SOURCE: Crednology Holding Corp.

Crednology Holding Corp.

May 12, 2017 06:00 ET

Crednology Holding Corp. Files Financial Statements for the Quarter Ended 03.31.2017

Crednology Results Reflect Much Improved Revenues and Operating Profit

NORTHRIDGE, CA--(Marketwired - May 12, 2017) - Crednology Holding Corp. (OTC PINK: COHO) ("Crednology"), is pleased to announce that it has filed its consolidated financial statements for the quarter ended March 31, 2017. A breakdown of the results is as follows:

  • Revenues for the first quarter jumped from $177,984 in 2016 to $298,303 in 2017 an improvement of $120,319

  • Net Income from Operations improved by $99,322

  • Overall net loss for the first quarter was ($763) compared to ($65,085) for the first quarter of 2016

  • EBITDA for the first quarter ended March 31, 2017 is $53,699 compared to $44,440 for the quarter ended March 31, 2016

Oriel Rechtman, CEO of Crednology Holding Corp., stated, "The revenues for the first quarter represent significant improvement on the results for the comparable first quarter ended March 31, 2016. We expect revenues and EBITDA to continue the trend and further improve during this Fiscal Year as a result of new contracts signed. We are still dealing with the dilution as a result of the penalties relating to convertible debt entered into by prior management in 2013. Our aim is to Improve Shareholder Value by continuing internal growth, particularly in our E Waste division, as well as the acquisition of strategic new companies within our industry sectors while recognizing how the dilution effects our progress. We are focused on execution of business fundamentals and our growth plans both organically and through our acquisition strategy so we can keep ahead of the remaining dilution."

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.

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.

Contact Information