SOURCE: Crednology Holding Corp.

Crednology Holding Corp.

March 10, 2017 06:00 ET

Crednology Holding Corp. Announces Another California Recycling Contract

California Recycling, Inc. Signs A Second Contract with the City of Torrance

NORTHRIDGE, CA--(Marketwired - Mar 10, 2017) - Crednology Holding Corp. (OTC PINK: COHO) ("Crednology"), is pleased to announce that California Recycling, Inc., Crednology's wholly owned subsidiary, has signed a long term multi-year contract to provide the City of Torrance with Data Shredding, Destruction and recycling for the City, its residences and business community. This is the second contract with the City of Torrance following its agreement to provide E waste collection for the City. The Contract runs through January 30, 2020. The scope of work provides for the Company to handle the shredding of all documents and data destruction events the City holds with the first event to be held around Earth Day on April 29th. The City has agreed to promote these events and our shredding and recycling efforts. It is anticipated that more than 15 tons of paper will be shredded on-site at the first event.

Orie Rechtman, CEO of Crednology Holding Corp., commented, "This new contract with the City of Torrance is very exciting. It proves that our service and professionalism is enabling us to grow the revenues and EBITDA of the Company. Please keep watching for more exciting news as our business continues to grow with exciting large new contracts that are currently in negotiation."

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.

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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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.

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