NORTHRIDGE, CA--(Marketwired - Nov 14, 2016) - Crednology Holding Corp. (OTC PINK: COHO)("Crednology"), is pleased to announce the acquisition of an Electronic (E-Waste) and recycling Company
- Crednology announces the acquisition of California Recycles Inc. This is the first acquisition by the new management team of Crednology led by Mr. Orie Rechtman. The purchase price is $250,000 and will be paid in common shares of the Company and a note with payments due over a five year period.
Orie Rechtman, CEO of Crednology Holding Corp. commented, "One of the areas of planned growth for our Company is in the E-Waste and material recycling marketplace. This business sector which has seen significant growth over the last few years is expected to grow substantially in the future. The Company is currently negotiating contracts with local cities which will result in much increased revenues and will open many other opportunities for the Company. We expect improved profitability and enhanced shareholder value. There is strong synergies between the technology companies and the E-Waste business such as the collection and recycling of all End Of Life equipment we accumulate at the Data Centers we operate as well as the many clients we support who needs to recycle their own computers and electronics" added Rechtman
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.
California Recycles Inc. is a state certified E-Waste organization founded in 2003. The company primarily operates by entering into long term agreements of collection programs and events with Corporate Entities, Educational Institutions, State and Local municipalities. The State of California is leading the US in the collection of Electronic Waste efforts and each local municipality has a mandate to achieve required quotas of annual collection. The company built a good reputation in the field among its type of clientele.
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.
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