NORTHRIDGE, CA--(Marketwired - Oct 31, 2016) - Crednology Holding, Corp. (OTC PINK: COHO) ("Crednology") is pleased to announce the acquisition of two cloud computing companies on October 14, 2016
- Crednology is issuing one class C preferential share to 4Service Cloud Tech AG ("4Service") in full payment for 100% of the stock of its subsidiaries Riteman, Inc. a California Company and Landmark PMG LLC dba 4Service and ITatOnce. The class C preferential share will have the ability to convert to 90% of the outstanding common stock of Crednology and will carry a 90% voting right until conversion.
- 4Service Cloud Tech AG will assume responsibility for some debt of Crednology including funds due to the former CEO Rusty Breeze, amounts due to the State of Delaware and Crednology's accountants.
- The current board of Directors has resigned and a new Board will be appointed. Orie Rechtman -- current CEO of 4Service will serve as the CEO and Secretary of Crednology and further Board members will be appointed shortly.
- It is also agreed that Crednology's two current subsidiaries, CreditDNA, Inc. and ScoreNavigator, Inc. will be sold to Rusty Breeze for $160,000 the amount due him for outstanding salaries. This transaction closed on October 17, 2016.
- The Company plans to retain its current symbol COHO and will expand it's cloud computing base of business as well as look for opportunities to acquire companies in related fields such as business data storage, mobile and corporate cyber security and Electronics recycling.
- Crednology plans to update the web site shortly with more information about its new businesses.
Orie Rechtman, CEO of Crednology Holding Corp., commented, "4Service Cloud Tech AG is excited to become involved with a US public company. We anticipate that the planned growth of the business will result in much improved profitability and enhanced shareholder value."
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 acquisitions. The Company is engaged in the cloud computing segment of the technology sector. The main products and services include cloud computing and virtual environment, disaster recovery and business continuity and managed services to corporate accounts.
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.
4Service Cloud Tech AG is a Swiss company that is listed on the Marche Libre/Euronext Paris Exchange.
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