Crednology Holding Corp. Files Current Financial Statements Six Months Ended June 30, 2018
Crednology Holding Corp
Aug. 09, 2018
Northridge, CA, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology"). Crednology is pleased to announce that it has filed it’s Financial Statements for the six months ended June 30, 2018.
-- Although revenue and gross profit is down from the same period last year, management has controlled operating costs reducing those costs by $62,488 over the six month period and increasing EBITDA by $7,830. -- Overall business for the first six months was lower in our E waste division, primarily due to the issues surrounding shipment of plastic waste to China for recycling. Because of the new tariffs, China has stopped importing this waste plastic. This resulted in lower revenues for the first six months in this division. -- We closed the acquisition of the customers of Evolve on May 31, 2018. The benefits from that acquisition will be seen in the second half of 2018.
Orie Rechtman, CEO of Crednology commented: “ Over the last six months I looked very closely at our operating costs and was able to make substantial changes that reduced our cost of doing business. I continue to look for savings using technology where possible. I am spending considerable time looking for potential acquisitions that fit our business and that can be purchased for a reasonable price. I am confident of finding an appropriate target very soon. Our acquisition of the Evolve customers was an excellent acquisition and we expect to see the benefits over the next few months. As always, I strive for solid growth of both our divisions and the continued improvement of 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. We are planning to grow our recycling business by future investments in paper and cardboard recycling.
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.
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For more information contact Oriel Rechtman email@example.com