Crednology Holding Corp. Files Financial Statements for the Nine Months ended September 30, 2019
Revenues Grow Amidst Challenges in The Recycling and E waste Industry
Northridge, CA, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: “COHO”; “Crednology” or the “Company”) is pleased to announce that it has filed its financial statements for the nine months ended September 30, 2019. The results reflect increased revenues compared to the same period last year with profit margins similar, however, the profit reflects one-time charges for all the work related to the Regulation A-1 filing.
Orie Rechtman, CEO commented: “These results, considering the current challenges in the E waste and recycling industry in general and after applying one-time charges for the Regulation A filing are better than expected. Our marketing program is just beginning to show positive results, gaining new customers during November. We expect much more new business from the marketing efforts in Q1 2020. Our cloud business is steady with a large IT project scheduled for January, 2020.”
Orie continued: “We are currently looking at fund raising opportunities in Europe to enhance our ability to take advantage of acquisition prospects. As always, our overriding interest is to build shareholder value.”
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. However, due to a shake-up in the industry with many recycling companies closing we believe we have the opportunity to fill the void and grow the business, however margins will be reduced.
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 firstname.lastname@example.org