2018-05-10 06:35 ET - News Release/ $COHO
Acquisition will Increase Our Cloud Computing Revenue and EBITDA
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.
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.
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