidiary will be able to register with FINRA and obtain a ticker symbol for its shares, and a broker dealer will be found to make a market in the subsidiary’s stock, such stock would then be able to be traded through broker dealer transactions for shareholders of the subsidiary and new shareholders.

As part of the plan, we agreed with TKIU- the entity that had planned to reverse merge with COHO per the 8-K filing on July 8th, 2020, that TKIU will reverse merge into the subsidiary once the subsidiary’s Form 10 becomes effective.

The two year audit of the subsidiary’s financials, should be completed within a few weeks. It is hoped that the completion of the entire plan would be within 90 days or less, barring any new, unexpected delays.

Orie Rechtman Continued: ”I believe, under the circumstances and the options we were presented with, that this is the best option for the Company and its shareholders. We cannot make any representations as to the value of the subsidiary’s shares if they do become eligible to trade through broker dealers. This would be determined by the marketplace at the time the plan is implemented and or when TKIU takes over. I will continue to update our shareholders with any new developments as they happen.”

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 going through changes as a result of the tariff struggles between China and the US. We are planning to grow our recycling business by future investments in paper and cardboard recycling

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
ir@credholdingcorp.com

 

 

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PostSubject
#114153  Sticky Note https://www.globenewswire.com/en/news-release/2020/09/08/2090250/0/en/Crednology getmoreshares 10/12/21 08:05:44 AM
#114288   oriel holdings makin$... California Recycles & IT DIVISION sam1933 05/12/22 09:29:38 PM
#114287   what if here aren't any funds? getmoreshares 05/12/22 04:43:13 PM
#114286   How can shareholders enforce their rights? sam1933 05/12/22 04:27:21 PM
#114285   Does anyone actually think Orie is doing or NYD 05/12/22 02:04:48 PM
#114284   Looks like a man of his word … bob-barefoot 05/12/22 12:45:47 PM
#114283   ABSOLUTELY UNKOSHER https://i.pinimg.com/564x/fc/1f/ef/fc1fefef08a26d598f73 sam1933 05/06/22 04:20:55 PM
#114282   Where is Morg and his BS once every cbuontempo 04/25/22 12:57:00 PM
#114281   wrote it off last year-- saved some tax getmoreshares 04/21/22 12:48:10 PM
#114280   Thanks for opening old wounds he got me bob-barefoot 04/21/22 12:15:09 PM
#114279   a man with a syphilitic lesions affecting his sam1933 04/21/22 09:22:58 AM
#114278   https://www.sec.gov/edgar/search/#/ciks=0001101588&entityName=Crednology%2520Hol getmoreshares 04/21/22 08:20:59 AM
#114277   just noticed- look at the light above his head getmoreshares 04/21/22 08:18:41 AM
#114276   AND THEN THIS IS THE BIGGEST BULLSHIT OF sam1933 04/21/22 08:10:55 AM
#114275   he managed to sell about 2B unworthy shell sam1933 04/21/22 06:47:48 AM
#114274   Hey Sam, you know I'm thinking, if Orie HelloKitty8 04/21/22 05:54:41 AM
#114273   Agreed. bri123 04/20/22 08:39:00 PM
#114272   federal fraud charges next to come...this moron should sam1933 04/20/22 07:06:03 PM
#114271   Interesting. I don't see anything on his twitter bri123 04/20/22 03:23:05 PM
#114270   Latest from Orie: As always, our overriding interest sam1933 04/20/22 02:04:28 AM
#114269   Revenues Grow Amidst Challenges in The Recycling and sam1933 04/14/22 11:19:10 PM
#114268   according to morg's last post-- should be soon-- getmoreshares 04/14/22 12:46:28 PM
#114267   Waiting and hoping. JAJ25 04/14/22 12:43:47 PM
#114266   thank you freedom 32 04/03/22 04:47:41 PM
#114265   thank you freedom 32 04/03/22 04:47:40 PM
#114264   [yt]lJhHjACjJjA[/yt] sam1933 04/02/22 10:35:32 PM
#114263   THANKS getmoreshares 04/02/22 03:07:20 AM
#114262   Latest from Orie: "The S1 should be finished morg38off 04/01/22 08:20:54 PM
#114261   When did the clock start??? bob-barefoot 03/29/22 09:32:33 PM
#114260   Hey morg maybe Orie should know about these Doubledown75 02/28/22 08:45:14 AM
#114259   That's great...offers the next best thing to the filings....HOPE.....nice....th zagdad 02/23/22 07:18:04 PM
#114258   YW...latest short one "Still working on all aspects morg38off 02/23/22 06:53:46 PM
#114257   Thanks Morg!! glennbama 02/18/22 03:24:24 PM
#114256   thanks freedom 32 02/12/22 11:44:04 AM
#114255   YW morg38off 02/09/22 04:49:01 PM
#114254   Thanks!! dejong 02/09/22 03:02:44 PM
#114253   THANKS getmoreshares 02/07/22 06:19:00 PM
#114252   Monthly update: morg38off 02/07/22 03:34:21 PM
#114251   what date was the email? getmoreshares 02/04/22 03:53:31 PM
#114249   according to "COHOCaptain" ~ Hoping to complete in sam1933 02/04/22 03:46:14 PM
#114248   We already lost our money, so it can dejong 02/04/22 02:26:40 PM
#114247   Yup... It's about right now! About every 4-6 cbuontempo 02/04/22 02:06:29 PM
#114246   Any news from ori? Just curious :) dejong 02/04/22 11:27:00 AM
#114245   Nice dig Sam….. patience is all I have!! bob-barefoot 01/31/22 08:28:25 PM
#114244   yes- know it well!!! getmoreshares 01/31/22 07:57:49 PM
#114243   :-) oriel mantra:-"Hoping to complete in the next sam1933 01/31/22 07:53:51 PM
#114242   2017!!!!!!!!!!!!!!!!! LOL getmoreshares 01/31/22 07:13:36 PM
#114241   hmmm! Happy Friday to all COHO share holders. sam1933 01/31/22 06:56:37 PM
#114240   Thx and did find on CS but looked zagdad 01/22/22 11:42:18 PM
#114239   on CS “COHO” texaschris22 01/22/22 11:33:16 PM
#114238   What symbol worked on both TDAmer and CS? zagdad 01/21/22 11:42:10 PM
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