NEWS NEWS NEWS Northridge, CA, May 10, 2018 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology"). Crednology is pleased to announce the acquisition of a company in the cloud computing business. We have been negotiating this transaction for some time and have finally agreed terms and the transaction will close on May 31, 2018.
Orie Rechtman, CEO of Crednology Holding Corp. commented, “I am excited to confirm that we have reached a final agreement on this transaction. We have been negotiating for some time but our due diligence process resulted in a very significant lowering of the purchase price. Last year the target company went through restructuring, after the company saw a significant reduction of revenues. This occurred due to their two largest clients, responsible for 70% of their total revenue, not renewing their contracts and bringing IT support in-house. We continued to watch the company making sure that the remaining revenues and client base were stable before we entered into a final agreement. We are confident we can increase the Company’s revenues by offering many of the added services we provide. Furthermore, the Company that has been in business for many years has a stellar reputation and together with our marketing efforts, we believe will result in the addition of more customers. We anticipate adding a minimum of $60-70,000 per year to our bottom line profit. We continue to look for other opportunities that will enhance revenues and EBITDA.”
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 also growing at a significant pace with double digit increases anticipated annually over the next few years
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